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section 80 E✍- If you have taken an education loan and are repaying the same, then the interest paid on that education loan is allowed as a deduction under section 80 E📕✍

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All about Annual information statement (AIS)…

Circular No. 12 of 2022 dated 16th June 2022 has provided Guidelines for removal of difficulties under sub section (2) of section 194R of the Income Tax Act, 1961.

Finance Act, 2022 inserted a new Section 194R wef 1st July, 2022. As per this section, person providing any benefit or perquisites to resident (other than employee) has to deduct TDS @10% of the value or aggregate of value of such benefit or perquisites before providing such benefit or perquisites if value crossed Rs. 20,000/- during the Financial year.

The last date for payment of first installment of 15% of estimated tax liability is 15th day of june , 2022. In case of individual assessee, you are also requested to estimate the Income of minor children for clubbing the income u/s 64 (1A) of the Income Tax Act, 1961. The Income of the minor child will be included in the income of that parent whose income is higher. Capital gain tax if any, is also payable in ad­vance.

How to claim deduction for Rent Paid ?

GSTR -8 E-commerce operators who are required to collect TCS under GST for the month of May is 10 June 2022.

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A taxpayer can now add multiple trade names to their GSTIN.

Previously, while applying for GSTIN only one trade name was allowed to be filled in the application.

The government had extended the deadline to link PAN Card with Aadhaar Card from March 31, 2022, to March 31, 2023. But this did not come without a caveat. From April 1, 2022, if you have to link Pan and Aadhaar card, you must pay a certain fee. A fee of Rs 500 is applicable if you link your Aadhaar and PAN card before June 30, 2022. But this will get doubled from July 1, 2022.

In order to complete the Aadhaar-PAN linking process, from July 1, you will have to pay a penalty of Rs 1,000. This was announced in a press release by CBDT. It stated, “A window of opportunity has been provided to the taxpayers up to 31st of March 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs 500 up to three months from 1st April 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar.

The Calcutta High Court bench of Justice Md. Nizamuddin has held that the Input Tax Credit (ITC) cannot be denied on genuine transactions with suppliers whose GST registration was cancelled after the transaction.

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Rule 86B of the CGST Rules: Restrictions on use of amount available in electronic credit ledger.

Return not become defective for mere mismatch in income as per ITR & Form 26AS

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The Gujarat High Court has quashed the detention order as there was a bonafide mistake in the selection of the wrong ODC vehicle type while generating the e-way bill.

The division bench of Justice J.B. Pardiwala (as then was) and Justice Nisha M. Thakore observed that the goods were in transit with necessary documents, including the E-way bill generated from the GST portal. The goods were moved by a truck whose registration number was also correct. The only mistake in this case was the selection of the wrong ODC vehicle type while generating the e-Way Bill.

The government has made quoting of PAN or Aadhaar number mandatory if the cash deposits and withdrawals in a financial year exceeds Rs 20 lakh and in case of opening of current account or cash credit account with a bank. The Central Board of Direct Taxes (CBDT) has issued a notification on May 10, 2022 for the same. The new rules will be effective from May 26, 2022.

Notice issued without Jurisdiction is Invalid: Allahabad HC quashes Re-Assessment Order

Supreme Court of India held that the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to be invalid just because they were issued under the old law.

The Delhi Bench of ITAT, has ruled that interest received by land owners on enhanced compensation awarded to them by the Court under Section 28 of the Land Acquisition Act, 1894 is not in the nature of 'income from other sources' under the Income Tax Act, 1961, therefore, no TDS is required to be deducted with respect to it.

If your parents fall in the non-taxable or lower tax bracket, invest in their names by gifting them money. The sum can be invested in a range of options such as the Senior Citizens’ Saving Scheme, post office or other tax-saving schemes and even a common favorite, bank FDs (It makes some sense to invest in Bank FDs in a senior citizen’s name since they get a higher rate of interest than us). Senior citizens are also allowed tax exemption of up to Rs 50,000 on interest income from saving or FDs in any bank- post office or cooperative. Even if interest exceeds exemption limit, their tax liability will still be much lower than yours. Note that the tax-exempt limit for citizens below 60 years is Rs 2.5 lakh but for those above 60, it is Rs 3 lakh and for seniors above 80 years, it is Rs 5 lakh.

Also, cash gifts received from a child are exempt from tax and income earned from such investment will not be clubbed to your income for taxation.

If you’re interested to explore this in detail, check out Section 80TTB (for saving or fixed deposits) of the Income Tax Act.

Gifts received from friends are taxable?

As per the government rules, any gift in the form of cash, cheque, land, building or property (Shares, Bullion, Paintings) is taxable in the hands of the receiver if it exceeds more than ₹50, 000 within a financial year.

Gifts are not taxable when

1. Received from a relative whether on occasion of marriage or otherwise
2. Gift received on occasion of marriage from relatives, friends
3. Under a will or by inheritance
4. In contemplation of death of donor or payer
5. Gifts received from a Local authority - Panchayat, Municipal Corporation
6. From any fund, university or educational institution
7. Any charitable or religious trust registered under section 12A or section 12AA

In this example, gifts received by Alia Bhatt and Ranbir Kapoor was on their occasion of their marriage. Hence, there is no upper limit thus it won't be taxable.

You can pay rent to your parents if you are staying with your parents. 🤑

This should be done by transferring the money (rent) to their bank account or pay via a cheque. This way you will be able to claim your HRA deduction properly.

Since rent is paid to owners, the property must be owned by your parents. Remember that you cannot be an owner or co-owner of this property since you cannot claim tax exemption on rent paid to yourself.

Documents required to claim the HRA while staying with parents:
1. Rent agreement
2. Rent receipts

Last date to file TDS return for Quarter 4 is 31st May,2022.