25 ViewsThe Central Board of Direct Taxes (“CBDT”) has enabled the filing of ITR-U on the Income Tax e-filing portal for the Assessment Year (“AY”) 2020-21 and AY 2021-22 using Excel utility for ITR-5 and ITR-6. The Income Tax E-filing Portal, on Tuesday dated August 02, 2022 has issued an update that says “E-filing of […]
Over 4 crore Income Tax Return filed so far with deadline ending Tomorrow
12 ViewsThe Income Tax Department said that more than 4 crore returns had been filed through the e-filing portal until Friday for the financial year 2021-22, despite a widespread request for the due date to be extended beyond July 31. “Over 4.09 crore ITRs filed till July 28, 2022, & more than 36 lakh ITRs […]
ICAI advises CAs ‘pleasure, not pressure’ in ITR rush
6 ViewsMake no mistake, if you miss the July 31 tax deadline, it’s your problem, not your chartered accountant’s (CA), to pore over Form 16, bills and sundry documents. For a change, these overworked professionals immersed in numbers and Excel sheets who often have to bear the brunt of dodgy clients’ actions, may choose to […]
163rd Income Tax Day: A journey towards Nation Building
48 ViewsThe 163rd anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today. As part of the celebrations, the field formations held a number of events and activities. The events by the field formations included outreach programmes for taxpayers recognising their contribution to […]
54% tax payers yet to file ITR; 37% say difficult to do so by deadline: Survey
2 ViewsDue date to file ITR (AY 2022-23) for salaried taxpayers and non-auditable cases is July 31, 2022. So far, more than 2 crore income tax returns (ITRs) for the AY 2022–23 have been submitted via the income tax e-filing system, as per an Income Tax Department tweet. A Local Circle report reveals that more […]
No plan to extend deadline for filing income tax returns: Revenue Secretary
2 ViewsThe government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said on Friday. Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and […]
India pushes for amendment to DTAA to stop double taxation of IT firms in Australia
3 ViewsIndia has called for an early amendment to the Double Taxation Avoidance Agreement (DTAA) with Australia, as Indian information technology firms operating in that country continue to pay more than the requisite amount of tax, the government said on July 14. Minister of State for Commerce and Industry Anupriya Patel told the visiting deputy […]
Income Tax Department conducts searches on a Pharmaceutical Group in Bengaluru
2 ViewsIncome Tax Department carried out search and seizure operations on July 06, 2022 on a major Bengaluru-based pharmaceutical group, engaged in the business of manufacturing and marketing of pharmaceutical products and Active Pharmaceutical Ingredients (API). The group has presence in over 50 countries. The search action covered around 36 premises spread across 9 States. […]
Chartered accountants under the lens as India ups Chinese scrutiny
2 ViewsIndia has tightened scrutiny of China-based firms since 2020, and one of the areas that has been brought into focus is the role of CAs or chartered accountants in setting-up shell companies to launder money to China. The Ministry of Corporate Affairs has started the process of inspecting books of accounts of more than […]
CBDT released Excel Offline Utility for preparing and filing ITR-7 for AY 2022-23
3 ViewsThe Central Board of Direct Taxes has released Excel Offline Utility dated July 06, 2022 for the preparation and filing of ITR-7 for the Assessment Year 2022-23. Source: IT portal