ITR forms notified for FY 2022-23 (AY 2023-24)
ITR forms notified for FY 2022-23 (AY 2023-24) Notification-No.-04-2023Download
Union Budget 2022 on 1 Feb 22, 11 am
Union Budget 2022 on 1 Feb 22, 11 am The countdown starts 11:00 am Feb 1, the Union Budget2022 will be presented.
FY2021 Tax Audit Report and ITR Filing due dates extended
FY2021 Tax Audit Report and ITR Filing due dates extended
FY2021 ITR and Tax Audit Due dates extended to 31Dec and 15Jan…
The CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-221. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction…
IPad is not a computer for depreciation purposes: ITAT Amritsar
IPad is not a computer for depreciation purposes: ITAT AmritsarM/s Kohinoor Indian (129 taxmann. com 396 (Amritsar - Trib.)[16-08-2021])Facts:1. The issue before the ITAT was whether the iPad falls in the definition of computer or mobile phone. 2. If an iPad falls in the definition of computer then a high rate of depreciation ie 40% is allowable however if it falls within the definition of mobile phone then the lower rate of depreciation is allowable ie 15%.The ITAT held as below:1. Depreciation at lower rate is applicable on iPad as it is not a computer. Predominate purpose of iPad is communication and not use as a computing device as its main features are email, whatsapp, Facetime calls, calls, music, films etc. Though iPad may discharge some functions of computers, it…
CBDT extends due date for Trusts 10A registration to 31 Mar 22
CBDT extends various due date including due date for Trusts 10A registration to 31 Mar 22
Tax Audit Criteria for FY 2020-2021
Introduction Section 44AB of the income tax act, 1961 lays down the conditions for applicability of tax audit. Tax Audit has been an important tool to increase the efficiency of tax administration and curb the menace of tax evasion. However, recently the government has taken many steps towards relaxing the compliance burden of small taxpayers and has been committed to increase the ‘ease of doing business’ .The provisions of applicability of tax audit have undergone major amendments vide Finance Act 2016 and 2020. Albeit the provisions were made to reduce the compliance burden, they have increased the confusion among the taxpayers regarding applicability of tax audit. The author tries to analyze the various provisions relating to applicability of tax audit so as to provide clarity on the subject. 1. Tax…
Forms 15CA/15CB can be filed manually till 15-08-2021: CBDT
In view of difficulties faced by taxpayers in electronic filing of Forms 15CA/15CB on www.incometax.gov.in. The CBDT has decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30, 2021. Said date was extended to July 15, 2021. Now, the board has given further relaxation and allowed manual filing of Forms till August 15, 2021. Source: 20 Jul 2021 | PRESS RELEASE | Income Tax
Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021
Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021 Circular No. 08/2021, dated 30-04-2021The Central Board of Direct Taxes (CBDT) has granted relief to taxpayer by extending due dates of certain compliances under the Income-tax Act. In view of severe pandemic, the board has provided that due date for completion of following Income-tax compliances by the taxpayers shall be 31-05-2021:1) Filing of appeal to CIT(Appeals). However, if the last date allowed by section 249 for filing of appeal before CIT(A) falls beyond 31-05-2021 then such later date shall be taken into consideration.2) Filing of objections to Dispute Resolution Panel (DRP) under section 144C. However, if the last date allowed by section 144C for filing of objections falls beyond 31-05-2021 then such later date…
Union Cabinet approves Amendments to the Finance Act, 2021
Union Cabinet approves Amendments to the Finance Act, 2021 As per Press Release, dated 20-04-2021, The Union Cabinet has given ex-post facto approval for the Government amendments to the Finance Bill, 2021 which is enacted on 28-03-2021 as the Finance Act, 2021. These amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill, 2021.Amendments to the Finance Act, 2021 are tax proposals that shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers