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
Category: Income Tax
*****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
*****CBDT lays out guidelines for manual scrutiny of income tax returns | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/cbdt-lays-out-guidelines-for-manual-scrutiny-of-income-tax-returns-122051300012_1.html Income-Tax department selects cases manually for comprehensive scrutiny Taxmen examine minutiae of manual-scrutiny cases Income-tax (I-T) authorities will manually select those tax returns
*****PAN mandatory for cash deposit or withdrawal of Rs 20 lakh or more | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/pan-must-for-cash-deposit-or-withdrawal-of-rs-20-lakh-or-more-122051200015_1.html PAN will also be required for opening of current and cash credit account Photo: Shutterstock The Central Board of Direct Taxes (CBDT) issued a notification
Reassessment cases: Taxman seeks clarity after SC upholds 90,000 I-T notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/reassessment-cases-taxman-seeks-clarity-after-sc-upholds-90000-i-t-notices/articleshow/91477153.cms Synopsis The notices issued in the first few months of financial year 2021-22 were based on information from other assessing officers, other government
MNCs rush to tax experts as SC backs I-T dept on reassessment notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/mncs-rush-to-tax-experts-as-sc-backs-i-t-dept-on-reassessment-notices/articleshow/91452007.cms Synopsis The apex court on May 4 ruled that thousands of show-cause notices issued by the income-tax department under an old provision (Section
*Section 148 Notice after expiry of 4 years on facts already available before AO, is bad in law–Taxguru
Clipped from: https://taxguru.in/corporate-law/section-148-notice-expiry-4-years-facts-ao-bad-law.html?utm_source=feedburner&utm_medium=email Peerless Hospitex Hospital and Research Center Limited Vs PCIT (Calcutta High Court) Facts- It is the case of the petitioner that it is a
*Income tax return forms for FY 2021-22: 9 changes that require additional information from taxpayers – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-return-forms-for-fy-2021-22-9-changes-that-require-additional-information-from-taxpayers/articleshow/90953633.cms Synopsis The income tax return (ITR) notified for FY 2021-22 does not have any major changes. However, finer/additional details have been asked in
*Delay in Completing Assessment after 4 Years of Search: Bombay HC allows Compensation to Assessee-TAXSCAN
Clipped from: https://www.taxscan.in/delay-in-completing-assessment-after-4-years-of-search-bombay-hc-allows-compensation-to-assessee/170786/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Completing%20Assessment Top Stories By Rasheela Basheer – On April 27, 2022 7:20 am A division bench of the Bombay High Court has directed the income tax department
*CBDT adds 4 criteria for mandatory ITR filing – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/cbdt-adds-4-criteria-for-mandatory-itr-filing/article65346448.ece New Indian ITR-5 Income tax Form with Indian currency and PAN or Permanent Account Number on isolated background. | Photo Credit: lakshmiprasad S
*What are the tax implications of investments in global securities? Find out | The Financial Express
Clipped from: https://www.financialexpress.com/money/what-are-the-tax-implications-of-investments-in-global-securities-find-out/2500598/ The dividend income earned by an individual gets added to overall income, and the investor receives foreign credit to the extent of tax
Now ITR filing mandatory if your TDS, TCS is Rs 25,000 or more in a financial year
Clipped from: https://economictimes.indiatimes.com/wealth/tax/now-itr-filing-mandatory-if-your-tds-tcs-is-rs-25000-or-more-in-a-financial-year/articleshow/90999405.cms Synopsis The 7th proviso to Section 139 was inserted by the Finance Act, 2019, which provided for certain criteria which mandated the filing
*CBDT adds four new criteria for filing ITR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-economy/cbdt-adds-four-new-criteria-for-filing-itr/article65344836.ece New norms have been defined at a time when there is much debate about the low number of tax payers in the country
*Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000 | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/govt-seeks-to-grow-tax-base-makes-filing-must-for-tds-tcs-above-rs-25-000-122042201270_1.html In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21 Tax experts say this
*Tax Talk: Four key income tax changes from FY22-23 | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-four-key-income-tax-changes-from-fy22-23/2499628/ Taxpayers can now file an updated ITR within two years of the assessment year by paying additional tax Currently, we are in the
Suppression in Net Sales assessable as “Business Income”, can’t be treated as Deemed Income u/s 68: ITAT
Clipped from: https://www.taxscan.in/suppression-in-net-sales-assessable-as-business-income-cant-be-treated-as-deemed-income-u-s-68-itat/169020/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Business%20Income Top Stories By Rasheela Basheer – On April 19, 2022 8:10 am The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income surrendered
*Tax optimiser: NPS, perks can cut Sinha’s tax by Rs 83,000 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-optimiser-nps-perks-can-cut-sinhas-tax-by-rs-83000/articleshow/90894487.cms Synopsis Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments. Pune-based professional Abinash Sinha
*Can you buy a house in hometown on loan and claim tax deductions? | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/work-from-home-can-you-buy-a-house-in-hometown-on-loan-and-claim-tax-deductions/2496830/ Taking advantage of work from home, many employees – especially those staying on rent in metro cities – may have shifted to their
*Income Tax: You can disclose capital gains from mutual funds and shares in ITR-4 | The Financial Express
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
*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
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