Income Tax Articles
Income Taxpayers Will Face the Heat of Reassessment!
The income tax department had issued notices u/s 148 for reassessment proceedings. CBDT's notification No. 20/2021, dated 31-03-2021extended the last for issuance of notice u/s 148 upto 30.06.2021. The Assesses challenged the validity of such notices in High Courts and relief was granted to Assesses to which Special Leave Petition was filed by CBDT.
CBDT notifies e-settlement scheme, 2021 - Overview
CBDT vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending income-tax settlement applications transferred to a settlement commission.
New Timelines for Validity of Old 148 Re-Assessments Notices as per SC Judgement
In this Article, the Author has tried to capture all the nuances and practical implications of the Hon'ble Supreme Court judgement on Validity of Old 148 Re-Assessment Notices, and gives a Clear and Unambiguous Picture & Guidance on the New Valid Timelines for Validity of such impugned Re-assessment Notices, in accordance with the directions given in the SC judgement.
Exemption and Taxability of Leave Encashment
Every salaried person as per labour law is entitled to a minimum number of paid leave every year. However, it is not necessary that an individual employee utilises all the leave he is entitled for a year. In fact, most employers allow the employees an option of carrying forward such unutilised paid leaves.
Important Due Date Compliances for the month of November 2021
Due Dates for Income Tax & GST Compliances for the m/o Nov 21
Section 194P - Tax Deduction in case of a Specified Senior Citizen
If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.
Penalty for failure to get accounts Audited Section 271B
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty
Income tax reassessment notices under new provisions
Hon'ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021.
Income tax on virtual digital assets Under Section 115BBH
The definition of Virtual Digital Assets proposed to be inserted vide new clause 47A to the section 2 of the Act, where Virtual Digital Assets are defined to cover assets
New Form ITR-U Under Section 139(8A) for updated Income Tax Returns
The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax.
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