Tag: Income tax updates

March 18, 2022

Hence, the extended due date for filing Form 10-IC is 30.06.2022, however it is important to note that as of ...

CBDT issues circular for detailed explanation on TDS deduction u/s 192 of the Income tax act

CBDT issues circular with instructions/ FAQ on deduction of TDS on salary income under section 192 for FY 2021-22

March 17, 2022

CBDT has issued circular 04/2022 for FY 2021-22 on 15.03.2022 and in this circular, it has discussed various aspects of ...

What is the meaning of notice for transfer of rectification rights to Assessing officer

People receiving messages from Income tax department about some significant financial transaction being reported? What is it?

March 15, 2022

Attention XXXXX (PAN XXXXX0000X ) Income Tax Department has received information about certain significant financial transactions relating to FY 2021-22 ...

Interest for non payment of Advance Tax: (Section 234B & 234C):

What is advance tax and who needs to pay it? Advance tax on income from stock market | 4th Installment due on 15th March

March 14, 2022

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Each and every person whose tax liability during the year is above ₹ 10,000 (as per Section 208 of Income ...

Income Tax department conducting the biggest raid of 2020 in Raipur!

Income Tax Department conducts searches in Mumbai

March 4, 2022 - Updated on March 7, 2022

The evidences so seized strongly indicate a close nexus between these contractors and the said person. Particulars of about 3 ...

Income Tax Department conducts searches in a major Telecom Group

March 3, 2022

The ultimate shareholding of the group lies with a foreign entity of a neighbouring country. The searches, which were spread ...

Compliance due dates for June, 2020 | Compliance calendar for June, 2020 | 20+ compliances

Statutory Compliance Calendar for March 2022 | Income tax, GST and various other laws

by ADMIN

March 2, 2022

Statutory Compliance Chart for the Month of March 2022 : Below mentioned are some important due dates under Income tax, GST, company law ...

Relief from TDS/ TCS provisions amid Corona Virus Pandemic

Does partnership firm has to deduct any TDS on payment of interest or remuneration to partner who is non-resident?

February 21, 2022

In our opinion the above amount won't be considered as interest on money borrowed and hence could be liable for ...

Supreme Court up-helds judgement of Rajasthan High court for extension of due date for GSTR 9/ 9C

Hon’ble Supreme Court issued notice in relation SLP filed against Allahabad High court judgement of quashing section 148 notice issued after 01.04.2021

by ADMIN

February 14, 2022

Recently we have seen various High Court's passing judgement in favour of assessee in relation to notice being issued u/s ...

ITC cannot be disallowed to purchaser if seller has collected tax but not paid to Government – Madras High Court

Division bench of Madras High Court Quashes notice issued u/s 148 after 01.04.2021

February 13, 2022

In view of the ratio propounded by the Allahabad and Delhi High Courts on the subject, the reassessment notices under ...

More than 6.2 crore Income Tax Returns(ITRs) and about 21 lakh major Tax Audit Reports(TARs) filed on the new e-Filing portal

February 12, 2022

Over 1.91 lakh Form 3CA-3CD and 17.26 lakh Form 3CB-3CD have been filed in FY 21-22. More than 1.84 lakh ...

Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act

How to calculate and pay additional Tax on updated return | Section 140B | Budget 2022

February 11, 2022

Finance bill, 2022 has introduced section 140B of the Income tax act wherein such person is required to pay additional ...

Due date for Tax audit for A.Y. 2019-20 extended from 30th September to 31st October

Now file updated Income tax return within 2 years from the end of relevant assessment year | Detailed Discussion | Budget 2022

February 9, 2022 - Updated on February 11, 2022

Who can file the updated return? Anyone can file the updated return irrespective of whether the person has filed original ...

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

Around 6.17 crore (ITRs) and about 19 lakh (TARs) filed on new e-Filing portal of Income Tax Department

February 8, 2022

Out of 6.17 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 ...

Father cannot sale shares or use proceeds of sons share being guardian of minor son without permission from court: Chennai Tribunal

Kolkata High court single bench judge quashes notice issued u/s 148 of the IT act issued after 01.04.2021

February 7, 2022