| Article Section | |||||||||||
RECENT CHANGES IN INCOME TAX ACT, 1961 |
|||||||||||
|
|||||||||||
RECENT CHANGES IN INCOME TAX ACT, 1961 |
|||||||||||
|
|||||||||||
Recent Changes From 28.03.2022 to 01.04.2022 the following notifications have been issued by the Central Board of Direct Taxes (CBDT) and the Central Government-
Faceless jurisdiction of income tax Authorities Section 130(1) of the Income Tax Act, 1961 (‘Act’ for short) provides that the Central Government may make a scheme, by notification in the Official Gazette, for the purposes of-
Section 130(2) provides that the Central Government may, for the purpose of giving effect to the scheme made by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification. In exercise of the powers conferred by sub-sections (1) and (2) of section 130 of the Income-tax Act, 1961 (43 of 1961), the Central Government made a scheme called as ‘The Faceless Jurisdiction of Income-tax Authorities Scheme, 2022’, vide Notification No.15/2022, dated 28.03.2022. The notification came into effect from 28.03.2022. According to this scheme all or any of powers and functions may be assigned to the Income Tax Officers under section 120 of the Act. The jurisdiction of the Assessing Officers under section 124 of the Act shall be in a faceless manner. The cases will be allocated through automated allocation in accordance with and to the extent provided in-
Modification of notifications Section 3(1) of the Taxation and other Laws (Relaxation and amendment of certain provisions) Act, 2020 provides that where, any time-limit has been specified in, or prescribed or notified under, the specified Act which falls during the period from the 20.03.2020 to the 31.03.2020 or such other date after 31.03.2020, as the Central Government may, by notification, specify in this behalf, for the completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval, or such other action, by whatever name called, by any authority, commission or tribunal, filing of any appeal, reply or application or furnishing of any report, document, return or statement or such other record, by whatever name called, under the provisions of the specified Act. By various Notifications the following acts are notified as specified acts by the Central Government-
By various notifications the Central Government extended the dates to some other dates. Vide Notification No. 16/2022, dated 28.03.2022 the said date has been extended to 30th September 2022. Income Tax (Third Amendment) Rules, 2022 The CBDT amended the Income Tax Rules vide Notification No. 17/2022, dated 29.03.2022. The amendments in the said Notification shall come into force with effect from 01.04.2022. This amendment inserted Rule 114 (5A). The new Rule provides that if any person fails to intimate the Aadhaar number to the prescribed authority is liable to pay fine ₹ 500/- if the same is done within three months from the date referred to in sub-section (2) of section 139AA such person shall pay a fee of ₹ 500/- In any other case the fee payable is ₹ 1000/-. e-Assessment of Income Escaping Assessment Scheme, 2022 Section 151A of the Act provides the procedure for conducting faceless assessment of income escaping assessment. Section 151A(2) gives powers to the Central Government to make a scheme by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification. Vide Notification No. 19/2022, dated 30.03.2022 the Central Government made ‘the e-assessment of Income Escaping Assessment Scheme, 2022’. This scheme comes into effect from 29.03.2022. Clause 3 of the Scheme provides that the assessment, re-assessment or re-computation of income under Section 147 of the Act, issuance of notice under section 148 shall be made through automated allocation, in accordance with risk management strategy formulated by the Board as referred to in section 148 of the Act for issuance of notice, and in a faceless manner, to the extent provided in section 144B of the Act with reference to making assessment or reassessment of total income or loss of assessee. Faceless Inquiry or Valuation Scheme, 2022 Section 142B of the Act provides the procedure for faceless inquiry or valuation. Section 142B(2) gives powers to the Central Government to notify that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification. Vide Notification No. 19/2022, dated 30.03.2022 the Central Government made ‘the Faceless Inquiry or Valuation Scheme, 2022’ This scheme comes into effect from 30.03.2022. The scheme provides that-
shall be in a faceless manner, through automated allocation, in accordance with and to the extent provided in section 144B of the Act with reference to making faceless assessment of total income or loss of assessee. Vide Notification No. 20/2022, dated 30.03.2022 the Central Government notified that the he provisions of sub-section (1G) of section 206C shall not apply to an individual who is not a resident in India in terms of clause (1) and clause (1A) of section 6 of the Act, and who is visiting India shall come into effect from 30.03.2022. Income Tax (Fourth) Amendment Rules, 2022 The CBDT made the Income Tax (Fourth Amendment) Rules, 2022, Vide Notification No.21/2022, dated 31.03.2022, with effect from 01.04.2022. In this the CBDT introduced the new income tax substituting the old forms as detailed below- Income Tax (Fifth Amendment) Rules, 2022 The CBDT made the Income Tax (Fifth Amendment) Rules, 2022, vide Notification No.23/2022, dated 01.04.2022, with effect from 01.04.2022 with effect from 01.04.2022. In this amendment a new ITR-7 form has been substituted for the old one.
By: Mr. M. GOVINDARAJAN - April 8, 2022
|
|||||||||||
| |
|||||||||||
