Finance Minister Nirmala Sitharaman, in her Budget 2022 speech announced that the Reserve Bank of India (RBI) will be launching Central Bank Digital Currency or CBDC. The RBI is yet to come out with a framework for digital currency. Read on to know how Digital currency is likely to change the way you make transactions and digital payments.
The Central Board of Direct Taxes, via a notification, reduced the time limit for ITR verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. However, missing the 30-day ITR-filing deadline can cost you Rs 5000. Here's why.
More than 1.3 crore taxpayers didn’t file their return by 31 July. If you are one of them, here’s what you should do now.
The Central Board of Direct Taxes (CBDT) issued a notification on August 5, 2022, asking the employees to submit certain documents to the employer and income tax department. The documents must be submitted to claim income tax exemption on the money received from the employer and/or relatives for covid-19 treatment. The documents must be submitted within a certain timeline.
The Central Board of Direct Taxes (CBDT) has asked the family members who received ex-gratia from an employer of the deceased employee or any other financial help from relatives to submit a form within a deadline as applicable to them. If this form is not submitted, then the family member cannot claim income tax exemption on the money received due to the death of the individual by covid-19.
If you have missed the deadline of filing income tax return for FY 2021-22 i.e., July 31, 2022, then an individual has an option to file the belated ITR. However, an individual is required to pay a late filing fee if he/she is filing belated ITR. The last date of filing belated ITR is December 31, 2022.
For ITRs filed up till and including 31.7.2022 the earlier time limit of 120 days from date of filing of ITR continues, as per the CBDT notification. The reduced time limit of 30 days applies to ITRs filed on and after 1.8.2022.
The last date for filing income tax return for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it.
July 31, 2022 is the due date for filing ITR for FY2021-22 for individuals whose accounts don’t need auditing. A belated ITR can be filed after this deadline but with a late filing penalty. With the Twitterati demanding extension of ITR filing, will the government extend it at the last minute?