Category: Income Tax

Updated Return

Updated return: Section 139(8A) of Income tax Act-1961

In the Union Budget 2022, Union Finance Minister Smt. Nirmala Sitharaman Ji introduced a new concept of Income Tax Return i.e. Updated Return as a step towards encouraging voluntary compliance. At present, if the IT department finds that some income has been omitted by the assessee, it goes through a lengthy process of adjudication, and […]
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budget 2022

Budget 2022 Highlights: Important points to know.

The Budget 2022 focused on ‘digital and technology’ and sectors like infrastructure, health, education and provision of e-services to the masses. This Union Budget laid a foundation and blueprint of the economy over ‘Amrit Kal’ of the next 25 years – from India at 75 to India at 100.India posted a 9.2% GDP growth, the […]
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TAX

CBDT inserts new Rule 26D – Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P

The Central Board of Direct Taxes has released the Income-tax (26th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified Senior Citizenu/s 194P. Furthermore, a […]
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INCOME TAX DUE DATE EXTENDED

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961             On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further […]
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