2 income tax

income tax

Surcharge on Income Tax

Income Tax - The dictionary meaning of the term ‘surcharge’ is an additional charge or payment. Accordingly, in terms of taxation, a surcharge means a tax levied on a tax. Likewise, the surcharge on Income Tax is an additional charge/ tax levied on income tax. Importantly, the surcharge is leviable on income tax and not on income. In […]...

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Monthly (January 2023) Legal Obligations + Legal updates for India

Income Tax - Monthly (January 2023) Legal Obligations + Legal updates  for India under Income Tax Act, 1961,  Goods and Services Tax (GST) 2017, FEMA, 1999, ESI, 1948, Provident Fund, 1952, Companies Act, 2013, LLP Act 2008. Author explains which obligation needs to be discharged, Form or challan to be filled or filed, Period for which obligation ne...

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Late Fee interest under section 234E of Income Tax Act –  Recent Case Laws

Income Tax - Late Fee interest u/s 234E of Income Tax Act –  for filling of TDS return prior to 01/07/2015 1. As per Section 200(3) of the Act read with Rule 31A of the Income Tax Rules, 1962 (hereinafter referred to as ‘Rules’) a tax deductor is required to file quarterly statement of such taxes deducted at […]...

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Income Tax, GST & Other Compliance Due Dates- November-2022

Income Tax - Due Date Calendar November-2022 Event Date Act Applicable Form Obligation 07-Nov-22 Income Tax Challan No. ITNS-281 Payment of TDS/TCS of October 2022 (both salary and non-salary) 07-Nov-22 FEMA ECB-2 Monthly Return of External Commercial Borrowings for October. 07-Nov-22 Income Tax ITR 1 to 5 & 7 Filing of Income Tax returns where Au...

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Tax Compliance and Statutory due dates for November 2022

Income Tax - Statutory Due Dates and Compliance Calendar for the Month of November 2022 The month of November, 2022 is crucial for the due dates for various compliances under Goods and Service Act, Income Tax Act, Companies Act and LLP Act. Filing the below mentioned forms on or before the due dates will save the Taxpayers from […]...

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CBDT Proposes common Income-tax Return (ITR) Form

Income 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....

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FAQ’s on filing of Income Tax Form 3CEB

Income Tax - What is the procedure to approve Form 3CEB? Form uploaded by CA shall be available under For your action tab in Taxpayer’s Worklist. Taxpayer may either approve or reject form 3CEB. ...

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Instructions For Filling Out Form ITR-6 for A.Y. 2022-23

Income Tax - These instructions are guidelines for filling the particulars in Income-tax Return Form-6 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Instructions for filling ITR-5 For A.Y. 2021-22 | F.Y. 2022-23

Income Tax - These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Income Tax Dept searches group engaged in multi-state gaming activities & online betting

Income Tax - The Income Tax Department conducted search and seizure operations on a business group engaged in gaming activity, online betting (including cricket betting), etc. on 15.02.2022. Total of 29 premises spread over Mumbai, Delhi, Surat, Jaipur, Pune and Kolkata were covered. The search action revealed that the group was operating in a clandes...

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Take practical view of problems faced by assessees for technical glitches on new Income Tax portal: HC

Southern Gujarat Income Tax Bar Association Vs Union of India (Gujarat High Court) - We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account of the technical glitches in the portal. The authority should not overlook this fact and try to solve the problems or rather ease the difficulties which the assessees are ...

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Price of bank note paper purchased by assessee from DLRI was an ALP which included cost associated with know how and design

De La Rue Currency and Security Print Limited Vs Commissioner of Domestic Taxes (Republic of Kenya) - Since Respondent had pointed out that all security features relating to the banknotes were already incorporated on the paper purchased by assessee from DLRI to be used to print the banknotes under the contract that assessee with CBK thus, any technical support or IP provided by DLRI to assessee was ...

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HC sets aside Faceless Assessment Order passed without considering objection to SCN

KBB Nuts Private Limited Vs National Faceless Assessment Centre Delhi (Delhi High Court) - In the case of the KBB Nuts Private Limited V/s National Faceless Assessment Centre Delhi (NFAC) assessment proceedings and directed the revenue to grant a personal hearing to the authorised representative of the petitioner, before proceeding to pass a fresh assessment order....

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Additions Made Without Giving Copy of Statement of Witness & Cross Examination not Valid

ACIT Vs Jain Jewellery (ITAT Delhi) - ACIT Vs Jain Jewellery (ITAT Delhi) In the case of Jain Jewellery vs. ACIT,  ITA No. 4571/DEL/2017 (AY 2012-13) additions were made on the basis of statements of third parties regarding bogus purchases. Total amount of purchases was Rs. 20495150/-. Additions restricted to 25%  by CIT(A).  On appe...

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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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CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)

Notification No. S.O. 270(E) - (16/01/2023) - CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with...

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CBDT notifies Special Courts in Odisha under Black Money Act

Notification No. 127/2022-Income Tax, [S.O. 6066(E)] - (26/12/2022) - CBDT notifies Special Courts in Odisha vide Notification No. 127/2022-Income Tax | Dated: 26th December, 2022 under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (INVESTIGATION DIVISI...

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Tolerance Band for AY 2022-23 in case of wholesale trading & others

Notification No. 70/2022-Income Tax [S.O. 2928(E)] - (28/06/2022) - In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereafter referred to as the said Act), read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where ...

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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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Scope of penalty to be assigned to Faceless Penalty Scheme, 2021- Reg.

F No. 187/4/2021-ITA-I - (10/03/2022) - Penalty proceedings in cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be....

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Recent Posts in "income tax"

Surcharge on Income Tax

The dictionary meaning of the term ‘surcharge’ is an additional charge or payment. Accordingly, in terms of taxation, a surcharge means a tax levied on a tax. Likewise, the surcharge on Income Tax is an additional charge/ tax levied on income tax. Importantly, the surcharge is leviable on income tax and not on income. In […]...

Read More
Posted Under: Income Tax | ,

CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)

Notification No. S.O. 270(E) 16/01/2023

CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules...

Read More

Monthly (January 2023) Legal Obligations + Legal updates for India

Monthly (January 2023) Legal Obligations + Legal updates  for India under Income Tax Act, 1961,  Goods and Services Tax (GST) 2017, FEMA, 1999, ESI, 1948, Provident Fund, 1952, Companies Act, 2013, LLP Act 2008. Author explains which obligation needs to be discharged, Form or challan to be filled or filed, Period for which obligation ne...

Read More
Posted Under: Income Tax |

CBDT notifies Special Courts in Odisha under Black Money Act

Notification No. 127/2022-Income Tax, [S.O. 6066(E)] 26/12/2022

CBDT notifies Special Courts in Odisha vide Notification No. 127/2022-Income Tax | Dated: 26th December, 2022 under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (INVESTIGATION DIVISION-V) New Delhi Notification No. 127/202...

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Late Fee interest under section 234E of Income Tax Act –  Recent Case Laws

Late Fee interest u/s 234E of Income Tax Act –  for filling of TDS return prior to 01/07/2015 1. As per Section 200(3) of the Act read with Rule 31A of the Income Tax Rules, 1962 (hereinafter referred to as ‘Rules’) a tax deductor is required to file quarterly statement of such taxes deducted at […]...

Read More
Posted Under: Income Tax |

Income Tax, GST & Other Compliance Due Dates- November-2022

Due Date Calendar November-2022 Event Date Act Applicable Form Obligation 07-Nov-22 Income Tax Challan No. ITNS-281 Payment of TDS/TCS of October 2022 (both salary and non-salary) 07-Nov-22 FEMA ECB-2 Monthly Return of External Commercial Borrowings for October. 07-Nov-22 Income Tax ITR 1 to 5 & 7 Filing of Income Tax returns where Au...

Read More
Posted Under: Income Tax |

Tax Compliance and Statutory due dates for November 2022

Statutory Due Dates and Compliance Calendar for the Month of November 2022 The month of November, 2022 is crucial for the due dates for various compliances under Goods and Service Act, Income Tax Act, Companies Act and LLP Act. Filing the below mentioned forms on or before the due dates will save the Taxpayers from […]...

Read More
Posted Under: Income Tax |

CBDT Proposes common Income-tax Return (ITR) Form

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 More
Posted Under: Income Tax | ,

FAQ’s on filing of Income Tax Form 3CEB

What is the procedure to approve Form 3CEB? Form uploaded by CA shall be available under For your action tab in Taxpayer’s Worklist. Taxpayer may either approve or reject form 3CEB. ...

Read More
Posted Under: Income Tax | ,

Instructions For Filling Out Form ITR-6 for A.Y. 2022-23

These instructions are guidelines for filling the particulars in Income-tax Return Form-6 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

Read More
Posted Under: Income Tax |

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