Category: Income Tax

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

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

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

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

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

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

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

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

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

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

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

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

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