Income Tax : Form 29D to get refund of tax deducted under section 195 – Insertion of new section 239A and Rule 40G The Finance Bill 2022 had ...
Income Tax : Updated Income Tax Return has been introduced by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to prov...
Income Tax : Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites...
Income Tax : Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and r...
Income Tax : The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The k...
Income Tax : 1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring ...
Income Tax : Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendme...
Finance : Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their...
Finance : Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Mini...
CA, CS, CMA : We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants...
Income Tax : Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the ...
Goods and Services Tax : Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Fin...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Income Tax : Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY O...
Custom Duty : Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenu...
Income Tax : FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtua...
Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in […]
1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring them at par with companies. Reduction of Alternate Minimum tax rate for cooperatives Announcement Currently, cooperative societies are required to pay Alternate Minimum Tax at the rate of eighteen and one half per cent. However, companies […]
Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Finance Act, 2022, except clause (c) of section 110 and section 111, shall come into force vide Notification No. 18/2022–Central Tax | Dated: 28.09.2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
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.
Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites for different types of assesses.
Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and rectify incorrect disclosures.
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 FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
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 February […]
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 and is hereby published […]
