Quick Summary
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th September, 2022 INCOME-TAX G.S.R. 733(E).- - In exercise of the powers conferred by section 295 read with sub-section (18) of section 155 of the Income-tax Act, 1961, the Central Boa
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The new rules allow taxpayers to apply for a recomputation of their total income for a previous year, specifically excluding any claims for deduction of surcharge or cess that were previously allowed under section 40.
These rules, known as the Income-tax (32nd Amendment) Rules, 2022, come into force from the 1st day of October, 2022.
An application requesting recomputation of income must be made on or before the 31st day of March, 2023.
The application for recomputation of income must be made in Form No. 69.
Form No. 69 must be furnished electronically to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), or an authorised person.
After recomputing the total income, the Assessing Officer will issue a notice under section 156 specifying the time period for payment of any additional tax due. The assessee must then pay this tax and furnish details of the payment in Form No. 70 to the Assessing Officer within thirty days of making the payment.
CAclubindia
