Sakshi

tally@taxconcept.net

Notice Under Section 142(1) of Income Tax Act

notice under Section 142(1) of Income Tax Act is generally served to taxpayers in order to call upon certain documents and details or to particularly assess a case. When an individual receives a notice under this section, it is most commonly the first step in the preliminary investigation into any discrepancies found by an Assessing Officer who …

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income tax scrutiny assessment

Section 143(3) Income-tax Scrutiny Assessment

Section 143(3) Scrutiny Assessment- Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. An assessment is carried out by the Income Tax department after the filing of an income tax return by an assessee. The purpose of conducting the …

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Users may not be able to make unlimited payments via UPI payment apps

UPI payment apps like Google Pay, PhonePe, Paytm, and others may soon impose a limit on the transaction. Soon users may not be able to make unlimited payments via UPI payment apps. The National Payments Corporation of India (NPCI), which operates the UPI digital pipeline, is in discussions with the Reserve Bank about implementing its …

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Types of Income Tax Notice & Documents required to reply to an Income Tax Notice

Types of Income Tax Notice & Documents required to reply to an Income Tax Notice

Type of Notice Description Notice u/s 143(1) – Intimation This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed.If an individual wants to revise the return after receiving this notice, …

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ITR Filing Update: A big update came on the file income tax return

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 …

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Cheque Bounce New Rule: money will be deducted from other account

If you use bank cheque, then you must read this news. In fact, in order to effectively deal with the cases of cheque bounce, the Finance Ministry is considering several steps like deducting money from another account of the issuer of the Cheque and prohibiting the opening of new accounts in such cases. Is. In …

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TAX PAYMENT

If you have account in these 11 banks, then you will not be able to pay tax on TIN NSDL website

If you make income tax payment online, then there is an important information for you. Before making tax payment, you should check once whether your bank is connected to the tax payment facility route or not. This has happened because the Income Tax e-filing portal has started the facility of e-pay tax. Customers whose bank …

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Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here

Under the new directions of the Central Board of Direct Taxes (CBDT), it will be mandatory for individuals, professionals to file income tax returns, whether their income falls in the taxable limit or not. At present, the income tax exemption limit is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh …

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Restrictions on Cash Transactions of Rs. 2 Lacs or More under Income Tax

MODE OF UNDERTAKING TRANSACTIONS. 269ST. No person shall receive an amount of two lakh rupees or more—   (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or   (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account …

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Pre-deposit to appeal under old excise, service tax laws to be only in cash: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has said that pre-deposits for appeals in cases related to the erstwhile Central Excise Duty and Service Tax can be made only in cash and not through Electronic Cash Ledger (ECL). Experts feel such a move is to nullify rulings by various High Courts in favour …

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Bank Locker rules change: Big news! RBI has changed bank locker rules, know the new rules

Keeping in mind the safety of the customers, the Reserve Bank has made a big change in the rules of bank locker. If you are also planning to open a locker in any bank or if you already have a locker in any bank, then it is very important for you to know about the …

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BREAKING: PFI banned for 5 years

BREAKING: PFI banned for 5 years. Government of India declares PFI (Popular Front of India) and all its associates and affiliates as an unlawful association with immediate effect, for a period of five years.

Timeline for filing of modified returns in Form ITR-A u/s 170A extended

Timeline for filing of modified returns in Form ITR-A u/s 170A extended till 31st March 2023 CBDT has issued Order vide F. No. 370142/41/2022-TPL dated September 26, 2022 extends the timeline for filing of modified Income Tax Return (“ITR”) in Form ITR-A by a successor company under section 170A of the Income tax Act, 1961 (“the IT …

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CBIC develops system for online monitoring of GST audits

Central Board of Indirect Taxes and Customs (CBIC) has developed a system for online monitoring of GST audits initiated by tax officials across the country for effective oversight of the audit process. GST audits commenced earlier this year and are being seen by the tax authority as an effective tool for ensuring the quality of …

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Good news for taxpayers! Check how new Income Tax guidelines will benefit you

The Government of India has been working to tweak Income Tax guidelines to make them more lenient for taxpayers. It’s the taxpayers who make significant contributions, thus helping the government drive the economy. Now in a move that will pave the way for ease of doing business and reduce the severity of punishment for violators, …

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Auditing licence of four chartered accountants suspended

Another chartered accountant only got fined by the ICAB instead of being suspended for his professional misconduct. ICAB took such punitive action against them in August this year, according to their website. As per the latest publication by the body of the country’s chartered accountants, the four accountants are Md Anwar Hossain– proprietor of chartered …

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FAQ’s for Form 3CA-3CD/3CB-3CD

Income Tax: How to respond to an intimation under Section 245 of Income Tax Act

The Income Tax Department may send an intimation to the taxpayer when it has a tax demand pending or when the taxpayer has claimed a refund from the department for some other assessment year. This is sent under Section 245 of the Income Tax Act, that empowers the assessing officer (AO) to adjust the previous …

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Big update of Income Tax Department for ITR filers, it is also important for you to know

If you have also filed income tax return for the financial year 2021-22 in the current financial year, then it is important for you to stay updated with this news. From 1st April 2022 to 31st August 2022, a refund of Rs 1.14 lakh crore has been issued by the Income Tax Department to 1.97 …

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Income Tax Recruitment 2022 for Tax Assistant and Inspector of Income Tax

Income Tax issued the notice in the employment newspaper on 3 September 2022. The notice is for the Income Tax Inspector, and Tax Assistant Posts. Those who are interested to serve in North Eastern Region (NER) can apply through offline mode on or before 16 September 2022. It is to be noted that this job …

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ITR Old Tax Filing: You will get a chance to file two years old tax, know what are the rules

Payment enabled via UPI & Credit Card on Income Tax Portal via Payment Gateway

Payment enabled via UPI & Credit Card on Income Tax Portal via Payment Gateway Make Payment Online FAQ 1. Can I make my tax payments online?Yes, you can make your tax payment using: Authorized Bank Debit Card, or Authorized Bank Net Banking facility, or Payment Gateway (Debit Card / Credit Card / Net Banking of Non-Authorized Banks …

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ITR Deadline: Government has given a big order for taxpayers regarding ITR

The last date to file ITR was 31st July. If you have not filled your ITR, then now you fill it immediately with penalty. Meanwhile, let us tell you that the government has changed another big rule of ITR. The government has tightened the rules of e-verification. According to the notification issued by the Ministry …

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INCOME FROM ONLINE GAMING TAX RETURN

CBDT has asked winners of online games to update their income tax returns to file taxes on winnings of online games

Nitin Gupta, Chairman of CBDT, said on Thursday that just one online gaming portal had awarded more than Rs 58,000 crore in winnings in FY20-FY22, but hardly any winners had paid taxes on their winnings. With tax evasion being one of the more serious crimes in the country, the CBDT has urged winners to update …

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CBDT Notifies New Form 29D For Refund Of Tax Deducted

The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for refund of tax deducted. The Board has notified the Income-tax (26th Amendment) Rules, 2022. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A. In the Income-tax Act, a new section …

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ITR Old Tax Filing: You will get a chance to file two years old tax, know what are the rules

Income-tax department going into new areas to check tax evasion

The Income-Tax department is going into “new areas” of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said. The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and …

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