CBDT Gets a New Chairman Ravi Agrawal, Succeeding Nitin Gupta

In an influential administrative move, Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the supreme policy-making body for the Income Tax Department. Agrawal succeeds Nitin Gupta, a 1986-batch IRS officer, whose extended tenure concludes on June 30. New Leadership at CBDT Agrawal, currently serving as Member (Administration) on the Board, has been appointed to lead the CBDT until June 2025, as per an official order. However his scheduled retirement is in September of this…

CBDT lays down more conditions for mandatory filing of ITR

Through CBDT NN. 37/2022 dated 21.04.2022 notified rule 12AB has prescribed certain conditions for furnishing of ITR by specified persons referred to in clause (iv) of 7th proviso to section 139(1). The conditions prescribed for compulsorily filing of ITR by specified persons are as follows: (i) if the total sales, turnover or gross receipts in the business exceed Rs. 60 lakhs or the total gross receipts in the profession during the previous year (PY) exceeds Rs. 10 lakhs during PY; either (ii) If the aggregate of TDS and TCS during…

CBDT notifies ITR-U for filing updated ITR u/s 139(8A)

Through CBDT NN. 48/2022 dated 29.04.2022 notified ITR-U and Rule 12AC for filing updated return u/s 139(8A) relating to AY2020-21 and subsequent AYs. Further, ITR-U has to be chosen by the eligible person as the reason for updating ITR from the following- Return not filed earlier, Income not reported correctly Wrong head of income or chosen tax rate, carry forward loss or unabsorbed depreciation or reduction in tax credit under section 115JB/115JC other Also, if the filing of updated ITR leads to further loss or reduction in unabsorbed depreciation or…

CBDT issues directions to implement Supreme Court’s decision on revaluation dispute

CBDT, in exercise of the powers under section 119, issued Instruction No. 1 of 2022 for implementation of the judgment of the SC in Ashish Agrawal in respect of revaluation notices issued between 01.04.2021 to 30.06.2021; Explains the scope of the decision and lays down the procedure to be followed by the AO. Some of the salient points of the said directive, inter alia, include the following: Honourable Supreme Court’s decision will be applicable in all cases Where extended revaluation notices have been issued notwithstanding the fact Whether such notice…

CBDT has extended the last date for updating UDIN for all IT forms on the e-filing portal till April 30, 2022.

As everyone knows, it is mandatory for all CAs to update the UDIN for all the IT forms uploaded by them on the e-filing portal. However, at present the e-filing portal does not support UDIN updation for all IT forms. In view of the above, CBDT Last date for updating UDIN for all IT forms on e-filing portal 30. extended toth April, 2022. For any clarifications, please write to us at udin@icai.in. related Source link

CBDT amends Income Tax Rule 2F and Rule 8B and issues new Form No. 5B and 5BA

GSR 275(E).—In exercise of the powers conferred by clause (48) of section 2 and clause (47) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the Income-tax Rules, 1962 To further amend the following rules, namely:- Short title and commencement. , (1) These rules may be called income-tax (8.)th Amendment) Rules, 2022. (2) They shall come into force from the date of their publication in the Official Gazette. In the Income-tax Rules, 1962 (hereinafter referred to…