Clipped from: https://www.thehindubusinessline.com/todays-paper/now-tax-axe-falls-on-dealer-incentives/article65489136.ece Perks like foreign trips and gifts that dealers enjoy from companies to attract 10% TDS Come July 1, companies providing incentives such as
Category: Income Tax
*****Who should use ITR1 form to file ITR in FY 2021-22? | EconomicTimes
Clipped from: https://economictimes.indiatimes.com/wealth/web-stories/who-should-use-itr1-form-to-file-itr-in-fy-2021-22/slideshow/91910212.cms ITR forms for FY2022 CBDT notified income tax return (ITR) forms for FY 2021-22 on March 30, 2022 and has also enabled the
Taxation of Capital Gain in India – FAQs–TAXGURU
Clipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html?utm_source=feedburner&utm_medium=email Article explains What incomes are charged to tax under the head Capital Gains, meaning of capital asset /long-term capital assets, What is long-term capital
*****Use Section 89 (1) to reduce tax burden arising from arrears: Experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/use-section-89-1-to-reduce-tax-burden-arising-from-arrears-experts-122053001560_1.html?utm_source=Spotlight&utm_medium=website&utm_campaign=Premium_11072018 To avail of this relief, you must file Form 10E before submitting income-tax return Many employees faced salary cuts because of the disruption
*****MNCs under I-T lens over Esops to staff in India – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/company/corporate-trends/mncs-under-i-t-lens-over-esops-to-staff-in-india/articleshow/91900333.cms Synopsis The tax department is questioning the Indian arms of multinationals on withholding tax when they make such payments to their parents. In
*****Is CBDT instruction on issue of section 148 notice legally incorrect?–TAXGURU
Clipped from: https://taxguru.in/income-tax/cbdt-instruction-issue-section-148notice-legally-incorrect.html?utm_source=feedburner&utm_medium=email The CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing guidelines for implementation of the Supreme Court’s Judgement in the case of Union of India
*****FAQs in respect of filling-up of ITR forms for AY 2022-23
Clipped from: https://taxguru.in/income-tax/faqs-respect-filling-up-itr-forms-ay-2021-22.html?utm_source=feedburner&utm_medium=email Q.1 I am a non-resident. The Taxpayer Identification Number (TIN) is not allotted in my jurisdiction of residence. How do I report the
Master Guide on filing of income Tax Return–TAXGURU
Clipped from: https://taxguru.in/income-tax/faqs-on-filing-the-return-of-income.html?utm_source=feedburner&utm_medium=email The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department
*Taxpayers get the right to personal hearing via video – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/taxpayer-to-be-permitted-personal-hearing-through-virtual-mode-under-faceless-penalty-scheme/article65469929.ece Earlier, it was discretionary for the Department An assessee will now be permitted for personal hearing through video conferencing, if he demands under
*****What will be the capital gains accrued on insurance foreclosure amount? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-what-will-be-the-capital-gains-accrued-on-insurance-foreclosure-amount/article65408098.ece The amount received would be exempt from tax if the policy meets certain conditions I had purchased an insurance policy from ICICI, namely
CBDT notified amendment in Faceless penalty scheme, allowing mandatory personal hearing – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cbdt-notified-amendment-in-faceless-penalty-scheme-allowing-mandatory-personal-hearing/articleshow/91852314.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23 Synopsis The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated
*****CBIC issues SOPs for recovering tax dues from insolvent companies | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/cbic-issues-sops-for-recovering-tax-dues-from-insolvent-companies-122052701466_1.html The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI)
*Which income tax return form is applicable to you for FY 2021-22? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-which-income-tax-return-form-is-applicable-to-you-for-fy-2021-22/articleshow/91464367.cms Synopsis Income tax return (ITR) filing is mandatory if an individual’s gross total income exceeds Rs 2.5 lakh in a financial year. If
*****Non-disclosure of foreign assets comes back to haunt thousands – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/banking/non-disclosure-of-foreign-assets-comes-back-to-haunt-thousands/articleshow/91774346.cms Synopsis Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS
*****Expect income tax harassment to increase over the next few months | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/expect-income-tax-harassment-to-increase-over-the-next-few-months-122052301160_1.html Govt’s free food package, brought into effect since Covid outbreak in 2020, and RBI’s lesser-than-expected dividend for FY22 might make the govt push
*****New ITR-U Form: Updated Income Tax Return Filing – 10 Things to Know | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/itr-u-form-updated-income-tax-return-filing-10-things-to-know/2532023/ Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. 2. Taxpayers are
*****TDS: Finance Ministry to clarify doubts on applicability of TDS on perks received in business, profession – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/finance-ministry-to-clarify-doubts-on-applicability-of-tds-on-perks-received-in-business-profession/articleshow/91639138.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23 Synopsis The Budget brought in a new section, 194R in the I-T Act which requires deduction of tax at source at the rate
*****Limit Section 54 benefit to curb money laundering | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/limit-section-54-benefit-to-curb-money-laundering-122051501039_1.html Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of
*****The new amendments to the Income Tax Act 1961 for charitable organisations: What does it mean for the common man? | The Financial Express
Clipped from: https://www.financialexpress.com/money/the-new-amendments-to-the-income-tax-act-1961-for-charitable-organisations-what-does-it-mean-for-the-common-man/2525337/ With the new amendment, the common man will now be able to claim all the tax benefits of his/her donations. And thus it
*****IT Dept issues guidelines to deal with re-assessment procedure after Apex Court’s ruling – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/it-dept-issues-guidelines-to-deal-with-re-assessment-procedure-after-apex-courts-ruling/article65406340.ece Earlier, the Supreme Court had held re-assessment order issued under Section 148 of the Income-Tax Act as valid The Central Board of Direct
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