Income Tax

Income Tax Department conducts searches in Mumbai The Income Tax Department carried out search and seizure operations on 25.02.2022 on certain contractors executing contracts of Brihanmumbai Municipal...

The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and providing captive software development services, on 15.02.2022...

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th February, 2022 PRESS RELEASE Income Tax Department conducts searches on a group engaged in o...

BENEFITS FOR RETIRED EMPLOYEES – UNDER INCOME TAX LAW > Higher Basic exemption limit > Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund > H...

More than 29.8 lakh major Tax Audit Reports (TARs) filed on the e-Filing portal of the Income Tax Department More than 29.8 lakh major Tax Audit Reports (TARs) have been filed on the e-Filing portal o...

CBDT has issued a Notification on 27.01.2022 and by Mistake numbered it as Notification No. Notification No. 12/2022-Income Tax while it already issued a notification with similar Number on 25.01.2022...

More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports(TARs) filed on the new e-Filing portal of the Income Tax Department More than 6.2 crore Income Tax Returns(ITRs)...

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th February, 2022 G.S.R. 102(E).—With the approval of the Competent Authority, the Direct Tax R...

Around 6.17 crore Income Tax Returns (ITRs) and about 19 lakh major Tax Audit Reports (TARs) filed on new e-Filing portal of Income Tax Department Around 6.17 crore Income Tax Returns (ITRs) and about...

More than 43.34 crore Permanent Account Numbers (PANs) linked with Aadhaar till 24.01.2022 As on 24-01-2022, the total number of Permanent Account Numbers (PANs) linked with Aadhaar is 43,34,75,209. T...

As you aware that after filing of Income Tax Return, the assesse has to complete the verification process within 120 days from the date of filing Income tax Return. There are total 2 ways to verify it...

In a case of Kunal Surana vs. ITO (ITAT Mumbai) an appeal for condonation of delay was rejected . Reason:- The affidavit in support of delay condonation was very badly drafted. (Read the bottom part o...

Background The Commissioner of Income Tax (Appeals) [the CIT(A)] is a first appellate authority under the Income-tax Act, 1961 (‘the Act’) and has authority to hear and dispose the appeal filed by the...

The ITAT may, on an application made by the assessee and after considering the merits of the application, pass an order of stay in any proceedings relating to an appeal filed under section 253(1). If...

Introduction – Rectification application maybe filed u/s 154 of the Income Tax Act by the taxpayer in case of any mistake apparent from the record. To file your Rectification, you should be a register...

1. Corporate Tax has been introduced on net income or profit of corporations and other businesses. This is a federal tax and so applicable to across Emirates. 2. There is zero tax if taxable profits a...

Circular No. 3/2022 F. No. 503/1/2021-FT&TR-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (FT&TR-I) New Delhi, 3rd February, 2022 Subject: Clarification...

The ChairmanCentral Board of Direct TaxesNorth BlockRaisina HillsNew DelhiReg: Non filing of Form 10-IC for AY 2020-21 by the CompaniesSubject: Request to permit filing of Form 10IC after expiration o...

Guidance on uploading of Manually submitted Form 15CA and Form 15CB with Authorised Dealers between 7th June to 15th August 2021 in accordance with Press Release dt.20th July 2021 In accordance with P...