Form 29D to get refund of tax deducted under section 195 – Insertion of new section 239A and Rule 40G The Finance Bill 2022 had proposed an amendments in the provision of  Section 248 and Insertion of Sec 239A to ease the Non Residents whose income other than interest is taxed under section 195 to […]...

Updated Income Tax Return has been introduced  by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to provide an opportunity to taxpayers to rectify the mistake of omission of income in the Return of Income filed....

Analysis of Section 194R of Income Tax Act, 1961 which relates to TDS on benefits or perquisite and is applicable with effect from 01.07.2022.  APPLICABILITY:  To all assesse (other than Individual & HUF) And Individual & HUF (having Business Aggregate Turnover above Rs. 1,00,00,000 or in case of Profession Professional receipt ...

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 […]...

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...

 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. […]...

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, […]...

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....

In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon’ble Finance Minister recommended 'Insertion of New Section 79A: - No set off of losses  consequent to search, requisition and survey'.  ...

The scope of the Equalization levy was expanded by the Government of India in the Finance Act, 2020 in order to include the supply of goods and/or services given by an e-commerce operator. The Equalization levy is levied at the rate of 2% on any amount received or receivable by an E-commerce operator from an e-commerce supply of service m...