Statutory Boost

  After considering difficulties faced by the taxpayers, CBDT via Circular no. 07/2024 dt. 25th April 2024  has further extended due date or filing Form 10A/ 10 AB till 30th June 2024. Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

After considering the problems faced by taxpayers in filing return / form, CBDT via Circular no. 16/2023  has extended due date for filing the following forms / returns for the Previous Year 2022-23 : Particulars Original Due Date Extended Due date Form ITR-7 (ITR form f or persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only) 30 th  September, 2023 31 st October, 2023 Form 10B / 10BB (Audit Report for persons specified above) 31 st October, 2023 30 th  November, 2023 Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

Extensions by CBDT dt. 11th January 2022 is as under : Particulars Extended Due date Extended due date  via Circular No. 01/2022 dt. 11 th January 2022 Income Tax Returns for FY 2020-21 (Where Original due date was 31 st October, 2021 ) 15 th Feb 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th March, 2022 Income Tax Returns for FY 2020-21 (Where Original due date was 30 th November, 2021 ) 28 th Feb 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th March, 2022 Tax Audit Report For FY 2020-21 15 th Jan 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th February 2022 Transfer Pricing Report for FY 2020-21 31 st Jan 2021 extended via Circular No. 17/2021 dt. 09 th September 2021 15 th February 2022 Feel free  to contact in cas...

Central Board of Direct Taxes has inserted the  Income Tax (31st Amendment) Rules, 2021 , which provides for insertion of New Rule 11UE under Income Tax Rules, 1961. which provides for  Specified conditions under Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9. Sec. 9(1)(i) states that  all income accruing or arising, whether directly or indirectly , through or from any business connection  in India, or through or from any property  in India, or through or from any asset or source of income in India,  or through the transfer of a capital asset situate in India Through Explanation 5 of the Sec. 9(1)(i) , it has been clarified that  an asset or a capital asset being any share or interest in a company or entity registered or incorporated outside India shall be deemed to be and shall always be deemed to have been situated in India, if the share or interest derives, directly or indirectly, its value subs...

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (30th Amendment) Rules, 2021 . The Rule 10D of Income-tax Rules, 1961 provides for Safe Harbour provisions. The rule provides that where an eligible assessee has entered into an eligible international transaction and the option exercised by the said assessee is valid, the transfer price declared by the assessee in respect of such transaction shall be accepted by the income-tax authorities, if it is in accordance with the circumstances provided in the rule. The amendment has extended the applicability of these safe harbour provisions for Assessment Years 2020-21 and 2021-22 . They shall be deemed to have come into force from the 1st day of April, 2021. Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com  

The Central Board of Direct Taxes on 13th September 2021 has published the  Income-tax (29th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962. The Amendment notifies a new rule 12F prescribing income- tax authority under second proviso to clause (i) of sub-section (1) of section 142. As per the new rule 12F , "the prescribed income-tax authority under second proviso to clause (i) of sub-section (1) of section 142 shall be an income-tax authority not below the rank of Income-tax Officer who has been authorised by the Central Board of Direct Taxes to act as such authority for the purposes of that clause.” Section 142  of the Act provides for the conduct of inquiry before assessment.  Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

The Ministry of Finance on 10th September 2021 has published the  Income-tax (28th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962 which shall come into force from 1st day of April 2021 and shall be applicable for the assessment year 2022-23 and subsequent assessment years. Through this amendment, a new clause 4 has been inserted under rule 11UAC which prescribes the class of person for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56. Section 56(2)(x) notifies the tax on sum/property received without consideration. As per new rules 111UAC(4) The provisions of section 56(2)(x) shall not apply to any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic disinvestment. Feel free  to contact in case of any query or consultation.                  +91-7417634371...

Various extensions by  CBDT on 09th Sept 2021 are as under:  Particulars Original due date /  Extended Due date Extended due date v ia Circular No. 17/2021 dt. 09 th September 2021 ITR (Where Tax Audit is not required) for FY 2020-21 30 th Sept 2021 extended via Circular No. 09/2021 dt 20th May 2021 31 st December 2021 ITR (Where Tax Audit is required) for FY 2020-21 30 th Nov 2021 extended via  Circular No. 09/2021 dt 20th May 2021 15th February 2022 ITR ( in case of Transfer pricing) for FY 2020-21 31 st Dec 2021 extended via  Circular No. 09/2021 dt 20th May 2021 28 th February 2022 Tax Audit Report For FY 2020-21 31 st Oct 2021 extended via  Circular No. 09/2021 dt 20th May 2021 15 th January 2022 Transfer Pricing Report for FY 2020-21 30 th Nov 2021 extended via  Circular N...

Finance Act 2021 inserted a new section 194P which provided conditions for exempting senior citizens from filing Income Tax returns aged 75 years and above. CBDT via  Notification No. 99/2021 dated 2nd September 2021 has notified Income Tax (26th Amendment) Rules, 2021  which states the manner of availing exemption u/s 194P. The amendment rules have inserted a new Rule 26D which can be summarised as under : Furnishing of declaration by Senior Citizen in  Form 12BBA.  The form shall be submitted to specified bank in paper form duly verified. Specified bank shall, on receipt of Form,  compute Total income of senior citizen and deduct applicable taxes on it. While computing Total income, deductions under chapter VI-A shall be allowed on furnishing of evidences . Specified bank shall furnish such Form along with the evidences of deductions under Chapter VI-A to Principal Chief commissioner or Chief Commissioner of Income Tax. For Specimen of   Form 12BBA...

Finance Act, 2021 provides that Interest income accrued under Provident Fund shall be liable to income tax if such amount exceeds ₹ 2.5 Lakhs in case of an employee (i.e. contribution is made by the employer also for such person) or ₹ 5 Lakhs in case of any other person. Now, via Notification No. 95/2021 dated 31st August 2021 , CBDT has notified new Rule 9D which provides for Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit . As per Rule 9D , separate accounts within the provident fund account shall be maintained during the previous year 2021-2022 and all subsequent previous years for taxable contribution and non-taxable contribution made by a person. Particulars Amount Closing balance in the account as on 31st day of March 2021 XXX Add: Any contribution made by the person in the account during the previous year 2021-2022 and subsequent previ...