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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 MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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 […]...
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 - 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 MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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...
Read MoreSouthern 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 MoreDe 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 MoreKBB 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 MoreACIT 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 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. 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...
Read MoreNotification 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...
Read MoreNotification 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 ...
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 MoreF 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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Notification No. S.O. 270(E) - 16/01/2023
Notification No. 127/2022-Income Tax, [S.O. 6066(E)] - 26/12/2022