Category: Income Tax
Provisions for filing of updated income tax return for time barred returns on payment of additional fee – Union Budget 2022-23 Section 139 of the Income Tax Act 1961 contains due dates for filing of Income Tax Return by various categories of taxpayers. However, presently a taxpayer …
Finance Minister to present Union Budget 2022-23 in Parliament tomorrow at 11 AM Watch Live Budget 2022-23 Speech. Live Highlights / updates of Direct and Indirect Taxes in Budget Proposal. Bookmark this page and revisit tomorrow for live updates. Highlights of Income Tax Proposals in Budget 2022-23: 1. …
Presumption that donors have meagre source of income because they are agriculturists may not be appropriate – ITAT ABCAUS Case Law CitationABCAUS 3573 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in upholding the addition made by the CIT(A) …
Receipts for carrying out warehouse operations as per the terms of agreement was not rental income but were business receipts ABCAUS Case Law CitationABCAUS 3572 (2022) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition by adopting …
Passing of order giving effect to appellate order if time barred, original assessment order would stand and assessee would be in much worst position if relief was provided in appeal. ABCAUS Case Law CitationABCAUS 3571 (2022) (01) ITAT In the instant case, the assessee had challenged the order …
Jewellery can not be held unexplained simply because weight of Gold coins was not stated in the Will and only number of gold coins were mentioned ABCAUS Case Law CitationABCAUS 3570 (2022) (01) ITAT In a recent judgment, ITAT has held that Jewellery can not be held unexplained …
CBDT exempts income of the National Skill Development Corporation u/s 10(46) of the Income Tax Act 1961 CBDT vide Notification No. 10 /2022 has exempted the following income of the National Skill Development Corporation (a) Amount received in the form of Government grants. (b) Amount received in the …
CBDT Guidelines under clause (10D) section 10 of the Income-tax Act, 1961. Exemption to ULIP receipts Clause (10D) of section 10 of the Income-tax Act, 1961 provides for income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on …
CBDT has notified e-advance rulings Scheme, 2022 CBDT has notified e-advance rulings Scheme, 2022 vide Notification No. 07/2022. It comes into force from 18th January 2022. This Scheme shall be applicable to applications of advance rulings,– (a) made to the Board for Advance Rulings under sub-section (1) of …
Computation of capital gains for the purposes of sub-section (1B) of section 45 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 8/2022 New Delhi, the 18th January, 2022 G.S.R. 24(E).—In exercise of the powers conferred by sub-section(1B) of section 45, read with section …
