ITR: Missed deadline of December 31, 2022, to file these ITRs for FY 2021-22 (AY 2022-23)? Here’s what you can do

• Jan 07, 2023
  
  
• If you are one of those individuals who missed the last date of December 31, 2022, to file a belated or revised income tax return for FY 2021-22 (AY 2022-23), fret not. There is still a chance for you to file the ITR.
  
  Budget 2022 has introduced the option to file an updated ITR (ITR-U) for those individuals who have missed the chance to file a tax return for a financial year.
  
  Before this, an individual could file income tax returns of three types: original (filed on or before the due date), belated (filed on or before December 31) or revised (submitted after the original is filed but on or before December 31).
  
  But taxpayers cannot file an updated ITR or an ITR-U before the assessment year comes to an end — March 31, 2023, in this case.
  

Income Tax

CBDT extends compliance deadline for capital gains tax waiver on residential properties

Jan 10, 2023

In a move that will provide relief to a number of taxpayers, the income tax department has extended the time limit for a number of compliances related to long-term capital gains tax exemption, till March 31, 2023.

The Central Board of Direct Taxes (CBDT) had, in June 2021, provided a relaxation for certain compliances to be made by taxpayers including investment, deposit, payment, acquisition, purchase and construction for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Income-tax Act, 1961.

Income Tax

Gross direct tax revenue jumps 24.58 pc to Rs 14.71 lakh crore for FY23

• Jan 12, 2023
  
  
• Tata Group’s ambitious super app is expected to meet just half of the sales target in its debut year, forcing the sprawling Indian corporate to review its digital strategy, people familiar with the matter said. Tata Digital Pvt.’s online platform, Tata Neu that went live in April, will see sales of about $4 billion in the year to March 31 compared with the $8 billion target set at the beginning of 2022, the people said, asking not to be named as the information is not public. The company, helmed by Chief Executive Officer Pratik Pal, is overhauling the strategy to scale up the business profitably, they said.
  
  The underwhelming performance of a project that Tata Group Chairman Natarajan Chandrasekaran championed as the future of the $128 billion conglomerate shows the uphill task in taking on entrenched e-commerce rivals such as Amazon.com Inc. and Walmart Inc.’s Flipkart. Tata Neu, India’s first super app in the pipeline since at least mid-2020, was modeled on the lines of China’s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch. A spokesperson for Tata Group didn’t respond to an email seeking comment.
  

Income Tax

Gross direct tax revenue jumps 24.58 pc to Rs 14.71 lakh crore for FY23

Jan 12, 2023

Tata Group’s ambitious super app is expected to meet just half of the sales target in its debut year, forcing the sprawling Indian corporate to review its digital strategy, people familiar with the matter said. Tata Digital Pvt.’s online platform, Tata Neu that went live in April, will see sales of about $4 billion in the year to March 31 compared with the $8 billion target set at the beginning of 2022, the people said, asking not to be named as the information is not public. The company, helmed by Chief Executive Officer Pratik Pal, is overhauling the strategy to scale up the business profitably, they said.

The underwhelming performance of a project that Tata Group Chairman Natarajan Chandrasekaran championed as the future of the $128 billion conglomerate shows the uphill task in taking on entrenched e-commerce rivals such as Amazon.com Inc. and Walmart Inc.’s Flipkart. Tata Neu, India’s first super app in the pipeline since at least mid-2020, was modeled on the lines of China’s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch. A spokesperson for Tata Group didn’t respond to an email seeking comment.

Income Tax

Need clarity in non-residents’ tax under SEP norms: Experts

Jan 14, 2023

The scope for taxing income of non-residents doing business in India was widened with effect from April 1, 2021. A ‘significant economic presence’ (SEP) of a non-resident constitutes a ‘business connection’ in India and income related to such activities is taxable in India. Tax experts are hoping for raising of the Rs 2-crore threshold in the forthcoming Budget and clarity on various issues.
An SEP exists if the non-resident carries out ‘any’ transactions in relation to goods, services or properties with any Indian resident if the aggregate payment for such transactions exceeds Rs 2 crore in a year. An SEP is also created if the non-resident ‘undertakes or is engaged in systematic or continuous soliciting of business activities’ with at least 3 lakh users.

Income Tax

Banks to report all interest income paid to account holders

Jan 20, 2023

Banks and post offices will now have to report all the amounts paid as interest to depositors as part of the move towards pre-filled income tax forms. The income tax department has abolished the threshold of Rs 5,000 above which any interest paid to a depositor had to be earlier reported.

In a recent notification, the Central Board of Direct Taxes has said that banks will have to report “any interest income exceeding Rs zero” for all account and deposit holders in a financial year excluding Jan Dhan Accounts. The notification is effective January 5

Income Tax

Need clarity in non-residents’ tax under SEP norms: Experts

Jan 14, 2023

The scope for taxing income of non-residents doing business in India was widened with effect from April 1, 2021. A ‘significant economic presence’ (SEP) of a non-resident constitutes a ‘business connection’ in India and income related to such activities is taxable in India. Tax experts are hoping for raising of the Rs 2-crore threshold in the forthcoming Budget and clarity on various issues.
An SEP exists if the non-resident carries out ‘any’ transactions in relation to goods, services or properties with any Indian resident if the aggregate payment for such transactions exceeds Rs 2 crore in a year. An SEP is also created if the non-resident ‘undertakes or is engaged in systematic or continuous soliciting of business activities’ with at least 3 lakh users.

Income Tax

Gross direct tax revenue jumps 24.58 pc to Rs 14.71 lakh crore for FY23

Jan 12, 2023

Tata Group’s ambitious super app is expected to meet just half of the sales target in its debut year, forcing the sprawling Indian corporate to review its digital strategy, people familiar with the matter said. Tata Digital Pvt.’s online platform, Tata Neu that went live in April, will see sales of about $4 billion in the year to March 31 compared with the $8 billion target set at the beginning of 2022, the people said, asking not to be named as the information is not public. The company, helmed by Chief Executive Officer Pratik Pal, is overhauling the strategy to scale up the business profitably, they said.

The underwhelming performance of a project that Tata Group Chairman Natarajan Chandrasekaran championed as the future of the $128 billion conglomerate shows the uphill task in taking on entrenched e-commerce rivals such as Amazon.com Inc. and Walmart Inc.’s Flipkart. Tata Neu, India’s first super app in the pipeline since at least mid-2020, was modeled on the lines of China’s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch. A spokesperson for Tata Group didn’t respond to an email seeking comment.

Income Tax