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
Category: Income Tax
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
*Raising Objection is a Valuable Legal Right of Assessee, Dept cannot deny it: ITAT–TAXSCAN
Read More: https://www.taxscan.in/raising-objection-is-a-valuable-legal-right-of-assessee-dept-cannot-deny-it-itat/164399/ Clipped from: https://www.taxscan.in/raising-objection-is-a-valuable-legal-right-of-assessee-dept-cannot-deny-it-itat/164399/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Objection Top Stories By Taxscan Team – On March 28, 2022 7:02 pm The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the
*****ITR forms for FY 2021-22 notified, no major changes in income tax return forms – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-forms-for-fy-2021-22-notified-no-major-changes-in-income-tax-return-forms/articleshow/90588604.cms Synopsis The income tax return forms notified by the CBDT for FY 2021-22 have been kept unchanged. The individuals are required to provide
ITR forms for AY 22-23 notified – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/itr-forms-for-ay-22-23-notified/article65283013.ece New Indian ITR-5 Income tax Form with Indian currency and PAN or Permanent Account Number on isolated background. | Photo Credit: lakshmiprasad S
*****Govt notifies ITR forms for 2021-22; seeks details of income from overseas retirement benefit a/c | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/govt-notifies-itr-forms-for-2021-22-seeks-details-of-income-from-overseas-retirement-benefit-ac/2478811/ ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.Sahaj
*****Taxations rules for different classes of income groups | The Financial Express
Clipped from: https://www.financialexpress.com/money/taxations-rules-for-different-classes-of-income-groups/2477754/ The taxpayers can claim the income tax exemption, which is available on a few of the salary components given either as ‘allowances’ or
*****4 important changes in income tax rules effective from 1 April 2022 | The Financial Express
Clipped from: https://www.financialexpress.com/money/4-important-changes-in-income-tax-rules-effective-from-1-april-2022/2477511/ A new income tax rule is introduced to provide an opportunity to the taxpayer to include missed or undisclosed income or any other
*****Income Tax: Better to pay 30% tax on capital gains on crypto sales in FY22 too | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-better-to-pay-30-tax-on-capital-gains-on-crypto-sales-in-fy22-too/2475294/ Budget 2022 clarified that from April 1, 2022, tax at 30% plus cess plus surcharge would be applicable on capital gains from crypto
*****New tax regime better for late tax planners | The Financial Express
lipped from: https://www.financialexpress.com/money/income-tax/tax-talk-new-tax-regime-better-for-late-tax-planners/2473160/ If you haven’t made tax-saving investments by March 31, you can’t claim the exemptions. In such a case, opt for the new concessional
Hero MotoCorp tax case: I-T finds Rs 800 cr siphoned off via shell firms | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/hero-motocorp-tax-case-i-t-finds-rs-800-cr-siphoned-off-via-shell-firms-122033101550_1.html The department also found that 10 acres of farm land in Delhi was purchased through a few paper companies Photo: Bloomberg An expenditure
Income tax return: Not filed ITR for FY 2020-21? You may be liable for higher TDS, TCS from Apr 1 – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-return-not-filed-itr-for-fy-2020-21-you-may-be-liable-for-higher-tds-tcs-from-apr-1/articleshow/90491162.cms Synopsis The law for higher TDS, TCS in case of not filing ITR was announced in Budget 2021 and amended in Budget 2022.
2 EPF accounts, cryptocurrency tax, property sale TDS rules and other money changes from April 1 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/save/2-epf-accounts-cryptocurrency-tax-property-sale-tds-rules-and-other-money-changes-from-april-1/articleshow/90425511.cms Synopsis The beginning of the new financial year marks the changes in the tax rules and others money changes announced in the Union
How to respond to a notice for reassessment of income u/s 148A of I-T Act | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/how-to-respond-to-a-notice-for-reassessment-of-income-u-s-148a-of-i-t-act-122031800579_1.html Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings Photo: Shutterstock The Income Tax Department
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