41 ViewsThe Income-tax department has collected around Rs 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U, that was notified this year as part of the Budget 2022-23. CBDT Chairman Nitin Gupta said the scheme was brought by the Union government for […]
32 ViewsThe income tax department is going into “new areas” of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said. The Central Board of Direct Taxes, the administrative body for the tax department, undertakes […]
25 ViewsThe Income Tax Department has issued an Update dated August 12, 2022 saying it may be noted that statement of donation in Form 10BD and certificate of donation in Form 10BE is only applicable to the fund or institutions approved under sub clause (iv) of clause (a) of sub section (2) of Section 80G […]
76 ViewsThe Institute of Chartered Accountants of India (“ICAI”) has issued a study on compliances in reporting in Tax Audit Report – June 2022 Edition. Source IV from: https://resource.cdn.icai.org/70872taqrb-scrtar.pdf
79 ViewsQuestion 1: Self-assessment tax paid but not reflecting in prefilled details. Resolution: As per the normal process, it takes 3 to 4 days for different banks to provide information to the department. Post that, it gets prefilled in the Tax-returns/Pre-filled JSON. Taxpayer may opt to wait for required time-period for auto reflecting details of […]
60 ViewsIncome Tax Department is presenting the step-by-step guidance and other necessary information for filing ITR e-filing. Income Tax department writes as – Dear Taxpayers, As we continue making e-filing easier, faster and taxpayer friendly for you, here’s an e-Filing brochure that will help you understand the basics of ITR e-filing and its importance. In […]
93 ViewsDirect Tax Committee of The Institute of Chartered Accountants of India has published a ‘Handbook on Taxation of Virtual Digital Assets’ as a first edition in July, 2022. The Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. In view of […]
92 ViewsICAI has published Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’ for Public Comments. The Exposure Draft can be accessed at the link https://resource.cdn.icai.org/70897dtc56864ed.pdf. The DTC has decided to issue guidance note on tax audit for each assessment year separately. This Guidance Note is for the […]
37 ViewsThe timeline to update the Unique Document Identification Numbers – UDINs is extended till September 30, 2022 in order to give more time to Chartered Accountants CAs to correctly verify and upload UDINs.
244 ViewsCA Nitin Bhuta, Mumbai has compiled and presented Clause 44 applicability in Tax audit report for A.Y. 2022-23 in the slider format/PDF in the link given below.