10 ViewsThe ITAT, Chennai in R. Muthukumar v. Deputy Commissioner of Income Tax [ITA No.: 3090/Chny/2019 dated February 15, 2023 has upheld the findings of the Appellate Authority and held that, there is no error in the reasons given by the Appellate Authority to sustain the additions towards the cash seized during the course of […]
Roll out of ‘AIS for Taxpayer’ Mobile App
12 ViewsThe Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for Taxpayer’ is a mobile application provided free of cost by the Income Tax Department, and is available on Google […]
42.92% of total returns were processed within a span of 24 hours of furnishing of ITR
11 ViewsThe Government has taken a number of measures in recent years to maintain continuity and stability of taxation, further simplify and rationalise various provisions to reduce the compliance burden, promote the entrepreneurial spirit and provide tax relief to citizens. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in […]
Advance Tax : Due date 15.03.2023
23 ViewsDue dates Advance Tax is payable on or before 15th June, 15th September, 15th December & 15th March. So, the last installment of advance tax is due on or before 15th March for F.Y. 2022-23. Income Tax Provision As per Section 208 of The Income Tax Act, 1961, every person whose estimated tax liability […]
Corrigendum : G.S.R. 164(E) dated 03.03.2023
44 ViewsThe Central Board of Direct Taxes (CBDT) has issued Corrigendum vide Notification No. 11/2023 dated March 03, 2023 to its Notification No. 05/2023 dated February 14, 2023 released to notify new ITR-7 applicable for the Assessment Year (“A.Y.”) 2023-24. The corrigendum is issued to correct minor errors/omissions in the ITR forms.
ANNUAL REPORT GST & IDT by GST 2022-23
183 ViewsGST & Indirect Tax Committee of the Institute of Chartered Accountants of India, ICAI Bhawan, A–29 Sector 62, Noida – 201 309 has published Annual Report 22-23 showcasing the accomplishments of the Committee, partnering with the Government, Bridging the GST Knowledge gap etc. ICAI Vision 2030 By 2030, ICAI envisions to become world’s leading […]
Corrigendum G.S.R. 156(E) Income Tax dated 28.02.2023
29 ViewsNotification no.. G.S.R. 91(E), dated the 10th February, 2023 was published. In the said notification following amendment is being made:-
Income Tax inspections in Bhopal at 4 mining offices reveal Rs 2500 crore TDS default
24 ViewsIn a surprise inspection the TDS wing of Income Tax department in Bhopal carried out searches at four district mining offices in the state on Friday. During the search, the I-T sleuths detected defaults aggregating to over Rs 2500 crore. Officials informed that during the inspections various issues of non-compliance of provisions of tax […]
Vivad Se Vishwas Scheme 2: Centre likely to initiate penalty settlement for pharma firms
36 ViewsThe Union government is likely to initiate the settlement of cases initiated by the National Pharmaceutical Pricing Authority (NPPA) for pharma companies under the Vivad se Vishwas scheme 2. This is the government’s attempt at tax resolution and reducing litigation. Sources told CNBC-TV18 that the government may initiate the scheme to settle penalty cases […]
Notification No. G.S.R. 118(E) dt 21.02.23 -Income Tax
38 ViewsCBDT vide Notification No. 7/2023 dated 21.02.2023 notified new Forms 10B and 10BB that are required to be furnished by charitable or religious trusts, institutions, universities, or other educational institutions under sections 10(23C) and 12A of the Income Tax Act, 1961 with effect from 01.04.2023.