If status does not automatically turn ‘ACTIVE’,then only click on ‘Initiate Drop Proceeding’

 Applicable to the taxpayers whose GSTINs have been suspended after 01/12/2022

System will automatically drop the proceedings and revoke suspension if pending returns were filed If status does not automatically turn ‘ACTIVE’,then only click on ‘Initiate Drop Proceeding’

Now AIS will reflects all Interest income for all account/deposits in Bank/Post Office/NBFC mentioned below in "Class of person required to furnish"

Now AIS will reflects all Interest income for all account/deposits in Bank/Post Office/NBFC mentioned below in "Class of person required to furnish"

(Earlier there was a limit of Rs.5,000)

It means now all interest income will reflects in SFT tab in AIS

Notification No.1/2023In SFT, information is to be reported for all account/deposit holders where any interest exceeds zero per account in the financial year excluding Jan Dhan Accounts

Notification No.1/2023

In SFT, information is to be reported for all account/deposit holders where any interest exceeds zero per account in the financial year excluding Jan Dhan Accounts

(Earlier this limit was Rs.5,000)

Effective Date 05/01/2023

Filing of ITR-U for AY 2022-23* Many have missed filing belated ITR for AY 2022-23 as the last date is over. However, one can file ITR u/s 139(8A) now for this.

*Filing of ITR-U for AY 2022-23*

Many have missed filing belated ITR for AY 2022-23 as the last date is over. However, one can file ITR u/s 139(8A) now for this. 

*Question:* If my income is upto Rs 5 lakh, can I file ITR? How much tax is payable?

*Answer:* Yes, you can file ITR. No tax is payable in this case, however, you have to pay late fee u/s 234F.

*Question:* Can I file ITR to claim a refund? 

*Answer:* ITR-U cannot be filed if, it is -

1) a loss return

2) results in claiming refund 

*Question:* Who cannot file ITR-U?

*Answer:* In the following cases, one cannot file ITR-U:

👉🏻Search proceeding u/s 132 has been initiated against you

👉🏻A survey is conducted u/s 133A

👉🏻Books, documents or assets are seized or called for by the Income Tax authorities u/s 132A.

👉🏻If assessment/reassessment/revision/re-computation is pending or completed.

*Note-Your views can be different.*

Regards,

*Team: CommerceStuff*

Late Fee, Additional Tax u/s 140B & Last Date to File Updated Return (ITR-U)

Late Fee, Additional Tax u/s 140B & Last Date to File Updated Return (ITR-U)

Banks for Payment of Direct Tax From 01.01.2023

Compliance Calendar for Year 2023(January 2023 to December 2023)

Compliance Calendar for Year 2023

(January 2023 to December 2023)

1st Update of 2023 -INCOME TAX

1st Update of 2023

E-filing of Updated ITR has been enabled on Income Tax Portal for AY 2022-23 (FY 2021-22) 

All ITR forms (ITR 1 to ITR 7) Utility & JSON Schema also released for Updated ITR