Category : Income Tax
Income Tax Department conducts searches in Rajasthan and Mumbai
Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing,...
Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income tax Act 1961
Central Board of Direct Taxes (CBDT) has issued the Circular No. 13/2022 in which certain questions have been answered with respect to the taxability of...
Notification of Form 26QE and Form 16E for TDS deduction under section 194S of the Income tax act
On 22nd June 2022, the Central Board of Direct Taxes (CBDT) has notified the Income Tax (19th Amendment) Rules 2022 in which the procedures related...
Safe harbour rules for AY 2022-23 for the purpose of Income tax act 1961
The Central Board of Direct Taxes (CBDT) has notified the safe harbour rules for A Y 2022-23 by amending the Rule 10TD(3B) of the Income...
CBDT notifies no deduction of TDS on account of lease of aircraft on payments to units located in IFSC
The Central Board of Direct Taxes (CBDT) has notified the Notification No. 65/2022 in which it has been specified that the payment in the nature...
CBDT notifies additional conditions for exemption of income under section 10 clause 4D
CBDT has issued the Notification No. 64/2022 on 16th June 2022 in which it has been notified that the income attributable to units held by...
Clarification regarding Form No. 10AC issued till the date of this circular
Central Board of Direct Taxes (CBDT) has issued the Circular No. 11/2022 in which clarification regarding Form No. 10AC issued till date of the circular...
Guidelines for removal of difficulties under sub section (2) of section 194R of the Income tax act 1961
From 01-07-2022, a new section for TDS 194R will become effective. So in order to reduce the difficulties of the stakeholders, the CBDT has issued...
Cost Inflation Index for FY 2022-23
The Central Board of Direct Taxes (CBDT) has notified the Cost Inflation Index for FY 2022-23 as 331 vide Notification No. 62/2022. The said notification...
CBDT extends UDIN updation till 30-06-2022
CBDT has further extended the timeline to update the UDIN on the Income tax portal by the Chartered Accountants from 31-05-2022 to 30-06-2022....
Circular regarding use of functionality under Section 206AB and 206CCA of Income tax act 1961
The Central Board of Direct Taxes (CBDT) has issued the Circular No. 10 of 2022 dated 17th May 2022 in which the changes incorporated in...
CBDT issues guidelines for selection of returns for complete scrutiny of returns for FY 2022-23
CBDT has issued the guidelines for compulsory selection of returns for complete scrutiny during the Financial Year 2022-23. In the guidelines, the following perimeters have...
Instruction by CBDT regarding the implementation of judgement of Supreme Court of India
An instruction dated 11-05-2022 has been issued by the CBDT to implement the Supreme Court of India decision in the case of Union of India...
Notification of Form ITR U for filing Updated Return of Income
The Central Board of Direct Taxes (CBDT) has notified the Rule 12AC regarding the furnishing of Updated return of Income. The Form ITR U has...
CBDT extends timeline to update UDIN till 31st May 2022
CBDT has extended the timeline to update the UDIN till 31st May 2022 from 30th April 2022. Last date to update UDIN on the Income...
Additional conditions for filing of Income tax returns
Thee Central Board of Direct Taxes (CBDT) has issued the Notification No. 37/2022 dated 21st April 2022 in which certain additional conditions have been specified...
Income Tax Department conducts searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights and Real Estate Groups
The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a...
Signing of 62 Advance Pricing Agreements by CBDT in FY 2021-22
The Central Board of Direct Taxes (CBDT) has entered into 62 Advance Pricing Agreements (APA) in FY 2021-22 with Indian taxpayers. This includes 13 Bilateral...
Non applicability of TCS on foreign remittance by Non residents
The Central Board of Direct Taxes (CBDT) have issued the Notification No. 20/2022 in which it has been stated that the provisions of section 206C(1G)...
Extension of time limit for electronic filing of Form No. 10AB for seeking registration or approval under section 10(23C), 12A or 80G of Income Tax Act
The Central Board of Direct Taxes (CBDT) has extended the due date of filing the electronic form no. 10AB for seeking registration or approval under...
CBDT notifies ITR Forms for AY 2022-23 [ITR 1 to ITR 7]
The Central Board of Direct Taxes (CBDT) has notified the ITR Forms for AY 2022-23. It is pertinent to note that forms for ITR 1...
Payment of late fee for PAN AADHAR linking if done after due date
The Central Board of Direct Taxes (CBDT) has issued the Notification No. 17/2022 on 29th March 2022 in which it has been notified that those...
The President of India assented the Finance Act 2022
The President of India has assented the Finance Act 2022 on 30-03-2022. To view and download the Finance Act 2022, click here...
Circular 4 of 2022 – TDS on Salary
Central Board of Direct Taxes (CBDT) has issued the Circular no. 04/2022 dated 15-03-2022 in which the procedure for deducting the TDS on the salaries...
Section 194R – TDS on benefits or perquisite of business or profession
In the Finance Bill 2022, a new TDS section 194R has been proposed with respect to TDS on benefit or perquisite of a business or...