TaxBirbal

Custom Duty Rate Change - Budget 2023

Budget 2023 - Tax Impact on Different Salary Level

Tax Reliefs under New Tax Regime - Budget 2023

Budget 2023 Direct Tax Changes at a glance

The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022). (1/2) https://t.co/RwxX6oK7L6

CBIC on Twitter “The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022). (1/2)”

All the reassessment notices issued u/s 148 beyond 1.4.2021 will now be deemed to be notices u/s 148A.
This will reverse all high court rulling in the related cases and assessee will be compelled to respond to the deemed notice u/s 148A and may also face related assessment or reassessment u/s 148.
Big relief for tax department at the cost of taxpayer.

https://www.livelaw.in/amp/top-stories/income-tax-reassessment-notices-section-148-income-tax-act-2021-amendment-section-148a-income-tax-act-supreme-court-198278

Supreme Court Saves Over 90,000 Reassessment Notices Issued After 2021 Amendment To Income Tax Act By Deeming Them As Notices Under Section 148A The Supreme Court, on Wednesday, directed that reassessment notices under Section 148 of the unam

Notification No. 48/2022
Form and manner for furnishing updated return of income

Form ITR-U inserted for Filing Updated Return

Stay Tuned..!!

Our Director Mr. Chetan Chandak talks to Moneycontrol about Commons Mistakes to Avoid while filing the Tax Returns.

https://www.moneycontrol.com/news/business/personal-finance/filing-your-income-tax-returns-avoid-these-five-mistakes-7607391.html

Filing Your Income-tax Returns? Avoid These Five Mistakes In case you switched jobs during financial year 2020-21, do not forget to obtain the form-16 issued by the previous employer

Know the tax changes on donations, dividend incomes and ESOPs before filing your returns
Read our director Chandak views

https://www.moneycontrol.com/news/business/personal-finance/know-the-tax-changes-on-donations-dividend-incomes-and-esops-before-filing-your-returns-7529671.html

Know The Tax Changes On Donations, Dividend Incomes And ESOPs Before Filing Your Returns Dividends will be added to your income and taxed as per the slab rate applicable to you

CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021 after incorporating suggestions by stakeholders.
Notification No. 118/2021 [FNo. 370142/47/2021-TPL]/ GSR 713(E) dt 01.10.2021 issued;available on https://t.co/qX8AZ4HCvf. https://t.co/XFRdIg8XSB

Home - Central Board of Direct Taxes, Government of India The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.

CBDT had further extended the due dates for filing of ITRs & Audit Reports for the AY 2021-22 in view of the difficulties reported by taxpayers in filing of ITRs etc.
Here is a quick look at the due dates extended vide CBDT Circular No. 17/2021 dated 09.09.2021. https://t.co/2dbKVXcKbv

Income Tax India on Twitter “CBDT had further extended the due dates for filing of ITRs & Audit Reports for the AY 2021-22 in view of the difficulties reported by taxpayers in filing of ITRs etc. Here is a quick look at the due dates extended vide CBDT Circular No. 17/2021 dated 09.09.2021.”

ITR FILING DATE EXTENDED
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On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued. https://t.co/FXzJobLO2Q

Income Tax India on Twitter “On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.”

CBDT issues Circular No.13 of 2021 dated 30th June, 2021 detailing guidelines under section 194Q of Income-tax Act,1961(TDS on purchase of goods), effective from 01.07.2021.
The said Circular may be accessed at:
https://t.co/XKXnqdxKXR

www.incometaxindia.gov.in

Govt extends 18 Income Tax Due Dates amid Covid 19

Income Tax India on Twitter “Govt announces tax exemption for expenditure incurred on Covid treatment &ex-gratia amount recd on death due to Covid. Granting further relief in difficult Covid times, dates of several compliances extended vide Notification Nos 74/2021 & 75/2021 &Circular No 12/2021 dt25.06.2021”

CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021. The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317. https://t.co/8kfgHVBEDo

Income Tax India on Twitter “CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021. The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317.”

New e-Filing Portal www.incometax.gov.in launch on June 7th - existing e-filing portal unavailable from June 1st to June 6th, 2021 - Plan your work accordingly

CBDT extended Income tax return filing deadline for FY21 to Sept 30also extended the timeline for a range of compliances due to COVID-19.

https://www.google.com/amp/s/zeenews.india.com/india/nirmala-sitharaman-withdraws-order-to-reduce-interest-rates-on-small-saving-schemes-2351953.html/amp

Govt withdraws interest rate cut order on PPF, other small saving schemes FM Nirmala Sitharaman today reversed the rate cut decision, which initiated a stir on social media yesterday.

CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021.

https://m.economictimes.com/wealth/personal-finance-news/ppf-to-fetch-6-4-nsc-5-9-as-govt-cuts-interest-rates-on-post-office-schemes/articleshow/81719887.cms

PPF hits 46 year low of 6.4% as govt cuts interest rates of small savings schemes This is the second time the government has cut interest rates on small savings schemes in the past one year

Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also extended to 30th April, 2021.

Aadhaar PAN linking deadline extended till 30th June 2021.

Exciting to note that Income Tax Department coming forward and acknowledging it's mistake.
We observed that few client received this campaign even though their returns were digitally signed. We got this clarification when we raised a grievance on the portal.

Income Tax department extend various time barring dates.

Income Tax India on Twitter “CBDT extends various limitation dates. Notification no. 10/2021 in S.O. 966 (E) dated 27/02/2021 issued. (1/4)”

Another budget coverage for www.TaxBirbal.in

https://www.google.com/amp/s/www.moneycontrol.com/news/business/personal-finance/what-budget-2021-means-for-taxpayers-investors-and-depositors-6429051.html/amp

What Budget 2021 Means For Taxpayers, Investors And Consumers From bringing tax parity between ULIPs and mutual funds to taking away traditional tax saving avenues of the well off, Budget 2021 aims to strike a balance

Budget 2021 brings ULIP taxation at par with Mutual Funds. Our Director Mr. Chetan Chandak talks more on this

https://www.moneycontrol.com/news/business/personal-finance/budget-2021-ulip-maturity-proceeds-not-tax-free-anymore-6427201.html

Budget 2021: ULIP Maturity Proceeds Not Tax-free Anymore Union Budget 2021 has withdrawn tax-free maturity on fresh ULIPs if annual premiums exceed Rs 2.5 lakh