Income Tax Law Updates Notification/Circular: CBDT Circular No. 11 of 2022 dated 03-06-2022 Clarification regarding Form No 10AC issued till the date of this Circular: The conditions contained in Form No. 10AC, issued between 01.04.2021 till the date of issuance of this Circular, shall … Continue Reading →

Income Tax Law Updates Notification/Circular: Notification No. 54/2022/F. No. 370142/51/2020-TPL(Part III)] dated 27-05-2022 The Central Board of Direct Taxes (CBDT) vide above notification has notified the Faceless Penalty (Amendment) Scheme, 2022. The board has omitted the concept of Regional Faceless Penalty Centres from the Faceless … Continue Reading →

Income Tax Law Updates Notification/Circular: CBDT Circular No.10 of 2022 dated 17-05-2022 The CBDT has issued Circular No 10 of 2022. Finance Act 2022 amended the definition of ‘specified person’ to, inter-alia, mean a person who has not filed ROI for 1 year to attract … Continue Reading →

Income Tax Law Updates Notification/Circular: CBDT Notification No. 49/2022/F.No.370142/6/2022-TPL dated 05-05-2022 CBDT vide above Notification amended rule  Rule 44E of the Income Tax Rules, 1962 related to Application for obtaining an Advance Ruling and introduces new FORM No. 34C , 34D, 34DA, 34E and 34EA. … Continue Reading →

Income Tax Law Updates Notification/Circulars: Notification No. 47/2022 F.No.300196/43/2017-ITA-I] dated 28-04-2022  Certain Income of ‘Tamilnadu Construction Workers Welfare Board’ (PAN AAATT9440P), will be exempted under clause (46) of section 10 of the Income-tax Act, 1961. NOTIFICATION No. 48/2022/F. No. 370142/18/2022-TPL(Part-1) dated 29-04-2022 CBDT notifies New … Continue Reading →

Income Tax Law Updates Notification/Circulars: Notification No. 36/2022/F. No. 300196/12/2022-ITA-I dated 20-04-2022  Certain Income of ‘SEEPZ Special Economic Zone Authority’ (PAN AAALS4995G), will be exempted under clause (46) of section 10 of the Income-tax Act, 1961. Notification No. 35/2022/F. No. 300196/7/2022-ITA-I dated 20-04-2022  Certain Income … Continue Reading →

Income Tax Law Updates Notification/Circulars: NOTIFICATION NO. 29/2022 dated 12-04-2022 The CBDT has notified ‘The Somnath Temple managed by Shree Somnath Trust (PAN: AAATS9555Q) as a place of historic importance and a place of public worship of renown for the purposes of the section 80G. … Continue Reading →

Income Tax Law Updates Notification/Circulars: Notification No. 27/ 2022/F.No. 370142/5/ 2022- TPL-Part1 dated 05-04-2022 CBDT notified E-Dispute Resolution Scheme 2022 under section 245MA of the ITA. Scheme is helpful for small taxpayers where the addition proposed is upto INR 10 lakhs. Notification No. 24/2022 Continue Reading →