INCOME TAX

Your Income Tax Refund Is Delayed?

Government has issued income tax refunds of Rs 2.40 lakh crore between April 1, 2022, and January 10, 2023, which is 58.74 per cent more than what was done during the same period the year before, according to a statement by the Press Information Bureau (PIB) on January 11, 2023. But what would you do …

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Actor Anushka Sharma has approached the court against what she believes is an inflated tax notice

Actor Anushka Sharma has approached the court against what she believes is an inflated tax notice. The actor has gone to the Bombay High Court challenging two orders passed by the deputy commissioner of Sales Tax on dues for 2012-13 and 2013-14. Judges Nitin Jamdar and Abhay Ahuja today directed the sales tax department to …

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Income Tax Recruitment

Income Tax Jobs for Arts, Commerce & Science graduates & 10th pass At good Salary, Tax Assistant, MTS & Income Tax Inspector Post

The Office of the Principal Chief Commissioner of Income-Tax Puducherry & Tamil Nadu region has published the recruitment notification for various posts on its official website @www.tnicometax.gov.in. As per the notification PDF, Income Tax Office has announced a total number of 72 vacancies for the post of income tax inspector, tax assistant, and multi-tasking staff. …

Income Tax Jobs for Arts, Commerce & Science graduates & 10th pass At good Salary, Tax Assistant, MTS & Income Tax Inspector Post Read More »

Income Tax Raid: Huge quantities of currency notes were seized from properties

The Income Tax department raided and seized huge quantities of currency notes from properties of TMC MLA Jakir Hossain in Murshidabad and Kolkata Once again the mountain of notes has knocked in the politics of West Bengal. TMC is once again in controversy after Partha Chatterjee and the education scam related to him. Rs 10.90 …

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New tax scheme has not gained traction as in several cases it resulted in a higher tax burden

“Investments in Public Provident Fund (PPF) and other tax savings schemes should be allowed as deductions and the threshold for 30% tax should be raised to ₹20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers,” experts said. The government in Budget 2020-21 brought an optional income …

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RBI issues new guidelines for locker in banks

New Locker Rules Big alert: Banks Send Reminder To Customers; Check Latest Developments

Customers availing bank lockers facilities have been asked to sign a revised locker agreement with their bank. The mandate from the Reserve Bank of India states that the new locker agreement must not have clauses which are unfair to the bank locker customers. The August 18, 2021 notification by RBI stated that “Banks shall have a Board …

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income tax

Income-tax portal update: Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live

Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live RECTIFICATION OF MISTAKE UNDER SECTION 154– Sometimes there may be a mistake in any order passed by the Assessing Officer. In such a situation, mistake which is apparent from the record can be rectified under section 154. The provisions relating …

Income-tax portal update: Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live Read More »

Digital Calendar 2023 From Income Tax Department

Welcome to a new era where the tax system is becoming seamless, faceless and paperless This calendar is a tribute to India’s values of “Vasudhaiva Kutumbakam” which has inspired the theme for India’s G20 Presidency:‘ONE EARTH, ONE FAMILY, ONE FUTURE’ The photographs in this calendar are all inspired by these elements and are taken by …

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weekly taxation update

E-Newsletter “Weekly Taxation Newsletter”

Dear Readers, We are delighted to share our 99th E-Newsletter “Weekly Taxation Newsletter” dated 10th January, 2022 from 28th December, 2022 to 09th January, 2023 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, …

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Income Tax CALENDER 2023

Compliance requirements for the Month of January, 2023 To March 2023. 07-Jan- 23 Securities Transaction Tax /          Securities Transaction Tax – Due date Commodities Transaction Tax for deposit of tax collected for the month of December, 2022 [ Note: Year represent (Selected Year)] 07-Jan- 23 Securities Transaction Tax /          Commodities Transaction Tax – Due Commodities Transaction Tax        date for …

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TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

TDS Rate Chart for FY 2022-23 (AY 2023-24)

The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is responsible to deduct tax at source and deposit TDS within the stipulated due date. TDS Rate Charts for the FY 2022-23 Section Deductee* Nature …

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This article contains various Compliance requirements for the Month of January, 2023 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.

Corporate Compliance Calendar for January, 2023 [Detailed]

Corporate Compliance Calendar For The Month of January, 2023 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI …

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Cash Transaction Rules

Cash Transaction – Limit & Penalty – under Income Tax Act

The Finance Act 2017, took various measures to restrain black money and as an outcome of these measures, a new Section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: …

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CBI arrests Income Tax officer, CA in bribery case

The CBI has arrested an Income Tax officer and a chartered accountant in Chennai for their alleged involvement in a Rs 2.25 lakh bribery case, officials said Saturday. The bureau’s action came after an FIR was registered against CPWD’s superintendent engineer Sanjay Chinchghare, assistant valuation officer D.Manjunathan and chartered accountant Satgurudas and Suresh, the assessee …

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New income tax regime could get some fresh tweaks in the upcoming Union Budget 2023

The new income tax regime introduced by the central government over two years ago could get a fresh makeover in the upcoming Union Budget 2023 to attract more taxpayers. A majority of salaried taxpayers have steered clear of the optional tax regime despite lower tax rates as they are not eligible to opt for around …

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TDS ON PENSION

TDS on Pension

Millions spend their lives post the age of 60, through the pension, which is sometimes the only livelihood means that remains, in the old age. In the article, we will look towards the various Income tax provisions and Sections related to the income “Pension”. The pension is usually paid out in India on a periodic i.e. monthly …

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Section 143(1)

Income tax dept mails many taxpayers

Income tax return filed is processed by the CPC – Central Processing Unit. Presently, CPC in Bangalore is responsible for carrying out all primary assessments. The CPC unit of Income tax department  takes up the ITR for processing  i,e cross checks the details reported in the ITR with the information in hand and sends a …

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TDS On Rent – Section 194-1 of Income Tax Act, 1961

According to Section 194I, an individual who pays rent is subject to tax deduction at the source. One must note that TDS can be deducted when the amount of tax to be paid or received in a given fiscal year is over Rs. 180000.  Typically, HUFs and individuals are liable to pay TDS at the rate of 5% …

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After income tax (I-T) return is filed, the tax department sends an intimation under section 143(1) that can include a tax demand

Intimation notice under Section 143(1)

Income tax return (I-T return) has been filed, the tax department sends an intimation under section 143(1) to highlight any discrepancy that might arise from a lower tax paid than what was meant to be paid. Individuals are supposed to file their income tax returns on or before July 31 of the assessment year. After …

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Finish this work related to income tax before January 30, otherwise tax notice will come

ITR Verification Last Date: Taxpayers who have filed their ITR by 31 December 2022. Now the Income Tax Department has given those taxpayers time till January 30, 2023 for ITR Verification. This deadline has been given to those taxpayers who have filed belated or revised ITR till 31 December 2022. Informing the taxpayers, the Central …

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COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023

COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023 Date Act Particulars Period Description 07-01-2023 Income Tax TDS/TCS Payment for December, 2022 Dec, 22 Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central …

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Income Tax Refund; How to File a Refund Re-issue Request?

For a variety of reasons, an income tax refund scheduled to be paid in a specific assessment year (AY) may fail to be credited to your bank account. You can only file a refund re-issue request on the income tax e-filing portal if the income tax department fails to credit your refund after processing your …

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Income Tax Slab for AY 2023-24

Income Tax Slab for AY 2023-24

Income tax is a tax that is levied on the income earned by individuals, Hindu Undivided Families (HUFs), firms, companies, and other entities. The tax is calculated based on the total income of the taxpayer, which includes all sources of income such as salary, business income, capital gains, rent, interest, and other types of income. …

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TAX COMPLIANCE TRACKER

Tax Compliance Tracker – January, 2023

Statutory Tax Compliance Tracker for January, 2023 explains Compliance requirement under Income Tax act, 1961 and Compliance Requirement under GST, 2017 for the Month of January, 2023. Tax Compliance Tracker – January, 2023   Sl.   Compliance Particulars       Due Dates   1 Due date for deposit of Tax deducted/collected for the month …

Tax Compliance Tracker – January, 2023 Read More »

File Belated Income Tax Return By December 31, 2022 To Save Yourself From Scrutiny, Notice

If you have missed filing your income tax return in July, then you can still file a belated income tax return till December 31, 2022 under Section 139 (4) of the Income Tax Act, 1961, but subject to completion of the assessment. Though filing a belated income tax return is still better than not filing …

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Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the FY 2020-21 (AY 2021-22)

Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22). Your kind attention is drawn where CPC, Bangalore had raised Income Tax demand under section 143(1) for the Financial Year 2020-21 (Assessment Year 2021-22) against some of the Army Officers. In this regard it …

Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the FY 2020-21 (AY 2021-22) Read More »

Income-tax: Clarification for the purposes of clause (c) of Sec 269ST of IT Act 1961

Subject: Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies – reg. Section 269ST inter-alia prohibits receipt of an amount of two Jakh rupees or more (hereinafler referred to as ‘the prescribed limit ‘) by a person, in the …

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