Income Tax Articles

Income tax reassessment notices under new provisions

CA. Brijesh Baranwal 05 May 2022 at 14:24

Hon'ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021.

Income tax on virtual digital assets Under Section 115BBH

Susmita Dutta, CA , CPA 05 May 2022 at 08:37

The definition of Virtual Digital Assets proposed to be inserted vide new clause 47A to the section 2 of the Act, where Virtual Digital Assets are defined to cover assets

Updated Return u/s 139(8A)

Kowsalya 05 May 2022 at 08:37

This article gives you an idea of what the Updated Return is under the Income Tax Act 1961, for which Form U is recently notified by CBDT.

New Form ITR-U Under Section 139(8A) for updated Income Tax Returns

Susmita Dutta, CA , CPA 02 May 2022 at 15:41

The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax.

How to pay 0 tax on a salary of upto Rs. 20 lac

Mubina Kapasi 02 May 2022 at 09:34

A testimony to that fact is a recent budget provision which imposes a tax on a high provident fund contribution, which would be done only by the high salaries individual.

Statutory Tax Compliance Tracker for May 2022

CS Lalit Rajput 02 May 2022 at 09:04

Statutory Tax Compliance for the month of May 2022

Don't forget to Update UDIN on e-Filing Portal by 30th April 2022

CA Sachin M Jain 30 April 2022 at 08:55

As per records, Income Tax Department has noticed that some Forms are pending for UDIN update on the e-Filing Portal. Kindly update UDIN against pending forms on or before 30th April 2022.

Some decisions of various courts, tribunals related to various sections of IT Act 1961

FCS Deepak Pratap Singh 29 April 2022 at 09:07

Decisions of various courts, tribunal related to various sections of IT Act 1961

Some facts to be kept in mind while tax planning for FY 2022-23

FCS Deepak Pratap Singh 27 April 2022 at 08:34

For the central government employees, the government was already contributing 14% of employee's wages towards employee's NPS account. Starting this FY, state government employees will receive a 14% contribution into their NPS account from their respective state governments.

Mandatory filing of Income Tax Return

Neethi V. Kannanth 26 April 2022 at 08:46

If you are unsure about whether you are required to file an income tax return, then this article will help you get clarity. Read on to know more about it.