Category: Latest Income Tax News & Articles

New Faceless Estimation Guidelines to Simplify the Schema

[ad_1] The Central Board of Direct Taxes (CBDT) has announced new requirements for the income tax division’s valuation officer to reduce procedural errors and increase the impersonal valuation system for the taxpayer. According to the decision, the evaluation officer (AO) must issue show reason notice to the taxpayer, in the case of which “any change […]

Government launches tax-free incentives to reduce import duties on solar power

[ad_1] Supporting the impact of higher import duties on solar modules and cells, the government has begun stimulating the domestic solar industry. But there seems to be no intention the government will provide tax incentives to importers of solar modules for support, the government is open to review workable plans submitted by the industry for […]

Additional incentives could make new tax regime attractive

[ad_1] In an effort to make it effective for taxpayers, the center will work on fix 2 year old exclusions a free income tax regime with lower tax rates after the new system failed to meet the benchmark. The Ministry of Finance seems to be removing old personal income tax regimewhich gives various deductions and […]

All the details about the new foreign tax credit with benefits rule

[ad_1] What is the New Foreign Tax Credit (FTC)? In providing assistance to the taxpayer in the event of applying for a Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) modified Rule 128 of the 1962 Income Tax Rule. Until the review, the taxpayer may use the FTC exclusively by submitting Form […]

ICAI Announces New Tax Audit Guidance to Simplify Compliance

[ad_1] changed Instructions for tax audit helps its members to be released in time from their duties in accordance with the law on income tax, distributed by the CA institute. New Guidelines The Eighth Edition Note was approved at the Central Board meeting of the Institute of Chartered Accountants of India (ICAI) in Siliguri. This […]

Easy Steps to Track Income Tax Refund Status Online

[ad_1] July 31, 2022 will be the deadline for submitting an ITR for an individual assessee for assessment year 2022-2023. A taxpayer entitled to a refund in the event of an overpayment of tax. The same may include cases where employers deduct higher income tax on employees over time due to incorrect calculations or lack […]

ITAT waives late STF penalty due to late notification

[ad_1] The New Delhi Income Tax Court of Appeal (ITAT) overturned the decision, imposed a fine, a delay of 210 days in filing a financial transaction report. (STF) Return due to the late receipt of advisory notice and cause notice. The taxpayer, Central Cooperative Bank Revari, LLC is a district cooperative bank incorporated under the […]

Banks seek clarification on section 194 from tax department

[ad_1] According to a recent update, several banks have contacted the Central Board of Direct Taxes (CBDT) to seek clarity on competencies Section 194R of the Income Tax Actbecause they fear that the newly introduced provision will enable them to deduct 10% withholding tax about incentives provided to large business customers using credit cards. Section […]

Form No. 1 and A for the deduction of expenses for drugs from Covid

[ad_1] The Central Board of Direct Taxes (CBDT) has extended the conditions for receiving an income tax deduction for expenses incurred to treat COVID-19. The 2022 Finance Bill will provide separate tax deduction for the treatment of Covid-19. Paragraph (x) of subsection (2) of section 56 of the Income Tax Act 1961 (the Act) provides, […]

Contributions in the form of pensions and vacations to employees should not be considered as a fake

[ad_1] Income Tax Appeal Court (ITAT), Delhi Court held that vacation and pension contributions government employees should not be seen as fake and provided assistance to Vishakhapatnam Port Road Company Ltd. The Claimant, Vishakapatnam Port Road Company Ltd., is engaged in the construction, operation and maintenance of toll roads to provide adequate connectivity to the […]

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