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Income Tax


Request to adopt a humane approach in handling the extension of due dates in the times of the pandemic by The Chamber of Tax Consultants

3rd January, 2021 To, 1. Smt. Nirmala Sitharaman, Hon'ble Finance Minister, Government of India,North Block, Delhi - 110 001 2. Shri Ajay Bhushan Prasad Pandey Hon'ble Revenue Secretary, Central Board of Direct Taxes, North Block, Delhi - 110 001 3. Shri Pramod Chandra Mody Chairman, Central Board of Direct Taxes, North Block, Delhi - 110 001 Respected Madam / Sirs, Sub: Extension of various due dates for compliances under the Income-tax Act, 1961 (‘The..

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Income Tax Guide: IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person, it is a direct tax. The person who pays Income Tax to the Government cannot recover it from somebody else i.e. the burden of income tax cannot be shifted. Section 4 of the Income Tax Act, 1961 defines Income Tax as a tax levied on the total income of the previous year of every person. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company, et..

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TRACES Login | How to log in to TRACES portal and download Form 16B?

How to download Form 16B from TRACES portal? What is Form 16B? In simple words, Form 16B is a certificate for tax deducted at source under section 3 of the Income Tax Act on the sale of Immovable Properties. TDS is deducted on the sale of immovable property under TDS Section 194IA @ 1% if the sale consideration of the property is more than or equal to Rs 50,00,000. TDS is to be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment the b..

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How to file an ITR on the New Income Tax Portal (Income Tax e-Filing)?

Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020.   A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..

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Step by step procedure of filing TDS Return | TRACES portal

Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been found tedious by many. Therefore to make it quite easy, I am describing step by step procedure of filing TDS Return using the utility available on NSDL. The procedure is as follows: 1- The very first step is Registration on Traces and E-filing. First of all, you need to register your TAN number on Traces. But you cannot register on ..

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Section 194R: Tax Deducted at Source on benefits or Perquisites

Tax Deducted at Source on benefits or Perquisites (Section 194 R), applicable from 1st July 2022 Preamble Till the introduction of this Section, the Benefits or Perquisites given by the Companies to the Various persons like, Sales Team, Doctors in case of Pharma Companies, Agents in case of many FMCG or B2B Companies, Leisure Trip to the certain class of Agents, Pre or post Stay before or after the conference meetings etc. Companies were claiming as an expense, but it was going untaxed in ..

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Income Tax: CBDT issued fresh guidelines under section 194S(6)

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes(TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released "Circular regarding Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961". Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 with effect from 1st July 2022. Key Highlights 1. The..

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Analysis of provisions of Section 50D of IT Act 1961

As you are aware that "Actual Sale Consideration", of the "Capital Assets"forms basis of calculation of "Capital Gain"according to the provisions of Section 48 of IT Act,1961, except in situations in which the government has said for adoption of "Fair Market Value"as the Full Value for consideration. There was dispute in calculation of Capital Gain Tax earlier in cases where capital Assets transferred were self-generated, self-acquired etc. or in cases ..

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CBDT releases Format, Procedure and Guidelines for submission of Forms for Securities Transaction Tax

DGIT(S)/ADG(S)-2/STT Filing/2022 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 2 of 2022 New Delhi, 24th June, 2022 Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT) As per Section 101 of the Securities Transaction Tax, every recognized stock exchange or the prescribed person in the case of every Mutual Fund [or insurance company]..

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CBDT notified new TDS Challan Forms 26QB, 26QC, 26QD, 26QE

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st June, 2022 INCOME-TAX G.S.R. 463(E).- - In exercise of the powers conferred by section 295 read with sections 194B, 194-IA, 194R, 194S and section 206AB of the Income-tax Act, 1961, the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title and commencement.- - (1) These rules may be called the In..

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CBDT issues guidelines for removal of difficulties under Section 194S of IT Act, 1961

Circular No. 13 of 2022 No. 370142/29/2022-TPL (Part-I) Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes (TPL Division) ***** New Delhi, dated 22nd June, 2022 Subject: Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961 Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from 1st July 202..

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What is income tax and how does it benefit an individual

Every citizen in India needs to pay the government tax on their income. This rule falls under the Income Tax Regulations. Be whoever you are from an association, firm, local authority, LLP, or even a Hindu undivided family. Your income for every financial year is taxed according to the Income Tax Laws. That is why filing the Income Tax return on an annual basis is important. To do so, you can choose to file an income tax return either online or offline that suits you best. So, let's move for..

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Merger & Acquisitions under provisions of IT Act 1961

As you are aware that an organisation in long term on the basis of quality, standard, services ,after sales services etc. recognized by the people. In recent time some organisations have become so big that their reserves are bigger than GDPs of some of small countries. A business entity always try to achieve more and more profit and markets. They are exploring new and emerging markets for their products and services in India as well as abroad. The Liberalisation and Globalization has brought all..

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IT Dept conducts searches in Rajasthan/Mumbai seizing unaccounted income in excess of Rs. 100 crore

Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai. During the course of the search operation, several incriminating documents have been found and seized. The perusal of seized evidences indicates that the group has ind..

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Income Tax Department conducts searches on a leading industrial group of Chennai

Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad. During the course of the search operations, various incriminating documentary and digital evidences have been seized. The analysis of such eviden..

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Impact Assessment of CBDT Circular on TDS on Benefits or Perquisites u/s 194R

Scope & Coverage of Section 194R Section 194R: TDS @ 10% on Benefits or Perquisites, arising out of Business or Profession In the Finance Act 2022, a new TDS section 194R, has been inserted in the Income Tax Act, and which has been made applicable w.e.f. 1.7.2022. This new section 194R requires deduction of tax at source @10%, by any person (resident or non-resident), providing any benefit or perquisite, whether convertible into money or not, exceeding Rs. 20,000 in value in a yea..

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Section 194R of IT Act: TDS on perquisites or benefits on business & professions

Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022. Purpose for Introducing of Sec 194R It was observed by department that many companies claimed expenses for business promotions by offering various gifts/ perks/ benefits to its dealers (on fulfillments of conditions of under agreement or as per prevalent norms/ tradition practice followed by over the years by business entity) under section 37 of Income Tax Act 1961, however majorit..

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194R - TDS on benefits or perquisites provided

1. Transactions covered: Any benefit or perquisite, whether convertible into money or not 2. Rate of TDS: 10% 3. Threshold for deduction: Value of benefit/perquisite should be more than Rs. 20,000 4. Payee: Only resident payees are covered u/s 194R. 5. Who are liable to deduct tax: Persons liable for tax audit in the preceding previous year 6. When to deduct tax: At the time, when the benefit/perquisite is provided   7. Intent behind the introduction of the provision ..

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CBDT specifies Safe Harbour Rules for AY 2022 at same rates

CBDT on June 17, 2022 issued the income-tax (18th Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962. The following amendment has been made: In rule 10TD, which specifies Safe Harbour, sub-rule 3B has been substituted, namely: (3B) The provisions of sub-rules (1) and (2A) shall apply for the [assessment years 2020-21, 2021-22 and 2022-23] This amendment is effective from 1st day of April, 2022 and applies to assessment year 2022 -2023 relevant to previous year 2021-2022..

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CBDT provides relaxation from TDS u/s 194I on payment of lease or supplemental lease rent

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th June, 2022 INCOME TAX S.O. 2777(E).—In exercise of the powers conferred by sub-section (1F) of section 197A read with clause (c) of sub-section (2) of section 80LA, of the Income-tax Act,1961 (43 of 1961) (hereinafter the Income-tax Act), the Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the..

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