Income Tax News
CBDT releases draft Common ITR Form for public consultation
01 November 2022 at 20:35At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income.
CBDT extends due date of filing Form 26Q for second quarter of FY 2022-23 to 30th Nov
27 October 2022 at 20:10Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23
SC: More than 24 prominent charitable institutions in India may face tax scrutiny
27 October 2022 at 08:35More than 24 prominent charitable institutions in the country may soon face tax scrutiny after a Supreme Court ruling set the limits to which tax exemption can be claimed.
CBDT extends due date for furnishing return of income for AY 2022-23
26 October 2022 at 15:25Extension of due date for furnishing return of income for the Assessment Year 2022-23
IT portal's updation earlier this fiscal won't impact benefits availed by Udyam MSMEs
26 October 2022 at 08:38The MSME Ministry has clarified that there won't be any change in benefits availed by enterprises registered on the Udyam portal and classified as per the MSME definition between April 1 and June 7, 2022.
ICAI issues Revised 2022 edition of Guidance Note on Report u/s 92E of IT Act 1961
26 October 2022 at 08:38Revised 2022 edition of Guidance Note on Report under section 92E of IT Act 1961
ICAI is entitled to income tax exemption if amounts charged by them are nominal to cover costs: Supreme Court
21 October 2022 at 11:22ICAI contended that its activities are not profit oriented and submitted that the fees collected from the students are utilized on various infrastructure development and other capital expenditure items.
SC: Educational trusts can claim income tax exemption only if sole objective is education
20 October 2022 at 08:40The Supreme Court held that educational trust or societies, which seek exemption under Section 10 (23C) of Income Tax Act, should solely be concerned with education, or education related activities.
Income Tax officials raid RS Brothers in Hyderabad
15 October 2022 at 07:30Income Tax department officials conducted raids on RS Brothers stores located at different places in Hyderabad on Friday. Raids were conducted at RS Brothers showrooms at Ameerpet, Chandanagar, Dilsukhnagar, Kukatpally, Mehadipatnam, Patny, Suchitra,
SC: Employers to deposit Employees Contribution of EPF/ESI to avail deductions u/s 36(1)(va) and 43B of IT Act
14 October 2022 at 08:44The Supreme Court observed that employers have to deposit the employee's contribution towards EPF/ESI on or before the due date for availing deduction under Sections 36(1)(va) and 43B of the Income Tax Act, 1961.
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