Tax Audit Report Due Date Extended by CBDT for AY 2022-23
CBDT has extended the due date for filing of Tax Audit Report (TAR), Transfer Pricing Report (TPR), etc. in respect of FY 2021-22/ AY 2022-23, from 30/09/2022 to 07/10/2022. …
Category: Income Tax
New IT Rule 132 on Application for Re-computation of Income u/s 155(18): CBDT Income Tax Notification 111/2022
New IT Rule 132 on “Application for Re-computation of Income under Sub-section (18) of Section 155” has been inserted by CBDT, along with new IT Forms 69 and 70, …
ICAI’s Technical Guide on Audit of Charitable Institutions u/s 12A (2022 Edition)
ICAI has issued ‘Technical Guide on Audit of Charitable Institutions u/s 12A of the Income-tax Act, 1961‘ (2022 Edition), for guidance and assistance of Members/ Other Stakeholders, in view …
CBDT’s Revised Guidelines on Compounding of Offences under Income Tax Act, 1961
CBDT has issued revised Guidelines on Compounding of Offences under the Income Tax Act, 1961, in supersession of the earlier Guidelines on the subject issued in 2019, to simplify …
CBDT Guidelines/ FAQs on TDS u/s 194R on Provision of Benefits/ Perquisites
To help stakeholders who are experiencing problems with TDS under Section 194R(2) on the provision of Benefits/Perquisites, CBDT has released guidelines and frequently asked questions (FAQs). With regard to …
Completion of Age of 60/ 80 for Senior/ Very Senior Citizen Status Benefit under Income Tax
CBDT clarifies the issue related to the determination of the status of individual taxpayers as “senior citizens” or “very senior citizens” based on the completion of their age of …
IT Rule 128(9) Amended: Form 67 FTC Claims Timeline Relaxed (Belated/ Updated ITR)
CBDT modifies IT Rule 128(9) to provide significant relief to Indian taxpayers regarding Foreign Tax Credit (FTC) claims by extending the deadline for filing Statement in Form No. 67. …
S. 206C(1G) TCS Not Applicable to Non Resident buyers without PE in India: CBDT
CBDT notifies exemption from applicability of TCS provisions u/s 206C(1G) in the case of an individual who is not a resident in India in terms of clause (1) and …
New IT Rule 40G/ Form 29D for Refund u/s 239A of Incorrect TDS u/s 195
The Finance Act 2022 added a new IT Section 239A, which provides for a refund of tax deducted (TDS) u/s 195 on any income (other than interest income) by …
IT Rule 17/ Form 10 amended to allow accumulation of income by S. 10(23C) entities
CBDT has amended IT Rule 17/ Form 10 to allow income accumulation by entities approved u/s 10(23C) for a period of up to 5 years when utilisation is less …