Tag: Income tax updates

Income Tax department has extended timeline to validate/ update UDIN on e-filing website from 30.04.2022 till 31.05.2022.

Now, CBDT has prescribed some other conditions under fourth clause of above proviso vide notification No. 37/2022 Dt. 21.04.2022 wherein ...

The two conditions required while filing Form 10-IC for AY 2020-21 are as under: The return for AY 2020-21 for ...

Now, CBDT has provided fillable Forms for ITR 1 and 4, and one can file the same on Income tax ...

From the above, it can be inferred that that a resident individual can make overseas direct investment in the equity ...

This, scheme is a bit different from Vivad se vishwas scheme and other dispute resolution scheme which have been announced ...

Thus, in the present case where the assessee has claimed to have offered the revenues for tax in previous years ...

Section 89A deals with providing relief from taxation on income from retirement benefit account maintained in a notified country wherein, ...

It is important to note that as of now only JSON schema of ITR have been released for ITR 1 ...

Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh ...

To resolve the issue Income Tax department should take an initiative, issue a circular, reprocess all the returns and provide ...

Statutory Compliance Chart for the Month of April 2022 : Below mentioned are some important due dates under Income tax, GST, company ...

1) Loss from one Virtual Digital Asset (VDA) cannot be set-off against income from another VDA. 2) Definition of ‘transfer’ ...

This includes 13 Bilateral APAs (consequent to Mutual Agreement between India and its treaty partners) and 49 Unilateral APAs.

However, Income Tax department has vide notification no. 17/2022 Dt. 29.03.2022 reduced the late fees amount to Rs. 500 if ...