Income Tax : Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendme...
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...
Reference to the Principal Commissioner or Commissioner (PCIT/CIT) for the cancellation of registration/approval to trusts or institutions: a) The following issues related to the process of approval or registration, or cancellation or withdrawal thereof, have been noticed, namely:- i) Registration or approval of non-genuine trusts or institution under automated approval system: First and second provisos […]
Penalty for passing on unreasonable benefits to trustee or specified persons a) Under section 13 of the Act, trusts or institution under the second regime are required not to pass on any unreasonable benefit to the trustee or any other specified person. In order to discourage such misuse of the funds of the trust or […]
Where the total income of any trust or institution under the second regime, as computed under this Act without giving effect to the provisions of section 11 and section 12 of the Act, exceeds the maximum amount which is not chargeable to income-tax in any previous year, it is required to get its accounts audited. Similar provision exists for the trusts or institutions under the first regime in the tenth proviso to clause (23C) of section 10 of the Act.
Sction makes each director of the private company jointly and severally liable for the payment of such tax with certain conditions. However, the title of the section inadvertently refers to the liability of directors of private company in liquidation. To make the title of the section uniform with its provisions, it is proposed to amend the title of the section to Liability of directors of private company
Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every day […]
It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer.
Rationalization of provisions relating to assessment and reassessment The Finance Act, 2021 amended the procedure for assessment or reassessment of income in the Act with effect from the 1st April, 2021. The said amendment modified, inter alia, sections 147, section 148, section 149 and also introduced a new section 148A in the Act. In cases […]
Set off of loss in search cases – Amendment in the provisions of section 79A of the Income Tax Act, 1961 Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating to set off or carry […]
Amendment in Faceless Assessment under section 144B of the Income Tax Act, 1961 The Central Government has undertaken a number of measures to make the processes under the Act electronic, by eliminating person to person interface between the taxpayer and the Department to the extent technologically feasible, and provide for optimal utilisation of resources and […]
Faceless Schemes under the Act The Central Government has undertaken a number of measures to make the processes under the Act, electronic, by eliminating person to person interface between the taxpayer and the Department to the extent technologically feasible, and provide for optimal utilisation of resources and a team-based assessment with dynamic jurisdiction. A series […]
