income tax

Monthly (May 2022) Legal Obligations for India

CA, CS, CMA - Article contains Monthly (May 2022) Legal Obligations  for India which includes compliance under Income Tax Act, 1961, GST Act, 2017, FEMA,1999, ESI, 1948, Provident Fund, 1952, LLP Act 2008 and Companies Act, 2013.  Monthly (May 2022) Legal Obligations  for India (A) Income Tax Act, 1961 S.NO Event Date Form/Challan Period Particular...

Read More

Tax Saving Under section 80C of Income Tax Act 1961

CA, CS, CMA - Tax Saving under Section 80C – Income Tax Individual and HUF Allowable deduction under Section 80C of Income tax to avail tax saving benefits upon the payment of amount or deposit of amount. Limit of deduction under section 80C is Rs. 1,50,000 (In Aggregate) List of Major deduction eligible under section 80C is as below: […]...

Read More

Tax Compliance & Statutory Due dates for May 2022

CA, CS, CMA - Individuals or businesses, be it a small scale business or a business having its operations on a large scale, are bound to adhere to the tax and statutory compliance prevailing in India. It is important for all the businesses, in any form, (Private Limited Company, Public Limited Company, Limited Liability Partnership, Partnership or Sole...

Read More

Tax Compliance and Statutory due dates for April, 2022

CA, CS, CMA - Compliance Calendar for the month of April 2022 A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance’ point of view. There are multiple Statutory Due Dates falling in […]...

Read More

March (2022) Month’s Legal Obligations for India

CA, CS, CMA - Article explains March (2022) Month’s Legal Obligations for India under Income Tax Act, 1961, Central Goods and Services Tax Act, 2017, Foreign Exchange Management Act, 1999, Employees’ State Insurance Act, 1948,  Employees Provident Fund & Miscellaneous Provisions Act, 1952  and Companies Act, 2013. March (2022) Month’s L...

Read More

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

CA, CS, CMA - 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...

Read More

Income Tax Benefits for Retired Employee

CA, CS, CMA - BENEFITS FOR RETIRED EMPLOYEES – UNDER INCOME TAX LAW > Higher Basic exemption limit > Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund > Higher deduction for Medical Insurance Premium > Higher deduction limit for interest from Banks and Post Office …R...

Read More

Request to CBDT to permit delayed filing of Form 10IC

CA, CS, CMA - Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...

Read More

Income Tax Statutory Forms & related Services – FAQs

CA, CS, CMA - Article contains FAQs on Tax Audit Report (Form 3CA-CB/ Form 3CB-CD), Form 10 B, Form 29B, Form 10DA, Form 56F, Form 10E, Form 10-IE, Form 67, Form 10BA, Form 35, Form 10-IC, Form 10-IB & Form 10-ID. Tax Audit Report (Form 3CA-CB/ Form 3CB-CD) FAQ 1: While submitting Form 3CB-3CD, “Unique Document Identification Number (UDIN)” [&h...

Read More

Update on today’s (11/01/2022) hearing in Hon’ble Gujarat HC in CAAS vs. UOI

CA, CS, CMA - Please note Hon'ble Gujarat High Court has not declined this prayer. The Court said they are not inclined at this point in time and that they will impress upon the respondents to file their reply and bring that on record....

Read More

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 ...

Read More

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 ...

Read More

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....

Read More

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...

Read More

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 ...

Read More

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 ...

Read More

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....

Read More

Office Order pursuant to CBDT Order No. 304 of 2021 dated 08.11.2021

Order No. 304 of 2021 - (24/01/2022) - Office Order pursuant to CBDT Order No. 304 of 2021 dated 08.11.2021- In pursuance to the above and in exercise of the powers conferred by Explanation to sub-section (1) of section 120 of the Income-tax Act, 1961 as also section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of ...

Read More

Income Tax Audit Due & ITR Due date for AY 2021-22 extended

Circular No. 01/2022-Income Tax - (11/01/2022) - On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Income Tax Audit date extended to 15 Feb 2022 and Income Tax ...

Read More

CBDT notifies Protocol amending DTAA with Kyrgyz Republic

Notification No. 135/2021-Income Tax [S.O. 5094(E)] - (08/12/2021) - Protocol amending the Agreement between the Government of the Republic of India and the Government of the Kyrgyz Republic for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to taxes on income signed at New Delhi on 13th April, 1999....

Read More

Recent Posts in "income tax"

Monthly (May 2022) Legal Obligations for India

Article contains Monthly (May 2022) Legal Obligations  for India which includes compliance under Income Tax Act, 1961, GST Act, 2017, FEMA,1999, ESI, 1948, Provident Fund, 1952, LLP Act 2008 and Companies Act, 2013.  Monthly (May 2022) Legal Obligations  for India (A) Income Tax Act, 1961 S.NO Event Date Form/Challan Period Particular...

Read More
Posted Under: Income Tax |

Tax Saving Under section 80C of Income Tax Act 1961

Tax Saving under Section 80C – Income Tax Individual and HUF Allowable deduction under Section 80C of Income tax to avail tax saving benefits upon the payment of amount or deposit of amount. Limit of deduction under section 80C is Rs. 1,50,000 (In Aggregate) List of Major deduction eligible under section 80C is as below: […]...

Read More
Posted Under: Income Tax |

Tax Compliance & Statutory Due dates for May 2022

Individuals or businesses, be it a small scale business or a business having its operations on a large scale, are bound to adhere to the tax and statutory compliance prevailing in India. It is important for all the businesses, in any form, (Private Limited Company, Public Limited Company, Limited Liability Partnership, Partnership or Sole...

Read More
Posted Under: Income Tax |

Tax Compliance and Statutory due dates for April, 2022

Compliance Calendar for the month of April 2022 A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance’ point of view. There are multiple Statutory Due Dates falling in […]...

Read More
Posted Under: Income Tax |

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 No. 21/2022-Income Tax | Dated: 30th Mar...

Read More

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....

Read More

March (2022) Month’s Legal Obligations for India

Article explains March (2022) Month’s Legal Obligations for India under Income Tax Act, 1961, Central Goods and Services Tax Act, 2017, Foreign Exchange Management Act, 1999, Employees’ State Insurance Act, 1948,  Employees Provident Fund & Miscellaneous Provisions Act, 1952  and Companies Act, 2013. March (2022) Month’s L...

Read More
Posted Under: Income Tax |

Tax and Legal Compliance Calendar for March 2022

Being the last month for the financial year, March is a significant month from the point of view of the tax compliance and other statutory due dates for ROC Reporting, GST Return Filings, and Income Tax Filing as it is the last month of the fiscal year. Every registered business and professional can benefit from […]...

Read More
Posted Under: Income Tax |

Statutory Tax Compliance Calendar (Due Dates) March, 2022

This Article contains compliance requirement under various statutory Act for which due date falls in the month of March 2022. The due dates are very crucial for compliances of statutory provision under various act in order to avoid penalty, interest or late fee Compliance under Income Tax Act ♦ Due date for furnishing of challan-cum-sta...

Read More
Posted Under: Income Tax |

Role of DTAA and GAAR In Treaty Shopping

Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (6,014)
Company Law (8,224)
Custom Duty (9,151)
DGFT (4,765)
Excise Duty (4,685)
Fema / RBI (5,127)
Finance (5,533)
Income Tax (40,714)
SEBI (4,425)
Service Tax (3,931)

Search Posts by Date

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031