Income Tax Return

Section 139(8A) of Income Tax Act: ITR-U (Updated Income Tax Return)

Income Tax - The income tax department has notified Form ITR-U under Section 139(8A) of the Income Tax Act, 1961 for filing the ‘Updated’ income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, [&hellip...

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Income Tax Return Filing AY 22-23 | Slab Rates | Due Dates & Relevant ITR Forms

Income Tax - Who need to file Income Tax Return? As Per Section 139 of Income Tax Act, It is mandatory to file an ITR in the following circumstances: – ♦ In case of Individuals, If your Gross Total Income (i.e., Income before allowing any deductions under Section 80C to 80U) exceeds Age of the Assessee Tax Slab […]...

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Income Tax Return (ITR) Applicability for AY -2022-2023

Income Tax - AY -2022-2023, New Indian Income Tax Returns Form Applicability to Different types of ‘Persons‘ CBDT Notified New Indian Income Tax Returns forms for the AY -2022-23 Relevant to the Previous year 2021-2022 Respectively. These rules may be called the Income-tax (fourth Amendment) Rules, 2022. These rules shall come into force w...

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Debt-Based Mutual Funds Reporting of Capital Gain in Income Tax Return

Income Tax - 1. Mutual Funds are one of the common and simplest avenues of investment for many of us. It is a mechanism for pooling money managed by a professional Fund Manager. For Income Tax purpose, Mutual fund investment can be broadly classified into three categories i.e. (a) Equity Oriented Funds (b) Debt Funds (c) Hybrid Funds […]...

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Major changes in ITR for FY 2022-23

Income Tax - The department released new ITR form for AY 2023-2024 (FY 2022-23). So, to help you all a little bit, I am coming here with this article which highlight changes in each ITR which would help you to be prepared with documents during filing of ITR. Major changes in ITR-1 for FY 2022-23 The assesses will […]...

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Webinar on Monthly Updates on Direct Taxes on 14th May 2022

Income Tax - Taxguru & Tax Connect: Webinar on Monthly Updates on Direct Taxes- ON 14th May 2022 MONTHLY UPDATES ON DIRECT TAXES: MAY 2022 Date: 14th May 2022 (Time: 11 a.m. to 12:30 p.m.) Tax Guru in association with Tax Connect is organizing, one and half hours Webinar for discussions on “Tax Guru & Tax Connect 2nd […]...

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ITR 3 – Validation Rules for AY 2022-23

Income Tax - Central Board of Direct Taxes, e-Filing Project  – ITR 3 – Validation Rules for AY 2022-23 – Version 1.0 – 22nd April 2022 1. Purpose The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are certain commerci...

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ITR 2 – Validation Rules for AY 2022-23

Income Tax - Income Tax Department Government of India Central Board of Direct Taxes, e-Filing Project ITR 2 – Validation Rules for AY 2022-23 Version 1.0 20th April 2022 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 2 – Validation Rules fo...

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ITR 1 – Validation Rules for AY 2022-23

Income Tax - Income Tax Department Government of India Central Board of Direct Taxes, e‑ Filing Project ITR 1 – Validation Rules for AY 2022-23 Version 1.0 19th April 2022 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor, Jhandewalan Extension New Delhi – 110055 Purpose The Income Tax Department has provided free return prepa...

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ITR 4 – Validation Rules for AY 2022-23

Income Tax - Income Tax Department Government of India Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 2022-23 Version 1.0 19th April 2022 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 4 – Validation Rules for...

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Addition cannot be made merely for mistake in ITR filing

Chinna Ponnu Ammal Trust Vs DCIT (ITAT Chennai) - Chinna Ponnu Ammal Trust Vs DCIT (ITAT Chennai) After perusal of Form No.10B as placed on record, it could be seen that the assessee has applied an amount of Rs.5,55,57,015/- for the purpose of charitable trust. However, as per Explanation-3 to Sec.11(1), the disallowance of Rs.48,69,504/- u/s 40(a)...

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Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court) - Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We ...

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HC directed Trial where burden to prove was on assessee that no wilful intention for not filing ITR

Raman Krishna Kumar Vs DCIT (Madras High Court) - Raman Krishna Kumar Vs DCIT (Madras High Court) Conclusion: Since assessee had not filed the Income Tax Return instead of receiving substantial income in the form of salary and had also indulged in high end transactions with respect to purchase and sale of mutual funds and with respect to credit car...

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Section 139 presumption of NI Act unsustainable if transaction not shown in Income Tax Return

R. Narender Vs Yakamma Keloth or Kalyan (Telangana High Court) - Even in the instant case the amount spent by the complainant was not shown in his income tax returns. As such, the trial Court had rightly held that it creates a doubt regarding the financial position of the appellant and if he really spent that much amount, there must be record for him for withdraw...

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Uttarakhand HC directs CBDT to consider representation on due date extension

The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) - The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants ...

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Additional conditions for compulsory Income Tax return filing notified

Notification No. 37/2022-Income Tax [G.S.R. 307(E)] - (21/04/2022) - CBDT has notified vide Notification No. 37/2022-Income Tax, additional conditions under section 139(1) of Income Tax Act 1961 for compulsory return filing which  are as follows:- (i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during...

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CBDT notifies Form ITR-7 for AY 2022-13 / FY 2021-22

Notification No. 23/2022-Income Tax [G.S.R. 252(E)] - (01/04/2022) - CBDT notifies Form ITR-7 for Assessment Year 2022-13 / Financial Year 2021-22 vide Notification No. 23/2022-Income Tax Dated: 1st April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2022 Notification No. 23/2022-Income Tax G...

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CBDT notifies ITR forms for AY 2022-23/ FY 2021-22

Notification No. 21/2022-Income Tax [G.S.R 231(E)] - (30/03/2022) - CBDT notifies ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack for Assessment Year 2022-23/Financial Year 2021-22 vide Notification No. 21/2022 Dated 30th March, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification ...

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Relaxation for verification of income tax-returns of AY 2020-21

Circular No. 21/2021-Income Tax, [F.No. 225/140/2021/ITA-11] - (28/12/2021) - CBDT provides One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns...

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CBDT exempts certain class of persons from furnishing return of income

Notification No. 119/2021-Income Tax [S.O. 4207(E)] - (11/10/2021) - Central Government, hereby exempts the following class of persons mentioned in column (2) of the Table below, subject to the conditions specified in column (3) of the said Table , from the requirement of furnishing a return of income under sub-section (1) of section 139 of the said Act from assessme...

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Recent Posts in "Income Tax Return"

Section 139(8A) of Income Tax Act: ITR-U (Updated Income Tax Return)

The income tax department has notified Form ITR-U under Section 139(8A) of the Income Tax Act, 1961 for filing the ‘Updated’ income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, [&hellip...

Read More
Posted Under: Income Tax |

Webinar on Monthly Updates on Direct Taxes on 14th May 2022

Taxguru & Tax Connect: Webinar on Monthly Updates on Direct Taxes- ON 14th May 2022 MONTHLY UPDATES ON DIRECT TAXES: MAY 2022 Date: 14th May 2022 (Time: 11 a.m. to 12:30 p.m.) Tax Guru in association with Tax Connect is organizing, one and half hours Webinar for discussions on “Tax Guru & Tax Connect 2nd […]...

Read More
Posted Under: Income Tax | ,

Income Tax Return Filing AY 22-23 | Slab Rates | Due Dates & Relevant ITR Forms

Who need to file Income Tax Return? As Per Section 139 of Income Tax Act, It is mandatory to file an ITR in the following circumstances: – ♦ In case of Individuals, If your Gross Total Income (i.e., Income before allowing any deductions under Section 80C to 80U) exceeds Age of the Assessee Tax Slab […]...

Read More
Posted Under: Income Tax |

Income Tax Return (ITR) Applicability for AY -2022-2023

AY -2022-2023, New Indian Income Tax Returns Form Applicability to Different types of ‘Persons‘ CBDT Notified New Indian Income Tax Returns forms for the AY -2022-23 Relevant to the Previous year 2021-2022 Respectively. These rules may be called the Income-tax (fourth Amendment) Rules, 2022. These rules shall come into force w...

Read More
Posted Under: Income Tax |

ITR 3 – Validation Rules for AY 2022-23

Central Board of Direct Taxes, e-Filing Project  – ITR 3 – Validation Rules for AY 2022-23 – Version 1.0 – 22nd April 2022 1. Purpose The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are certain commerci...

Read More
Posted Under: Income Tax |

Debt-Based Mutual Funds Reporting of Capital Gain in Income Tax Return

1. Mutual Funds are one of the common and simplest avenues of investment for many of us. It is a mechanism for pooling money managed by a professional Fund Manager. For Income Tax purpose, Mutual fund investment can be broadly classified into three categories i.e. (a) Equity Oriented Funds (b) Debt Funds (c) Hybrid Funds […]...

Read More
Posted Under: Income Tax |

Major changes in ITR for FY 2022-23

The department released new ITR form for AY 2023-2024 (FY 2022-23). So, to help you all a little bit, I am coming here with this article which highlight changes in each ITR which would help you to be prepared with documents during filing of ITR. Major changes in ITR-1 for FY 2022-23 The assesses will […]...

Read More
Posted Under: Income Tax | ,

Cases in which Income Tax Return is Mandatory

As per the latest Notification No. 37/2022 of Income Tax department dated 21.04.2022, income tax return filing is mandatory for below mentioned persons: 1. Total sales, turnover or gross receipts in the business exceeds INR 60 Lacs; or 2. Total gross receipts in profession exceeds INR 10 Lacs; or 3. Aggregate of withholding taxes (TDS [&h...

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Posted Under: Income Tax |

Filing Income Tax Returns – Check your Eligibility

An Income Tax Return (ITR) is a form that an individual every year submits to the Income Tax Department specifying the income of a person and the amount of tax payable to the government.  pertaining to a particular year i.e starting from 1st April and ending on 31st March every year. Income can be in […]...

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Rule 12AB Conditions for furnishing return of income by specified persons

Income-tax Rule 12AB. Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139 of Income Tax Act, 1961 On 21st April 2022 Central Board of Direct Taxes (CBDT) issued Notification No. 37/2022 through which central government has introduced Rule 12AB, in the Income Tax Rules, 1962 re...

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Posted Under: Income Tax |

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