Income Tax Act

6 Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24:

1) Separate schedule for Crypto/VDA income If you made any income from crypto and other virtual digital assets in FY 2022-23 then you will have to report such income in a separate schedule Tax provisions for taxation of VDAs was introduced from FY 2022-23 2) Intraday Trading Disclosure There is now an option to disclose …

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Union Budget 2021 has provided relief for Senior Citizen from filing Income Tax Return

πŸ‘‰The Central Board of Direct Taxes (CBDT) notified the provision regarding Furnishing of declaration and evidence of claims by senior citizens for Exemption from Income Tax Return Filing under section 194P of the Income Tax Act. πŸ‘‰The CBDT inserted Rule 26D through the Income-tax (26th Amendment) Rules, 2021. πŸ‘‰The declaration required to be furnished by …

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Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department even after two and half …

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G-20 FINANCE MINISTERS BACK REFORMS TO STOP USE OF TAX HAVENS

Top finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter big companies from resorting to low-rate tax havens. Finance ministers from the Group of 20 countries endorsed the plan at a meeting Saturday in Venice. U.S. Treasury Secretary …

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SECTION 68 ADDITION FOR SHARE CAPITAL & PREMIUM WITHOUT ANY VERIFICATION NOT SUSTAINABLE

Seth Carbon and Alloys Private Limited Vs DCIT (ITAT Mumbai) We find that assessee by furnishing all the aforesaid documents had duly explained the nature and source of credit in the form of share capital and share premium received from the aforesaid two shareholders. From the balance sheet of the shareholders, it could be seen …

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Income Tax Department | Reporting Portal | Project Insight report.insight.gov.in

🌴 Steps to check the ITR filing status for the purpose of Section 206AB and 206CCA πŸ‰ Step: 1 Go to Reporting Portal at URL https://report.insight.gov.in. πŸ“ Step: 2 On the left sidebar of the Reporting Portal homepage, click on Register button. πŸ₯­ Step: 3 User is redirected to the e-filing login page. Or 🍍 …

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