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 […]
CBDT issued circular on TDS from salaries for the F.Y. 2022-23
107 ViewsCBDT has issued Circular No. 24/2022 dated 07.12.2022 for the deduction of tax at source from salaries. The Circular explained obligation of employers with regard to the deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 (“the IT Act”) for the Financial Year 2022-23 in a comprehensive manner. […]
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 […]
Due date of filing of TDS statement in Form 26Q is extended
145 ViewsOn consideration the difficulties arising in timely filing of TDS statement in Form 26Q on account of revision of its format and consequent updation required for its filing, the Central Board of Direct Taxes, in exercise of its power under section 119 of the Income Tax Act, 1961, hereby extends the due date of […]
Extension of due date for furnishing return of income for the Assessment Year 2022-23
164 ViewsCBDT vide Circular No. 20/2022 dated October 26, 2022 extends the due date for furnishing Income Tax Return for the Assessment Year 2022-23 to 07th November, 2022 for certain categories of assessees. In consequence to extension of due date for various reports of audit in the case of assessees referred in clause (a) of […]
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 […]
Guidelines for removal of difficulties under Sec. 194S of the Income Tax Act, 1961
232 ViewsThe CBDT vide Circular No. 13 of 2022 dated June 22, 2022 has issued guidelines to remove difficulties w.r.t. Section 194S of the Income-tax Act, 1961 (“the IT Act”) w.e.f. July 01, 2022 that mandates tax deduction @1% on transfer of Virtual Digital Asset (“VDA”) by the payer. Finance Act 2022 inserted a new section 194S […]
Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income Tax Act, 1961
167 ViewsThe CBDT has issued guidelines on Section 194R of the Income tax Act, 1961which is coming into effect from July 01, 2022 that mandates a person, responsible for providing any benefit or perquisite to a resident, to deduct tax at source @10% of the value or aggregate of value of such benefit or perquisite, […]
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 […]