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 …
Category: Updates
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 …
New IT Rule 17AA: Maintenance of Books by Trusts/ NGOs u/s 12A or 10(23C)
CBDT notifies new IT Rule 17AA, which specifies the Books of Account and other documents that must be kept and maintained in the case of Trusts/ NGOs/ Universities/ Hospitals/ …
CBDT Procedure for Claiming Covid-19 related Tax Exemptions
CBDT prescribes procedure for claiming tax exemption in respect of any sum received as ex-gratia, for treatment of ‘COVID-19’ or consequential death, by Individual/ family members. The procedure notified …
CBDT notifies Revised Timeline of 30 Days for ITR Verification
CBDT reduces the ITR verification time limit from 120 days to 30 days. Discover how taxpayers can avoid penalties and legal issues.
DoP for Condonation of delay: IT Forms 9A, 10, 10B, 10BB (AY 2018-19 onwards)
CBDT has issued three orders under Section 119 in relation to the delegation of additional powers to the Commissioner of Income Tax in relation to a ‘belated application for …
CBDT Guidelines/ FAQs on TDS u/s 194S(6): Payments for VDA transfer (Peer to Peer/ Not through Exchange)
CBDT has issued further Guidelines/FAQs/clarifications for removal of difficulties in TDS u/s 194S(6) of the Income-tax Act, 1961, relating to payments of consideration for transfer of a virtual digital …
CBDT Guidelines/ FAQs on TDS u/s 194S(6): Payments for VDA transfer through Exchange
CBDT has issued Circular 13/2022 on Guidelines/FAQs to address issues relating to TDS under Section 194S(6) on payments of consideration for the transfer of a virtual digital asset (VDA) …
ICAI’s Handbook on I-T Compliance for Donations Received by Charitable Trusts (Form 10BD/ 10BE)
In light of recent changes in the Income Tax provisions relating to compliance by charitable religious trusts/institutions, the ICAI has issued a new publication, ‘Handbook on Statement of Donations …
GSTR-4 Late Filing Fee (FY 2021-22) waived by CBIC
CBIC notifies waiver of late fee u/s 47 of the CGST Act, 2017, in respect of delay in filing Form GSTR-4 for FY 2021-22, during the period from 01/05/2022 …