INCOME TAX

How to View & Download Form 26AS From TRACES Website

Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS

Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. What is Form …

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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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PAN card holders alert! Your PAN card may be inoperative

If you are a PAN card holder and you have not yet linked it with Aadhaar, then this news is important for you. Permanent Account Number (PAN) will become inoperative after March 2023 if the cardholder fails it to link with the Aadhaar Card, the Central Board of Direct Taxes (CBDT) had said earlier this …

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Section 143(1)

Section 143(1) Income Tax Notice

Tax notice under Section 143(1) of the Income Tax Act can be issued to begin a summary assessment without calling the taxpayer. Section 143(1) notices are issued based on computerized processing of tax returns without any human interface. In a summary assessment, the Income Tax Department would not call for additional information or documents as …

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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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INCOME TAX RAID in Bengaluru

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore

Income Tax Department conducts search actions in Karnataka- Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, …

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore Read More »

Last date to file ITR 2022-23 extension

ITR FIIING LAST DATE FOR AY 2022 23- Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022. CBDT had last month extended the …

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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 …

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

TAX COMPLIANCE Calendar – NOVEMBER, 2022

Tax Compliance Tracker – November, 2022

1. Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates   1 ​Due date for deposit of Tax deducted/collected for the month of October, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day …

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TDS Rate Chart for FY 2022-23/AY 2023-24

Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24

 Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24 to help you calculate and error-free. TDS Rate Chart for FY 2022-23 Section Nature of Payment  Threshold (Rs.)  Individual / HUF TDS Rates (%) OthersTDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature  EPF withdrawal Rs. 50,000 10% 10% …

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

Finance Ministry has recently extended the deadline for filing income tax returns (ITR) for the assessment year 2022-23 by businesses till November 7. This is the third extension granted for the filing of tax returns where an audit is required. The original date was September 30, 2022, which was extended to October 7 and further …

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FAQ’s for Form 3CEB

Income Tax Department’s Big Update on Filing of Form 3CEB

Income tax department issued FAQs regarding the filing of form 3CEB. Question 1: What are the prerequisites for filing of Form 3CEB? Resolution: The following are the prerequisites for filing of Form 3CEB: Taxpayer and CA are registered on the e-Filing portal with valid user ID and password Status of PAN of taxpayer and CA …

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Alert: Advisory by ICAI on use of prefix CA on social media

Sub.: Use of designation “Chartered Accountant” or prefix “CA” by members while expressing views on professional/non-professional matters publicly including on social media Ethical Standards Board The Institute of Chartered Accountants of India 22nd October, 2022 Advisory 1.  A Firm of Chartered Accountants (“Firm”) may have an account on Social Networking website(s), wherein it may mention its …

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Updation of UDINs at e-filing Portal

Updation of UDINs at e-filing Portal

In pursuance of CBDT’s announcement, whereby the last date for updating the UDIN for the forms filed during 1st April 2021 to 31 March 2022, has been extended till 30th November, 2022, as available at https://www.incometax.gov.in/iec/foportal//latest-news#bc241ff6-066d-4796-a3b4-3bb7146a1d1f, members are advised to validate their pending forms by linking them with appropriate UDINs. For any clarification, please write us …

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This government bank will become private by March, the Finance Minister has given information, the process has started!

This government bank will become private by March, the Finance Minister has given information

Many steps have been taken by the government to improve the banking system in the country. The government is once again going to privatize another bank (bank privatisation latest news). Let us tell you that the bids for the privatization of IDBI Bank are likely to be invited by March. At the same time, the …

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TDS Rules Changed: Big News! Now TDS may have to be paid for withdrawing more cash, know here – what is the fixed limit and rules?

TDS Rules Changed: Now TDS may have to be paid for withdrawing more cash. According to the official website of Income Tax, if a person has not filed all or any income tax return in the last three assessment years, and he withdraws cash aggregating to more than Rs 1 crore in a financial year, …

TDS Rules Changed: Big News! Now TDS may have to be paid for withdrawing more cash, know here – what is the fixed limit and rules? Read More »

Big News For Income Tax : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong. If your salary package is 10 …

Big News For Income Tax : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details Read More »

Income-tax: Form 3CEB offline utility is now available for filing on portal; Know latest Update

04-Oct-2022 Form 3CEB offline utility is now available for filing on portal. 03-Oct-2022 Time for updating UDINs for forms filed in the assessment year 2021-2022 is available till 30th November, 2022. 01-Oct-2022 e-Pay Tax service is now enabled for Karur Vysya Bank with Over the Counter and Net Banking options. 01-Oct-2022 Form 3CF is available …

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rule 17aa

Income Tax Rules: The rules are going to change from today, now institutions will also have to keep the account of donation and donor

Income Tax Department is going to make changes from 1st October. Now institutions, hospitals, schools and colleges will now have to give the account of every pie. Full account of the amount donated will also have to be kept. Entities will have to keep a complete account of the transactions like corporate companies. The new …

Income Tax Rules: The rules are going to change from today, now institutions will also have to keep the account of donation and donor Read More »

From Today new banking options at NSDL to e-pay tax facility at the e-filing portal for payment of Taxes

1-Oct-2022 Bank of Maharashtra, Canara Bank and Indian Overseas Bank have been migrated from OLTAS e-Payment of Taxes at NSDL to e-Pay Tax facility at the e-Filing portal for payment of taxes henceforth. e-Pay Tax service is now enabled for Karur Vysya Bank with Over the Counter and Net Banking options.

Technical Guide on Audit of Charitable Institutions under Section 12A of the Income-tax Act, 1961

The Direct Taxes Committee (DTC) of the Institute of Chartered Accountants of India (ICAI) is one of the important Committees of the ICAI which is engaged in the matters related to direct taxes and makes representations to the Government, Central Board of Direct Taxes and at other appropriate forums from time to time on various …

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CORPORATE COMPLIANCE TRACKER

Compliance requirements for the Month of September, 2022

This article contains various Compliance requirements for the Month of September, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ compliance” Compliance …

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Withdrawal functionality of 15CB forms at e-filing portal

UDIN DirectorateThe Institute of Chartered Accountants of India10th September, 2022 Withdrawal functionality of 15CB forms at e-filing portal A large extent of pendency for updation of 15 CB forms at e-filing portal may be attributed to the non-availability of any options for their withdrawal from the portal. However, such withdrawal facility has now been enabled …

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