Income Tax - FAQs on e-Verification Scheme, 2021 provide general guidance in understanding procedures & processes of the e-Verification Scheme, 2021...
Read MoreIncome Tax - There are various schemes implemented by the government to ensure the smooth functioning and development of the organization. Tax is an amount that each earning employee pays in one way or the other. This amount is invested for the development of the country. There are various ways wherein the employee can file for a tax […]...
Read MoreIncome Tax - ITR-U is the form which is offer by Govt. to update your Income tax return or file your return within two years from the end of relevant Assessment Year. The concept was introduced in the union budget 2022 under section 139(8A) of Income tax Act, 1961 which allows assessee to update your ITR within two […]...
Read MoreIncome Tax - Filing ITR-U Return in India: Benefits, Process and Additional Income Tax Payable – Last Resort For Those Who Missed the ITR Due Date INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the [&helli...
Read MoreIncome Tax - Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U....
Read MoreIncome Tax - Direct & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...
Read MoreIncome Tax - At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...
Read MoreIncome Tax - The present format of ITR as well as the one proposed in the draft Common ITR, requires the assessee to furnish Financial Statements in a format adapted to the requirements of the department for variety of reasons including meaningful analysis....
Read MoreIncome Tax - CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience....
Read MoreIncome Tax - These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....
Read MoreACIT Vs Ashrita Construction Pvt. Ltd (ITAT Ahmedabad) - ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law...
Read MoreLeh Nutrition Project Vs DCIT (ITAT Amritsar) - Assessment proceedings commence with filing of Income Tax return and not when notice is issued for the first time under section 143(2)...
Read MoreVijay Channabasav Suttatti Vs ACIT (ITAT Pune) - Income Tax Return revision right under section 139(5) was denied and not at all available to assessee who has filed belated return under section 139(4)....
Read MoreSudipta Basu Vs ITO (Delhi High Court) - Sudipta Basu Vs ITO (Delhi High Court) Delhi High Court is of the view that Section 119(2)(b) of the Act read with CBDT Circular No. 9/2015 provides a remedy to the Assessees to seek condonation of delay, in cases where Assessee could not file their income tax returns within time due to genuine hard...
Read MoreS. J. Surya Vs DCIT (Madras High Court) - Section 278 (e) of the Income Tax Act, 1961, empowers the Court to presume culpable mental state of the accused, unless, the accused shows that he had no such mental state with respect to the act charged as an offence in the prosecution....
Read MoreInstruction No. 07 of 2022-Income Tax - (06/12/2022) - Instruction No. 07 of 2022 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No.: DGIT(Systems)-1/Instruction/241A/2022-23 Dated: 06.12.2022 To All Principal Chief Commissioners of Income Tax/CCsIT All Principal Director Generals of Income ...
Read MoreCircular No. 20/2022-Income Tax - (26/10/2022) - CBDT extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th November, 20...
Read MoreF.No. 370142/41/2022-TPL - (26/09/2022) - CBDT extends timeline for filing of modified ITR in Form ITR-A by a successor company under section 170A of Income Tax Act till March 31, 2023 in in cases where the order of business reorganization of the competent authority was issued between the period 1st April 2022 and 30th September 2022. F.N...
Read MoreNotification No. 110/2022-Income Tax [G.S.R 709(E)] - (19/09/2022) - CBDT notifies new Income Tax Rule 12AD modified return of income under section 170A to be furnished by a successor entity to a business reorganisation and relevant Form ITR-A vide Notification No. 110/2022-Income Tax | Dated: 19th September, 2022. MINISTRY OF FINANCE (Department of Revenue) (CEN...
Read MoreF. No. 225/125/2022-ITA.II - (30/07/2022) - ASK Centers throughout India shall remain open on 31st July 2022 during normal office hours to facilitate filing of Income Tax tax returns ...
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ACIT Vs Ashrita Construction Pvt. Ltd (ITAT Ahmedabad) -
Instruction No. 07 of 2022-Income Tax - 06/12/2022