Category: <span>INCOME TAX</span>

INCOME TAX

Govt Notifies e-advance ruling scheme, allows filing e-mail application

TaxtimesJanuary 19, 2022January 19, 2022

The finance ministry has notified the ‘e-advance rulings Scheme’, enabling taxpayers to file their application for advance ruling through e-mail, a move that will majorly benefit non-resident assesses in such...

INCOME TAX

Taxpayer will have to file ITR online, now physical filing is not possible – CBDT

taxconceptJanuary 19, 2022January 19, 2022

Taxpayers who have not yet filed Income Tax Return (ITR Filing) due to difficulties in the Income Tax Portal can complete this process by 31 March 2022 with a fine...

INCOME TAX

CBDT Notifies Provisions For Computation Of Capital Gains Under Section 45(1B) Of Income Tax Act

Dhanraj SharmaJanuary 19, 2022

Vide Notification No. 8/2022, Dated 18th January 2022, the CBDT has inserted rule 8AD in the income tax rules 1962 which contains provisions for computation of capital gains under section...

INCOME TAX

Govt may offer taxpayers incentives to shift to new income tax regime

TaxtimesJanuary 19, 2022January 19, 2022

The budget may sweeten the optional income-tax regime of lower tax rate without exemptions that it announced in 2020, with most people preferring to continue with the older regime. While...

INCOME TAX

We Don’t Appreciate This Attitude Of CBDT Of Not Extending ITR Due Date: Gujarat High Court

Dhanraj SharmaJanuary 18, 2022January 18, 2022

The Gujarat High Court today said that: "Ask the highest authorities to file an affidavit that if any problem crop up, then they shall be immediately attended, and if such...

INCOME TAX

Income Tax Department Conducts Search And Seizure Operations in Haryana

Dhanraj SharmaJanuary 18, 2022January 18, 2022

The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in...

INCOME TAX

Breaking: Calcutta High Court Quashes Notices Issued Under Section 148 Of Income Tax Act

Dhanraj SharmaJanuary 17, 2022January 17, 2022

On 17th January 2022, Calcutta High Court has quashed notices issued under section 148 of the Income Tax Act. The court said that: Respectfully agreeing with the reasonings and views...

INCOME TAX

Assessee Can Demand Personal Hearing in Faceless Assessment Due To Mandatory Requirement u/s 144B Of Income Tax Act- Delhi High Court

Dhanraj SharmaJanuary 16, 2022January 16, 2022

In the case of Bharat Aluminium Company Ltd. vs Union Of India & Ors., the Delhi High Court has held that: Consequently, this Court is of the opinion that an...

INCOME TAX

CBDT Notifies New Rule 21AJA, Rule 21AJAA & Form No 10-IK

taxconceptJanuary 15, 2022January 15, 2022

Subject- Computation of income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of section 10(4D) and section 115AD of the Income tax...

INCOME TAX

Extension Of Even 3 Months Will Not Sufficient If Glitches in Income Tax Portal Will Continue: Gujarat HC

Dhanraj SharmaJanuary 15, 2022January 15, 2022

In the case of Southern Gujarat Income Tax Bar Association Vs Union of India, the Gujarat High Court has stated that "we appreciate the decision taken by the CBDT to...

INCOME TAX

Major income tax provisions applicable from current financial year for individual taxpayers

TaxtimesJanuary 14, 2022January 14, 2022

The law was amended to provide that interest earned by you year after year on your provident fund contribution in a year, whether mandatory or voluntary, over Rs 2.50 lakh...

INCOME TAX

5 Things to Know About PAN Card

TaxtimesJanuary 13, 2022January 13, 2022

What is a PAN Card? PAN is an abbreviation of Permanent Account Number. It is an alphanumeric, 10-digit unique number issued to every taxpayer by the Income Tax Department of...

INCOME TAX

CBDT Issues Clarification On Form 10CCB Of Income Tax Act

Dhanraj SharmaJanuary 13, 2022January 13, 2022

CBDT has issued a clarification on Form 10CCB on 12th January 2022. The clarification reads as under: To avoid errors in form filing and verification, kindly ensure that following points...

INCOME TAX

CBDT issues refunds of over Rs. 1,54,302 crore to more than 1.59 crore taxpayers

taxconceptJanuary 13, 2022

CBDT issues refunds of over Rs. 1,54,302 crore to more than 1.59 crore taxpayers from 1st Apr,2021 to 10th January,2022. Income tax refunds of Rs. 53,689 crore have been issued...

INCOME TAX

All about standard deduction in IT Act for the salaried

TaxtimesJanuary 12, 2022January 12, 2022

Deductions in the Income Tax Act give tax-payers a reason to smile as it helps in reducing the tax liability. One such pleasing provision for salaried individuals in the IT Act is ‘standard deduction’....

INCOME TAX

ITR and Audit Due date Further Extended on 11.01.2022 [Extension Table for AY 2021-22]

CS LALIT RAJPUTJanuary 11, 2022January 11, 2022

ITR and Audit Reports Due Date Further Extended on 11.01.2022 by CBDT The Central Board of Direct Taxes (Income Tax Department) vide F. No. 225/49/2021/ITA-II dated 09.09.2021 {CBDT Circular No.01/2022...

INCOME TAX

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961

TaxtimesJanuary 11, 2022January 11, 2022

On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,...

INCOME TAX

Income Tax Department’s Big Announcement on Income Tax Returns & Tax Audits

taxconceptJanuary 11, 2022January 11, 2022

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961 On consideration of difficulties reported...

INCOME TAX

BIG News: Income Tax Audit Due Date Extended

Dhanraj SharmaJanuary 11, 2022January 11, 2022

Today, the CBDT has extended the due date for filing income tax audit from 15th January 2022 to 15th February 2022. The due date for filing audited ITR has been...

INCOME TAX

ITR for Senior Citizens: Exemption from filing Income Tax Returns for senior citizens above 75

TaxtimesJanuary 11, 2022January 11, 2022

ITR for Senior Citizens – To give a much-needed relief to the senior citizens who are 75-years of age or more, the government has given this exemption in filing of...

INCOME TAX

BREAKING: Government Should Consider Glitches in The New Income Tax Portal- Gujarat High Court

Dhanraj SharmaJanuary 11, 2022January 11, 2022

In a petition filed by Chartered Accountants Association, Surat (CAAS), the Gujarat High Court has stated that "portal is something which is within the control of the respondents and if...

INCOME TAX

Rajya Sabha MP Mahesh Poddar writes to FM Sitharaman, seeks extension in tax audit filing date for the current FY

taxconceptJanuary 11, 2022January 11, 2022

Have requested Smt. @nsitharaman Ji to kindly consider extending the due date to furnish Tax Audit reports. Some last minute changes by CBDT have burdened auditors who are already bogged...

INCOME TAX

IT Dept searches in Andhra Pradesh and Telangana; unaccounted cash transactions tune of Rs. 800 crore

taxconceptJanuary 10, 2022January 10, 2022

Income Tax Department conducts searches in Andhra Pradesh and Telangana The Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the...

INCOME TAX

Rajya Sabha MP writes to FM Sitharaman, seeks extension in tax audit filing date for AY 2021-22

taxconceptJanuary 10, 2022January 10, 2022

MP AAPNDGupta requests Finance minister nsitharamanoffc to extend the deadline for TAR for AY2021-22

INCOME TAX

Income Tax Department conducts searches in Kerala

taxconceptJanuary 10, 2022January 10, 2022

The Income Tax Department carried out search and seizure operation on 05.01.2022 on two groups, engaged in the business of quarry operation. More than 35 premises spread across districts of...

INCOME TAX

Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis

MOHIT GUPTAJanuary 10, 2022January 10, 2022

Introduction:- The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a...

INCOME TAX

Legal Notice To CBDT For Not Extending ITR Due Date

Dhanraj SharmaJanuary 9, 2022January 9, 2022

The All Odisha Tax Advocates Association (AOTAA) has sent a legal notice to the Central Board of Direct Taxes (CBDT) for not extending the deadline for filing Income Tax Return...

INCOME TAX

ICAI request waiver of Penalty for delay in filing Income Tax Audit Reports

taxconceptJanuary 9, 2022January 9, 2022

The Institute of Chartered Accountants of India has submitted a representation on 6th January , 2022 to Chairman , CBDT requesting to consider waiver of penalty and other consequences for...

INCOME TAX

Simple ways to save tax, invest in these top 5 government schemes!

TaxtimesJanuary 9, 2022January 9, 2022

For tax saving, investment has to be made ahead of time and then the documents related to investment have to be given as proof to the Income Tax Department. You...

INCOME TAX

ITR MISSED?? Here’s what you can do

CS LALIT RAJPUTJanuary 9, 2022January 9, 2022

The Government of India (GoI) imposes a tax liability on taxable income of all persons as defined under the Income Tax Act, 1961, who are individuals, Hindu Undivided Families (HUF's),...

Category: INCOME TAX

Govt Notifies e-advance ruling scheme, allows filing e-mail application

Taxpayer will have to file ITR online, now physical filing is not possible – CBDT

CBDT Notifies Provisions For Computation Of Capital Gains Under Section 45(1B) Of Income Tax Act

Govt may offer taxpayers incentives to shift to new income tax regime

We Don’t Appreciate This Attitude Of CBDT Of Not Extending ITR Due Date: Gujarat High Court

Income Tax Department Conducts Search And Seizure Operations in Haryana

Breaking: Calcutta High Court Quashes Notices Issued Under Section 148 Of Income Tax Act

Assessee Can Demand Personal Hearing in Faceless Assessment Due To Mandatory Requirement u/s 144B Of Income Tax Act- Delhi High Court

CBDT Notifies New Rule 21AJA, Rule 21AJAA & Form No 10-IK

Extension Of Even 3 Months Will Not Sufficient If Glitches in Income Tax Portal Will Continue: Gujarat HC

Major income tax provisions applicable from current financial year for individual taxpayers

5 Things to Know About PAN Card

CBDT Issues Clarification On Form 10CCB Of Income Tax Act

CBDT issues refunds of over Rs. 1,54,302 crore to more than 1.59 crore taxpayers

All about standard deduction in IT Act for the salaried

ITR and Audit Due date Further Extended on 11.01.2022 [Extension Table for AY 2021-22]

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961

Income Tax Department’s Big Announcement on Income Tax Returns & Tax Audits

BIG News: Income Tax Audit Due Date Extended

ITR for Senior Citizens: Exemption from filing Income Tax Returns for senior citizens above 75

BREAKING: Government Should Consider Glitches in The New Income Tax Portal- Gujarat High Court

Rajya Sabha MP Mahesh Poddar writes to FM Sitharaman, seeks extension in tax audit filing date for the current FY

IT Dept searches in Andhra Pradesh and Telangana; unaccounted cash transactions tune of Rs. 800 crore

Rajya Sabha MP writes to FM Sitharaman, seeks extension in tax audit filing date for AY 2021-22

Income Tax Department conducts searches in Kerala

Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis

Legal Notice To CBDT For Not Extending ITR Due Date

ICAI request waiver of Penalty for delay in filing Income Tax Audit Reports

Simple ways to save tax, invest in these top 5 government schemes!

ITR MISSED?? Here’s what you can do

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Ministry of AYUSH to organise global Surya Namaskar Demonstration programme on Makar Sakranti

Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 (Representation)