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CBDT notifies Income Tax (5th Amendment) Rules, 2022: Revises Income Tax Return Form-7 [Read Notification]

Taxscan Team

The Central Board of Direct Taxes (CBDT) has notified the Income Tax (5th Amendment) Rules, 2022 and revised ITR Form-7. The rules are called the...

CBDT notifies New Income Tax Return Forms 1 to 5 for Assessment Year 2022-23 [Read Notification]

Claim of Deduction of Contribution to ESI and Provident Fund cannot be denied to Assessee for Period...

Verification Process of Income Tax benefit claims by Trusts, Societies begins when the ITR are...

Around 6.17cr Income Tax Returns and about 19 lakh Tax Audit Reports filed on New Income Tax...

Income Tax Returns: Know about Original, Revised, Belated, and Updated Returns

The Finance Bill 2022 has introduced the new provision in respect of Updated Income Tax Return under the Income Tax Act. There already existed a few concepts such as Original Income Tax Return,...

Budget 2022: New provision to allow Taxpayers to file an updated Income Tax Return announced [Read Finance Bill 2022]

The Union Finance Minister, Niramala Sitharaman while giving her budget speech 2022-23 has announced the New provision to allow taxpayers to file an updated Income Tax Return (ITR). A new...

Non-Filing of Income Tax Returns & Tax Evasion: Know the Penal Provisions under Income Tax Act

The central government has extended the deadline for filing the income tax returns for the AY 2021-22. Prior to this, the last date to file the income tax returns was December 31, 2021. Wilful Tax...

ITAT deletes addition made on account of Unexplained Jewellery as Valuation Report contained details of Individual Jewellery items available on record [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur Bench deleted additions made on account of unexplained jewellery as valuation report contained details of individual jewellery items available on...

Know the details of Filing Income Tax Return after the due date without Penalty

As we are aware of the fact that for the financial year 2020-21, the deadline to file income tax return (ITR) was December 31, 2021, it was extended twice, firstly from the usual deadline of July 31,...

Error in Online Income Tax Return deserves Rectification after Due Verification, Revenue can’t take Benefit of Factual Errors: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the error in the online income tax return shall deserve rectification after due verification and the Revenue cannot take the...

Supreme Court and High Court Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from December 27, 2021 to January 1, 2022. ...

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