| Table of Contents |
| 1. |
Due Dates for Income Tax Compliance – August 2022 |
| Notifications |
| 2. |
Reduction in time limit and changes in verification of Non – Audit Income Tax Return |
| Other Matters |
| 3. |
Revised income tax return cannot be filed to c/fd or set-off of any loss |
1. Due Date for Income tax Compliance (August2022)
| Due Date |
Compliance |
| 7th August 2022 |
Depositof TDS/ TCS deducted/collected for the month of July, 2022 |
| 14th August 2022 |
Issue of TDS Certificates for tax deducted in the month of June, 2022 on:
• Transfer of Immovable property (S.194-IA);
• Payment of Rent for use of Land or Building (S. 194-IB);
• Payment by Individuals/ HUF for carrying out any work, brokerage, professional fee above 50 lakhs (S. 194M). |
| 15th August 2022 |
TDS certificate(in respect of tax deducted for payments other than salary) for the quarter ending 30 June, 2022. |
| 30th August 2022 |
Furnishing of TDS Return (challan-cum-statement) in respect of
tax deducted in the month of July, 2022 on:
• Transfer of Immovable property (S.194-IA);
• Payment of Rent for use of Land or Building (S. 194-IB);
• Payment by Individuals/ HUF for carrying out any work, brokerage, professional fee above 50 lakhs (S. 194M) |
Notifications
2.Reduction in time limit and changes in verification of Non – Audit Income Tax Return
As per current rules, ITR V shall be received at Central Processing Centre,
Bengaluru within 120 days from the date of filing or it should be e verified through
various modes such as Aadhar OTP, Net Banking etc.
For ITRs to be filed from 1st August 2022; following changes shall be applicable :
1. For Belated/revised return of AY 22 23, verification should be done within 30 days.
2. ITR can be verified 30 days after the date of transmitting the data electronically. In case,
form ITR-V is submitted (verified) after the above-mentioned period, it will be assumed that the
return for which form ITR-V was filed was never submitted (the tax department will not take it up for processing),
and the assessee will be required to electronically retransmit the data and follow up by submitting the new form ITR-V within 30 days.
3. With effect from 01.08.2022, signed ITR V can not be sent to CPC through ordinary post.
Now it should be sent through speed post only. Date of speed post shall be considered as date of verification.
[Notification No. 05 of 2022 dated 29th July 2022 (effective from 1st August 2022)]
3. Revised income tax return cannot be filed to c/fd or set-off of any loss
In the case of M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 (Arising out of SLP(Civil) No. 7620/2021);
Hon’ble Supreme Court that for claiming the benefit under Section 10B (8) of the Income Tax Act,
the taxpayer is required to fulfil following twin conditions-
a. Furnishing a written declaration to the tax officer that the provisions of section 10B(8) of
the IT Act may not be made applicable to him; and
b. The said declaration to be furnished before the due date of filing original tax
return
While deciding on the above point Hon’ble Supreme Court has accepted following important
points at para 9 of order related to revising return u/s 139(5) of the Income Tax Act: |
