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...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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 […]...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreChinna 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)...
Read MoreChartered 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 ...
Read MoreRaman 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...
Read MoreR. 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...
Read MoreThe 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 ...
Read MoreNotification 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...
Read MoreNotification 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...
Read MoreNotification 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 ...
Read MoreCircular 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...
Read MoreNotification 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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