Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-you-can-disclose-capital-gains-from-mutual-funds-and-shares-in-itr-4/2496942/ ITR-4 can be filed by individuals with income up to Rs 50 lakh from business or profession and have opted for presumptive taxation
Category: Income Tax
*Seniors need to submit Forms 12BBA, 15G, 15H to save on TDS: Experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/seniors-need-to-submit-forms-12bba-15g-15h-to-save-on-tds-experts-122041901327_1.html As we enter FY23, remember April is a good time to look into your tax planning for the year ahead As we enter
*New tax regime: Big unexplained expenditure may lead to I-T review | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/new-tax-regime-big-unexplained-expenditure-may-lead-to-i-t-review-122041800009_1.html Assessees seek clarity from tax consultants on the new regime, fearing reopening notices Now, the department can go back to scrutinising the finances
*Income Tax Return: Know the major changes in ITR Forms before you start filing return for AY 2022-23 | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-know-the-major-changes-in-itr-forms-before-you-start-filing-return-for-ay-2022-23/2493846/ The process of Income Tax Return (ITR) filing for the Assessment Year (AY) 2022-23 has been initiated with timely notification of ITR Forms
*Income Tax Return: Know the major changes in ITR Forms before you start filing return for AY 2022-23 | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-know-the-major-changes-in-itr-forms-before-you-start-filing-return-for-ay-2022-23/2493846/ The process of Income Tax Return (ITR) filing for the Assessment Year (AY) 2022-23 has been initiated with timely notification of ITR Forms
*Income Tax Dept issues Guidance on updating UDIN for Audit Reports submitted by CA Users-TAXSCAN
lipped from: https://www.taxscan.in/income-tax-dept-issues-guidance-on-updating-udin-for-audit-reports-submitted-by-ca-users/167913/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=DIN%20for%20Audit%20Reports%20submitted%20by%20CA%20Users The income tax department has issued guidance on updating UDIN for Audit Reports submitted by CA users which have to read in conjunction
*Repeal of S. 144B(9) vide Finance Act, 2022: Supreme Court stays High Court Order declaring Assessment Order Non-Est [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/repeal-of-s-144b9-vide-finance-act-2022-supreme-court-stays-high-court-order-declaring-assessment-order-non-est/168455/ https://www.taxscan.in/repeal-of-s-144b9-vide-finance-act-2022-supreme-court-stays-high-court-order-declaring-assessment-order-non-est/168455/ Clipped from: https://www.taxscan.in/repeal-of-s-144b9-vide-finance-act-2022-supreme-court-stays-high-court-order-declaring-assessment-order-non-est/168455/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Repeal Top Stories By Rasheela Basheer – On April 14, 2022 8:07 pm The Supreme Court, in view of repeal of section 144B(9) of
*****Know how to save tax on long-term capital gains | Deccan Herald
Clipped from: https://www.deccanherald.com/business/know-how-to-save-tax-on-long-term-capital-gains-1095232.html The tax on capital gains arising from the transfer of a long-term capital asset, being land or building or both, can be reduced
*Tax administration finally being cleaned up, being made more efficient | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/tax-administration-finally-being-cleaned-up-being-made-more-efficient-122040700351_1.html GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax
*FinMin notifies e-dispute resolution scheme – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/finmin-notifies-e-dispute-resolution-scheme/article65297682.ece The notifications seek to implement this year’s Budget announcements Assessees with taxable income up to Rs. 50 lakh and disputed income of Rs.
*Assessing Officer Failed to Record the Reason for issue of Notice u/s 148: Chhattisgarh HC quashes Notice
Clipped from: https://www.taxscan.in/assessing-officer-failed-to-record-the-reason-for-issue-of-notice-u-s-148-chhattisgarh-hc-quashes-notice/166616/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Assessing%20Officer Top Stories By Jwala K.P – On April 6, 2022 2:17 pm The High Court of Chhattisgarh has held that Assessing Officer failed to record the
Income Tax Penalty cannot be Imposed Unless Assessee Obliged in Law, Either acted deliberately in Defiance of Law or Guilty of Dishonest Conduct: ITAT
Read More: https://www.taxscan.in/income-tax-penalty-cannot-be-imposed-unless-assessee-obliged-in-law-either-acted-deliberately-in-defiance-of-law-or-guilty-of-dishonest-conduct-itat/166292/ Clipped from: https://www.taxscan.in/income-tax-penalty-cannot-be-imposed-unless-assessee-obliged-in-law-either-acted-deliberately-in-defiance-of-law-or-guilty-of-dishonest-conduct-itat/166292/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Penalty Top Stories By Rasheela Basheer – On April 5, 2022 10:06 am The Income Tax Appellate Tribunal, Delhi bench held that the income tax
Black Money Act Provisions cannot be invoked for Minor Breach of Law: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/black-money-act-provisions-cannot-be-invoked-for-minor-breach-of-law-itat/166358/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Black%20Money%20Act Top Stories By Rasheela Basheer – On April 5, 2022 2:34 pm In a major relief to philanthropist and pharma company Chairperson Leena Gandhi-Tiwari, the Mumbai
CBDT notifies Introduction of Artificial Intelligence for Assessment Proceedings u/s 142 of Income Tax Act, 1961–TAXSCAN
lipped from: https://www.taxscan.in/cbdt-notifies-introduction-of-artificial-intelligence-for-assessment-proceedings-u-s-142-of-income-tax-act-1961/165117/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=AI Top Stories By Taxscan Team – On March 31, 2022 12:31 pm The Central Board of Direct Taxes (CBDT) has notified the Faceless Inquiry or Valuation Scheme, 2022
Benefit under Vivad Se Vishwas Scheme is Optional: Calcutta HC condones Delay in Appeals filed by Revenue in Rs. 38,000 Crores Penny Stock Scam–TAXSCAN
Clipped from: https://www.taxscan.in/benefit-under-vivad-se-vishwas-scheme-is-optional-calcutta-hc-condones-delay-in-appeals-filed-by-revenue-in-rs-38000-crores-penny-stock-scam/165979/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Vivad%20Se%20Vishwas%20Scheme Top Stories By Rasheela Basheer – On April 4, 2022 11:08 am A division bench of the Calcutta High Court, while condoning the delay in a
Violation of Principles of Natural Justice and Non-Compliance of Provisions of S. 144B of the Income Tax Act: Calcutta HC quashes Assessment
Clipped from: https://www.taxscan.in/violation-of-principles-of-natural-justice-and-non-compliance-of-provisions-of-s-144b-of-the-income-tax-act-calcutta-hc-quashes-assessment/165985/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Calcutta%20HC Top Stories By Rasheela Basheer – On April 4, 2022 12:33 pm The Calcutta High Court has quashed an assessment order under section 143(3) of the
CBDT notifies Income Tax (5th Amendment) Rules, 2022: Revises Income Tax Return Form-7–TAXSCAN
Clipped from: https://www.taxscan.in/cbdt-notifies-income-tax-5th-amendment-rules-2022-revises-income-tax-return-form-7/166140/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=ITR%20-%207 Top Stories By Taxscan Team – On April 4, 2022 4:16 pm The Central Board of Direct Taxes (CBDT) has notified the Income Tax (5th Amendment) Rules, 2022
*Overseas Indians float local trusts to escape RNOR tag – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/overseas-indians-float-local-trusts-to-escape-rnor-tag/articleshow/90628847.cms Synopsis The status of an RNOR lies in between that of a non-resident Indian who stays more than 181 days in the country
*****Big Data can at times spell trouble for taxpayers | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/big-data-can-at-times-spell-trouble-for-taxpayers-122040300841_1.html The tax department’s initiatives would, in the normal course, have been welcomed by honest taxpayers, but implementation issues and the taxman’s misaligned views
*Re-Assessment solely based on Information from Investigation Wing is Invalid without Independent Inquiry by AO: ITAT
Read More: https://www.taxscan.in/re-assessment-solely-based-on-information-from-investigation-wing-is-invalid-without-independent-inquiry-by-ao-itat/164250/ Clipped from: https://www.taxscan.in/re-assessment-solely-based-on-information-from-investigation-wing-is-invalid-without-independent-inquiry-by-ao-itat/164250/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Delhi%20bench%20of%20the%20ITAT Top Stories By Rasheela Basheer – On March 28, 2022 10:44 am The Delhi bench of the ITAT comprising Shri R. K. Panda, Accountant Member
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