Income Tax - 1.) What is Updated Return ? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer -to file return of income not filed earlier -to rectify any incorrect disclosure in Income Tax Return -to rectify or change head of Income -to […]...
Read MoreIncome Tax - The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The key Direct Tax Amendments are summarized as under: KEY AMENDMENTS – DIRECT TAX SECTION 2(12A): DEFINITION OF “BOOKS OR BOOKS OF ACCOUNT” SECTION Amendments as introduced by The Finance Bill, 2022 on 1...
Read MoreIncome Tax - It has been an age-old practice of Indian legislators to amend the tax laws which have the effect of overturning the decisions of the courts of the land. The most perplexing one was the amendment brought about by the Finance Act 2012 which overturned the landmark Supreme Court ruling in favour of UK-based Vodafone Plc. […]...
Read MoreIncome Tax - There are many changes in the tax rules effective 1st April 2022, Out of which I am going to discuss are New tax rules on EPF Interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return and Tax relief on Covid-19 treatment expenses and compensation. 1. New tax rules on EPF Interest: Effective April 1, […]...
Read MoreIncome Tax - As per this new clause, a Taxpayer will be allowed to file an 'Updated Return' to file Pending Return or correct the Omissions and Errors that are reported in the Original Return. The Time limit for filing the Updated Return is within two years from the end of relevant Assessment year....
Read MoreIncome Tax - Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendments to Finance Bill, 2022 vide a Notice of Amendments dated 23.03.2022 introduced in Lok Sabha. Full text of the Notice of Amendments is as follows:- *List No. 1 LOK SABHA FINANCE BILL, 2022 [As introduced in...
Read MoreIncome Tax - Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their technological skills and entrepreneurial spirit. “In the 75th year of our independence, the next 25 years are very critical to India’s development; therefore we wanted this year’s Budget to encourage...
Read MoreIncome Tax - Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Minister exhorts all banks to sign up to Account Aggregator Framework, says it will improve credit flow and promote digital lending. Meeting emphasizes that Benefits of digital banking should reach every nook and c...
Read MoreIncome Tax - We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants as regards certain specific proposals made in this Union Budget, 2022-2023....
Read MoreIncome Tax - 1. Reduced Alternate Minimum Tax rate and Surcharge on Co-operatives Alternate Minimum Tax rate for the co-operative societies proposed to be reduced to 15% to bring it at par with the Minimum Alternate Tax payment by companies. Further, surcharge on co-operative societies proposed to be reduced from the present 12% to 7% 2. Rationalisa...
Read MoreNotification No. 48/2022-Income Tax [G.S.R. 325(E)] - (29/04/2022) - CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Updated return can be filed from the assessment year 2020-21 onwards. Return shall be filed in form no. ITR-U along with applicable ITR form from ITR-1 to ITR-7. MINISTRY OF...
Read MoreNo. 6 of 2022 - (30/03/2022) - Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th March, 2022 The following Act of Parliament received the assent of the President on the 30th March, 2022 ...
Read MoreCircular No. 3/2022-Customs - (01/02/2022) - Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) ***** Room No. 156, North Block New Delhi, dated the 1st of February, 2022 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/Cus...
Read MoreBILL No. 18 OF 2022 - (01/02/2022) - FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtual Currencies, Introduces no change in Tax Rate for Individuals, Provided relief on Surcharge on LTCG etc. AS INTRODUCED IN LOK SABHA ON 1st FEBRUARY, 2022 Bill No. 18 of ...
Read MoreNotification No. 01/2022-Central Excise (N.T.) [G.S.R. 91(E).] - (01/02/2022) - Seeks to supersede notification No. 49/2008-Central Excise (N.T.) dated 24.12.2008, in order to align it with the current legal position, post roll-out of GST vide Notification No. 01/2022 -Central Excise (N.T.) Dated 1st February, 2022 to give effect to Changes prescribed vide Union Budget 2022-23 ...
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Notification No. 48/2022-Income Tax [G.S.R. 325(E)] - 29/04/2022
No. 6 of 2022 - 30/03/2022