CBDT NOTIFIES FACELESS PENALTY AMENDMENT SCHEME, 2022 CBDT has notified the amendment in the faceless penalty scheme, allowing mandatory personal hearing through electronic mode to any taxpayer who has sought a hearing. The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated by […]
JSON Scheme for Form ITR-7 is notified by CBDT for persons including companies required to furnish under sections 139 (4A ,4B, 4C, 4D). CBDT NOTIFIES JSON SCHEME FOR FORM ITR-7 What is the ITR-7 Form? ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or
CBDT enables e-filing of form 3CA-3CD and 3CB-3CD for AY 2022-23 CBDT enable E-filing of Tax Audit Report Form 3CA-3CD and 3CB-3CD for AY 2022-23 is enabled. Taxpayers can download Offline Utility through the “Downloads” Menu option What is a Tax Audit? Tax audit is a cross-examination of the books of accounts of the taxpayer
Annual Information System is a system used by the Indian government to collect and maintain information about various social welfare schemes run by the government. The AIS is used by government officials and agencies to collect, store, and analyze data about the beneficiaries of these schemes and the funds disbursed under them. A DETAILED GUIDE
Deduction of Electric vehicle under section 80EEB allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the AY 2020-21. SECTION 80EEB: DEDUCTION IN RESPECT OF ELECTRIC VEHICLE During the Union Budget 2019, the government has announced an incentive for purchase electric vehicle. The Finance Minister has stated that
HOW TO RECTIFY MISTAKES IN FORM 10B? Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust / institution by filing Form 10A. Form 10B is accessed by the CA added by the taxpayer under the My CA service and
SECTION 139(8A): UPDATED RETURN UNDER INCOME TAX What is Updated return? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer to file return of income not filed earlier. to rectify any incorrect disclosure in Income Tax Return. to rectify or
UDIN (Unique Document Identification Number) is a unique number assigned to the audit report and other documents, which are filed with the Institute of Chartered Accountants of India (ICAI). This is assigned to the documents as part of the effort to bring in more transparency and accountability in the documents filed by Chartered Accountants.Last date
CBDT: THESE FORMS ARE NOW AVAILABLE FOR FILING ON INCOME TAX PORTAL CBDT has released the following forms for filing on the portal: The following forms are released: 1.Form 26A- The section 201(1) of Income Tax Act, 1961 talks about when assesse is not treated as assesse in default. That is, when he had complied
Statement & Certificate Sec 80G allows for a tax deduction for donations made to certain charitable organizations or institutions. Under this section, if an individual or a company makes a donation to an organization or institution that has been approved by the Indian government under section 80G, they may be able to claim a reduction
ITR-1, also known as Sahaj, is a type of Income Tax Return that can be filed by an individual taxpayer who has a total income of up to Rs. 50 lakhs and whose income comprises of salary/pension, one house property, other sources of income (such as interest income). This form can be used by individuals
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