Extension of time limit for claiming any exemption under Sec.54 to 54GB of the Income Tax Act, 1961

96 ViewsThe Central Board of Direct Taxes (hereinafter referred to as “the CBDT”) had vide Circular No. 12 of 2021 dated 25.06.2021 provided relaxation in respect of certain compliances to be made by taxpayers including inter alia investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of […]

Draft Common Income Tax Returns – request for inputs from stakeholders and the general public – reg.

127 ViewsPresently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is […]

CBDT extends due date for filing of various reports of audit for the AY 2022-23 under IT Act, 1961

155 ViewsCBDT has issued Circular No. 19/2022 dated September 30, 2022 to extend the timeline for filing various reports of audit for the Assessment Year 2022-23 under the Income-tax Act, 1961. On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the […]

Order u/s 119 of the Income-tax Act, 1961 in relation to TDS u/s 194S of the Act for transactions other than those taking place on or through an Exchange

165 ViewsFinance Act, 2022 inserted a new section 194S in the Act with effect from July 01, 2022. The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such […]

CBDT issued clarification w.r.t. Form No 10AC for conditions of cancellation of registration/approval or provisional registration/approval

228 ViewsThe CBDT vide Circular No. 11 of 2022 dated June 03, 2022 has issued clarification regarding Form No 10AC for conditions of cancellation of registration/approval or provisional registration/approval. Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if […]

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