You must have heard about PAN & TAN but got confused - What is it and are they really different?
In this article we have listed all those situations which require an individual to furnish his return of income for the Financial Year 2021-22 (Assessment Year 2022-23).
A carbon credit is a permit that allows the holding company to release a certain amount of carbon dioxide or other greenhouse gases. One load requires a mass equal to one ton of carbon dioxide to be released.
Finance Act, 2021 inserted two sections 206AB - tax deduction and 206CCA - tax collection which came into effect from 1 July, 2021. These sections were amended through the Finance Act, 2022.
The author has listed some significant cases related to deemed dividends in this article.
Professional tax is a tax levied on persons earning income either by way of practicing profession, employment, trade etc. It is levied by the State Government or the Union Territory and not by the Central Government.
The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies
AY 2016-17, AY 2017-18: Fresh Notice u/s 148 can be issued in these cases, with the approval of the specified authority, since they are within a period of three years from the end of the relevant assessment years.
The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.
With the Introduction of "Updated Return", tax department aimed to reduce the potential litigations that arise due to non filing of ITR or inaccurate ITR's. And, Helps the taxpayers to rectify the discrepancies in filed tax returns.
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