Budget 2023 | Mutual Fund industry body demands units to be classified as specified...

Ahead of the Union Budget, the Association of Mutual Funds in India (AMFI) has proposed that mutual fund schemes (whether equity or debt-oriented) wherein...

Tax Saving Options for Salaried Person

As we all know March 2023 is coming. This means financial year 2022-23 is about to end. Everyone looks for tax planning to save...

Property tax on commercial buildings in Jammu and Kashmir from April likely

The government decision has been communicated to Principal Secretary, Housing and Urban Development Department, Dheeraj Gupta by J&K Chief Secretary Dr. Arun Kumar Mehta. SRINAGAR: ...

NRIs without PAN can manually file Form 10F till March 31, 2023, to avoid...

The Central Board of Direct Taxes (CBDT) has offered one-time relief to non-resident Individuals (NRIs) not having PAN by allowing them to file Form...

Ahead of Budget 2023, Finance Minister explains why govt launched optional tax regime with...

Finance Minister was speaking at an event to launch the book 'Reform Nation', authored by Observer Research Foundation Vice President Gautam Chikarmane The government launched...

Centre planning rate changes in new income tax structure

Ahead of the Union Budget 2023 due on February 1, the Central government is considering lowering rates under its voluntary income tax framework and...

Applicability of TDS on year end provisions

The question which has arisen many a times is that how TDS Provisions can be applied where Payee is not known as TDS...

How to Reduce your Personal Income Tax for Salaried person in India A.Y. 2023-24

The Indian Income Tax Act, 1961 is the primary legislation governing taxation in India. It provides for all aspects of taxation, from levy and...

Delhi HC Decodes Time Barring Notices Date under Section 148 & Section 148A(b)

Question before the HC :- “Whether the notices generated through various modes on 31-03-2021 but despatched on or after 01-04-2021 will be governed by...
Income Tax

TDS Under Section 194R on Dealer Conferences – All Queries Answered

Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 and was made applicable w.e.f. 1st July, 2022. There were a lot of practical difficulties which...

Updated Return U/s 139(8A)

The Finance Bill 2022 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for facilitating filing of ‘Updated...
MCA: Extension of time given to hold AGM for FY 2019-20

Statutory and Tax Compliance Calendar for June, 2022

Statutory and Tax Compliance Calendar for June, 2022 We have tried to compile updates till 31st May, 2022 and please note List of Compliance may...

6 Additional Information in These Years New ITR Assessment Year 2022-23

1.Details Of A Pension Pensioners must disclose the source of their pension on ITR forms for FY 2021-22. Pensioners must choose the following options from...

Supreme Court Upholds 90000 Notices Issued by Income Tax Department u/s 148A

Scope of amendment by the Finance Act, 2021 which has amended Income Tax Act by introducing new provisions i.e. sections 147 to 151 w.e.f....

Form ITR-U Notified for furnishing updated return under Income Tax

Recommended Read :- Concept and Provisions of Updated Return under Income Tax Introduced in Budget 2022 (CBDT) vide Notification No. 48/2022 Dated 29th April 2022 notified Form...

No Capital Gain On Land Specified as Agricultural Land in Revenue Records Even if...

K.P. Manjunatha Reddy Vs ITO (ITAT Bangalore) Facts- A.O. made addition of Rs.2.06 crores as LTCG arising from sale of land. The assessee claimed that the...

I Want To Sell My House In USA And Move To India. What Are...

I have been working in USA for more than 12 years and now my family and me are moving back to India for good this...

E-Dispute Resolution Scheme, 2022

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 27/2021 New Delhi, the 5th April, 2022 (INCOME-TAX) S.O. 1642(E).-In exercise of the powers conferred by sub-sections (3)...

Gujarat HC Quashes Faceless Assessment Order on Grounds of Non Issuance of Show Cause...

The Gujarat High Court bench of Justice J.B. Pardiwala and Justice Nisha M. Thakore has held that the issuance of a show cause notice...

Concept and Provisions of Updated Return Introduced in Budget 2022

Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section...

Scheme of Taxation for Cryptocurrency in Income Tax Budget 2022

Scheme for taxation of virtual digital assets Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital...

Personal Income Tax Changes by Budget 2022 – Key Points

No Change in SlabSurcharge Capped to 15% where the total income includes any income by way of dividend or income chargeable under section 111...

Income Tax & GST Changes on Real Estate Industry by Budget 2022

Income Tax Concept of Updated Return introduced in Section 139(8A) along with Payment of additional taxes of 25%/50% in non search, information etc routine cases...

All Budget 2022 Changes – At One Place

The provisions of Finance Bill, 2022 (hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter...

7 Cash Transactions that Can Attract Income Tax Notice

Top 7 cash transactions that can attract income tax notice are listed out in the following: 1] Savings/Current account: For an individual, the cash deposit limit...

Annual Information Statement (AIS) Vs 26AS

Annual Information Statement (AIS) is much more comprehensive than Form 26AS. While Form 26AS was reflection of transaction on which TDS / TCS was...
Real Estate GST Changes W.e.f 1st April, 2019 – Simplified Legal Analysis by CA Ankit Gulgulia (Jain)

Income Tax on Land Purchased from Director at Higher Cost and Sold at Lower...

Madras High Court in Case of COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, CHENNAI. VERSUS M/S. ADITYARAM PROPERTIES (P) LTD vide Order Dated 18th August,...

Income Tax Department Says Will Refund Extra Fee, Excess Amount to Taxpayers

Income Tax Returns: Taxpayers, here is a crucial update for you. Any excess amount or late fee charged by the new Income Tax portal for...

3 Changes in TDS Provisions W.e.f 1st July, 2021

Analysis of 3 Changes in TDS & TCS introduced w.e.f 1st July, 2021 Introduction of TDS on Purchase of Goods @ 0.1% A new Section 194Q is...
INCOME TAX

Sources apart from PF, EPF, PPF or NPS that are exempt from Income Tax

Paying income tax is necessary for those earning individuals whose annual income is more than ₹2.5 lakh. However, while income tax return (ITR) filing, the taxpayer is...
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