Tag: <span>INCOME TAX</span>

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...

Budget 2022

Expectations For Individuals in Union Budget 2022-23

AKM GlobalJanuary 19, 2022January 21, 2022

The Finance Minister has committed to draw more attention towards demand generation, job creation, and stabilizing the Indian economy. These expectations highlight the loopholes, conflicts, and asymmetry within the provisions...

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

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

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’....

JUDGEMENT

Train Your Officers That How To Apply Their Mind While Recording Reasons: Bombay High Court To CBDT

Dhanraj SharmaJanuary 12, 2022January 12, 2022

In the writ petition no. 3581 of 2021, the Bombay High Court has held on December 20, 2021 that: 4.) In the affidavit in reply, the same Mr. Suryavanshi states...

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

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

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

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),...

INCOME TAX

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

TaxtimesJanuary 9, 2022January 9, 2022

BCAS jointly have made a Representation Smt. Nirmala Sitharaman for extension of various dues dates of filing Audit Reports and Income Tax Return under income tax Act, 1961 in the...

INCOME TAX

CBDT Issues Updated Common Offline Utilities For ITR-1 To ITR-5 For A.Y. 2021-22

Dhanraj SharmaJanuary 8, 2022January 8, 2022

CBDT has issued updated common offline utilities for filing ITR-1 to ITR-5 for the Assessment Year 2021-22 It is notable that common offline utility for ITR-7 was issued on 28th...

INCOME TAX

Omicron Does Not Affect Return Filing. You Have To Just File Through Laptop: Revenue Secretary Tarun Bajaj

Dhanraj SharmaJanuary 7, 2022January 7, 2022

In a video, Revenue Secretary Tarun Bajaj is saying that Omicron does not affect return filing. You have to just sit on your laptop and file the return. https://videopress.com/v/krBu7nrQ?resizeToParent=true&cover=true&preloadContent=metadata

INCOME TAX

Income-tax: Advisory on Form 3CA-3CD, 3CB-3CD to avoid errors in filing

taxconceptJanuary 7, 2022January 7, 2022

Clarification on Form 3CA- Form 3CD, Form 3CB- Form 3CD In order to avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Use the...

INCOME TAX

CBDT Revises Tax Audit Report Schema

Dhanraj SharmaJanuary 7, 2022January 7, 2022

CBDT has revised income tax audit schema on 6th January 2022. The schema was previously updated on 3rd November 2021 and 2nd December 2021. This schema is containing following changes:...

INCOME TAX

Legal Notice issue to CBDT for Not Extending Income-tax Return Due Date

TaxtimesJanuary 6, 2022January 6, 2022

Legal Notice on behalf of All Odisha Tax Advocates Association, Regd. Office:-CTBA Centre, Sector-2, CDA, Markat Nagar, Cuttack-753014 represented through its General Secretary Shri Bibekananda Mohanti for refusing to extend...

INCOME TAX

Breaking: Petition in Gujarat High Court For Seeking No Late Fees on ITR Filing

Dhanraj SharmaJanuary 5, 2022January 6, 2022

Chartered Accountants Association, Surat (CAAS) has filed a writ petition before Hon'ble Gujarat High Court through Adv. Dr. Avinash Poddar asking for no penalty, interest or late fees until New...

INCOME TAX

Request for waiver of Late Fees u/s. 234F of the IT Act and extension of Audit report & Income-tax Return for A.Y. 2021-22

TaxtimesJanuary 5, 2022January 5, 2022

Request for waiver of Late Fees u/s. 234 F of the Income Tax Act and extension of Date for filing of audit report & audited I T Return for A.Y....

INCOME TAX

CBDT released the e-Administrative Handbook 2022 & e-Calendar 2022

TaxtimesJanuary 5, 2022January 5, 2022

Chairman, CBDT Shri JB Mohapatra & Members, CBDT released the e-Administrative Handbook 2022, a directory of the Income Tax Department containing contact details of the officers.An e-Calendar, 2022 based on...

Tag: INCOME TAX

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

Expectations For Individuals in Union Budget 2022-23

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

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

All about standard deduction in IT Act for the salaried

Train Your Officers That How To Apply Their Mind While Recording Reasons: Bombay High Court To CBDT

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

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

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

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

ITR MISSED?? Here’s what you can do

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

CBDT Issues Updated Common Offline Utilities For ITR-1 To ITR-5 For A.Y. 2021-22

Omicron Does Not Affect Return Filing. You Have To Just File Through Laptop: Revenue Secretary Tarun Bajaj

Income-tax: Advisory on Form 3CA-3CD, 3CB-3CD to avoid errors in filing

CBDT Revises Tax Audit Report Schema

Legal Notice issue to CBDT for Not Extending Income-tax Return Due Date

Breaking: Petition in Gujarat High Court For Seeking No Late Fees on ITR Filing

Request for waiver of Late Fees u/s. 234F of the IT Act and extension of Audit report & Income-tax Return for A.Y. 2021-22

CBDT released the e-Administrative Handbook 2022 & e-Calendar 2022

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