INCOME TAX UPDATES
INCOME TAX UPDATES
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Income Tax Department has released JSON Schema ITR 1 & ITR 4 for AY 23-24 (FY 2022-23)
ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources and agricultural income upto Rs.5 thousand.
ITR 4: For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.
PAN shall be inoperative from 01st April, 2022.
As per Income-tax Act, 1961, the last date for linking PAN with Aadhaar is 31.3.2023, for all PAN holders who do not fall under the exempt category, failing which the unlinked PAN shall become inoperative.
Date of furnishing TDS Statement in Form 26Q for quarter ended 30th September, 2022 has been extended to 30th November, 2022 .
27/10/2022
Central Board of Direct Taxes (CBDT) has vide Circular 21/2022 dt. 27-Oct-22 extended due date of filing Form 26Q for the second quarter of Financial year 2022-23 from 31st October, 2022 to 30th November, 2022.
Date of furnishing Income-tax returns falling due on 31st October, 2022 has been extended to 7th November, 2022.
26/10/2022
Central Board of Direct Taxes (CBDT) has vide Circular No. 19/2022 dt. 30-Sep-22 extended due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the A.Y. 2022-23 which is 31st October, 2022 in case of assessees referred in clause (a) of explanation 2 to sub-section (1) of section 139 of the act to 07th November, 2022.
Time for filing of various audit reports for the assessment year 2022-23 has been extended till 07th October, 2022.
30/09/2022
Central Board of Direct Taxes (CBDT) has in exercise of its powers under section 119 of the act, extended due date of furnishing of Report of Audit under any provisions of the Act for the previous year 2021-22, which was 30th September, 2022 in case of assesses referred in clause (a) of explanation 2 to sub-section (1) of section 139 of the act, to 07th October, 2022.
Income Tax Dept. issued FAQ’s for filing Tax Audit Report Form 3CA-CD/3CB-CD for error free filing.
27/09/2022
The Income Tax Department has issued Frequently Asked Questions (“FAQ’s”) for filing of Tax Audit Report Form 3CA-CD/3CB-CD for error free filing.
Click here to download the circular.
Verification of ITR timeline reduced to 30 days from 120
02/08/2022
The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.The department issued a notification on July 29 announcing the change in the timeline. E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
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