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UK Suspends Tax Co-Operation With Russia
The UK today (Thursday 17 March) announced it is suspending the exchange and sharing of tax information with Russia and Belarus as part of continued efforts to inflict economic pain on President Putin...
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Income Tax Dept searches a prominent Real Estate Group of North India
The Income Tax Department carried out search & seizure operations on 14.03.2022 in the case of a leading Real Estate Group active in Northern India. The search action covered more than 45 premises in...
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Current legal status of cryptocurrency in India
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS LOK SABHA UNSTARRED QUESTION NO.2800 TO BE ANSWERED ON 21.03.2022 Status of Cryptocurrency. 2800: SHRI KARTI P. CHIDAMBARAM Will...
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Income Tax Department searches unicorn start-up group
Income Tax Department conducts searches on a Pune & Thane based unicorn start-up group Income Tax Department conducted a Search & Seizure operation on a Pune & Thane based unicorn start-up group, prim...
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CBDT condones default in filing Form 10-IC
CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21. Form 10-IC can now be...
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CBDT relaxes requirement of electronic filing of application in Form No. 3CF
for seeking approval under section 35(1)(ii)/(iia)/(iii) of Income-tax Act, 1961 vide Income Tax Circular No. 5/2022 | Dated 16th March 2022. F. No. 225/54/2022/ITA-II Government of India Ministry of...
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Indiscriminate Income Tax notices without allowing reasonable time
In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable steps should be taken so that adequate time is al...
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Extend Time Limit for Income Tax Assessment time barring on 31.3.2022
Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time barring as on 31.3.22 under the Income Tax Act 1961 in view of Problems f...
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CBDT notifies Assessments to be completed by jurisdictional AO
CBDT notifies vide Order No. F. No. 187/3/2020-ITA-I | Dated: 17th March, 2022 the Assessments which shall he completed by the jurisdictional Assessing Officer (AO) i.e. Assessment orders in all cases...
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Section 144B | Cases in which limitation period expires on 31.03.2022
CBDT directs exclusion of the following cases also from the purview of section 144B of the Act vide Order No. F.No.187/3/2020-ITA-I | Dated: 17th March, 2022 Cases for which the time limit for complet...
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Net Direct Tax collections for F.Y. 2021-22 shows growth of over 48.4%
Advance Tax collections for the F.Y. 2021-22 (Till 4th Instalment) stand at Rs. 6,62,896.3 crore as on 16.03.2022 which shows a growth of approximately 40.75% Refunds aggregating to Rs. 1,87,325.9 cro...
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Income Tax Department searches a cable operator of Mumbai
Income Tax Department conducts searches in Mumbai Income Tax Department carried out a search operation on 08.03.2022 on a cable operator of Mumbai, a State Govt employee and the businesses related to...
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6.63 crore ITRs & 99.27 lakh forms filed on new e-Filing portal
More than 6.63 crore Income Tax Returns (ITRs) and 99.27 lakh statutory forms filed on the new e-filing portal of the Income Tax Department More than 6.63 crore Income Tax Returns (ITRs) were filed fo...
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Indiscriminate and a rash of notices by Income Tax Department
Tax Practitioners’ Association, Indore has made a representation against Indiscriminate and a rash of notices by Income Tax Department Tax Practitioners’ Association, Indore TPA Hall, Room No. 17, Gro...
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TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23
CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year...
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Request for extension of Time Barring Date for Faceless Assessment
Income Tax Gazetted Officers Association has made a request to Honourable Finance Minister for extension of the Time Barring Date for certain proceedings exercising the power vested in the GOI Income...
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Representation – Challenges in Certain Income Tax Provisions
KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates a...
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Annual Information Statement (AIS) User Guide – AIS Portal
Directorate of Income Tax (Systems) Annual Information Statement (AIS) Handbook Version 2.0 (March 2022) Document Version Control Version Month Remarks 1.0 October 2021 First version 2.0 March 2022 Se...
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Scope of penalty to be assigned to Faceless Penalty Scheme, 2021- Reg.
F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi Dated, the 10th March, 2022 ORDER Subject:- Order under Para...
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Section 35(1)(ii): CBDT approves ‘Sri Shankara Cancer Foundation, Bangalore’
CBDT approves ‘Sri Shankara Cancer Foundation, Bangalore’ under the category ‘University, College or Other Institution’ for Scientific Research for section 35(1)(ii) of Income-tax Act, 1961 read with...