FAQ on taxation of crypto, virtual digital assets in works
- Apr 11, 2022
The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The set of Frequently Asked Questions (FAQ), which is being drafted by the Department of Economic Affairs (DEA), RBI and Revenue Department, would also be vetted by the law ministry, the official added."FAQ on taxation of cryptocurrency and virtual digital assets is in works. Although FAQs are for information purposes and do not have legal sanctity, law ministry's opinion is being sought to ensure that there is no loophole," the official told PTI.
ITR: Offline utility for filing ITR 1, ITR 4 for AY 2022-23 released; here’s how to download
- Apr 13, 2022
- The income tax department has announced that e-filing of ITR 1 and ITR 4 for AY 2022-23 is enabled. According to an announcement on the Income Tax Department’s website, “E-filing of ITR 1 and ITR 4 for AY 2022-23 enabled. Taxpayers can download ITR Offline Utility through the “Downloads” Menu option, fill and file the ITR through the same. Online filing of these ITRs shall be enabled shortly.” Last week, the Central Board of Direct Taxes (CBDT) notified the income tax return (ITR) forms for FY 2021-22. A notification dated March 30, 2022 was sent out to the forms. The income tax return forms have remained mostly similar for the past two years.
Tax Talk: Income Tax Return forms tweaked for additional details
- Apr 13, 2022
The CBDT recently notified ITR forms for Assessment Year (AY) 2022-23, corresponding to the financial year (FY) 2021-22. While applicability of the ITR forms to different categories of taxpayers does not change, certain changes merit attention. Schedule FA requires reporting of foreign assets by a resident taxpayer. Under the Income Tax Act, the period for which income is taxable is the “previous year”, which is the FY ending March 31. Schedule FA required disclosure of assets held during the “accounting period”, which is the period adopted for closing of accounts and tax filings by foreign jurisdictions in which assets are located.
To eliminate the confusion, Schedule FA of new ITR forms requires reporting of foreign assets held at any time during the calendar year ending on December 31, 2021. If for instance, an asset is purchased for the first time in January 2022, it does not have to be reported in Schedule FA of ITR for FY 2021-22 but in ITR for FY 2022-23.
Higher tax on capital gains, other passive incomes on cards as mostly rich people get the benefits
- Apr 14, 2022
The 2022-2023 Union Budget lays the roadmap for India@100. During her speech introducing the Union Budget, Finance Minister Nirmala Sitharaman announced initiatives for, amongst other sectors, the ‘7 engines’ of the economy. Although the government has predicted higher revenue recovery in FY 2022-2023 (Rs 19.25 lakh crore) to support these initiatives, given that over Rs 12 lakh crore in revenues raised by the government are being disputed, an increase in tax rates, or the imposition of new taxes, may be required to boost actual recoveries.
Income Tax Return: Know the major changes in ITR Forms before you start filing return for AY 2022-23
- Apr 18, 2022The process of Income Tax Return (ITR) filing for the Assessment Year (AY) 2022-23 has been initiated with timely notification of ITR Forms (from ITR-1 to ITR-6). However, only two ITR Forms – viz. ITR-1 (Sahaj) and ITR-4 (Sugam) – are now available on the Income Tax Portal for filing of the return of income. Once the details of tax deducted at source (TDS) are fully submitted and the forms like Form 16, Form 26AS, etc are made available, other ITR Forms would also be made available for filing.
Infosys urged to work on ways to access taxpayers' data accurately
- Apr 20, 2022The finance ministry has asked Infosys to work on ways to extract and access taxpayers’ real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC)
Guidance on updating UDIN for Audit Reports submitted by CA users.
- Apr 21, 2022
The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at e-filing
portal www.incometax.gov.in.
Please Note:
1. Update UDIN functionality is applicable only for Forms submitted on or after April 2021.
2. UDIN for only those Forms can be updated which are accepted by the Assessee.
3. Following information is correctly filled against the Form as per UDIN generated from ICAI portal
Income tax return forms for FY 2021-22: 9 changes that require additional information from taxpayers
- Apr 22, 2022
The income tax department has notified the income tax return (ITR) forms for FY 2021-22 or AY 2022-23. An assessment year (AY) is the year followed by the financial year and AY is the year in which income earned by an individual during the FY is reported to the government and taxes are paid accordingly. For FY2021-22, no major changes have been made in the ITR forms. However, few changes have been made which require the taxpayer to provide additional information while filing ITR. Here is a look at the additional information you are required to provide while filing your income tax return this year.
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- income Tax
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