15 Jun 2022 | ‘331’ notified as Cost Inflation Index for Financial Year 2022-23 | NOTIFICATION NO. 62/2022 | Income Tax | Circulars & Notifications

The CBDT vide Notification No. 62/2022 – Income-Tax dated June 14, 2022, has issued amendments in Notification No. 44/2017 – Income-Tax dated June 5, 2017 (“N/N 44”), which specified the applicable Cost Inflation Index (“CII”) for certain Financial Years, in order to notify the applicable CII for Assessment Year 2023-2024, w.e.f. April 1, 2023, in a following manner:

New SI. No. 22 in N/N 44 has been inserted to notify the applicable CII for Assessment Year 2023-2024, which reads as below:

The Notification can be accessed at Notification 62/2022 / Dt.15/06/2022

I filed electronically and my tax return was rejected. What do I do now?

The following were the reasons for the rejection of the tax return,

1. Return not filed in the prescribed form
2. Proofs of the Tax are not attached with the return
3. Reports u/s 44AB not submitted
4. Further, if details mentioned in the return are incorrect
5. N0t responded to the notices in the prescribed time to the Assessing Officer.

We need to find the reason for rejection, then only further action can be taken.

Contact any CA or Tax Consultant nearby in your city.

Otherwise, drop a mail or contact us at the below-mentioned details,

Thanks & Regards

Team GST Mithra

Can you suggest some books or any online source to people from non-accounting backgrounds which would help them in filing their own ITR?

The online submission is available for only a few forms. i.e ITR 1, ITR 2 & ITR 4.

ITR 4 cannot be submitted directly online.

The process for filing is as follows.

1. Just log in to www.incometaxindiaefiling.com
2. Log in with your username (PAN number ) and password ( as given by you )
3. If you're a new user, please select the new user option and get initial registration with the Income-tax website.
4. After successful login, we can find a DashBoard in the top left corner.
5. Click on filing it returns and select the applicable ITR form for you. This depends on your nature of income, I.e whether we shall file ITR 1/2/3.
6. After that ITR form will come in online.
7. This can fill it and keep it as a draft.
8. Whenever you are filing the return, we can edit and submit such a draft.
9. Most of the general information will auto-populate to your ITR form
10. Check everything and submit it carefully.
11. Whatever the submit Mode, ITR acknowledges shall be either e-verified or sent a signed copy to CPC Bangalore.

Hope this is helpful to you.

Happy Reading

How tax on professional income in India be computed if the gross receipts exceed 50 lakhs?

Dear Srinivasan Subramanian,

Thanks for asking the question.

Applicable Income Tax provisions and Procedures for Tax computations if gross receipts exceed Rs.50/- lakhs are as follows :

1. If the gross receipts exceed Rs.50/- lakhs then, we will lose the presumptive taxation benefit under section 44AD of the Income Tax Act.
2. Further such assessee requires to maintain the books of accounts under section 44AA ( subject to conditions )
1. if fails to maintain the books of accounts penalty of up to Rs.25000/-may attracted under section 271 A.
3. Further such assessee requires to get the books of accounts audit under section 44AB ( subject to conditions ) and file the return before 30th September of the assessment year.
1. if fails to audit the books of accounts then he is liable for Penalty u/s 271 B
1. .5% of T/O or Gross Receipts
2. Rs.150000/-, whichever is lower.
4. The applicable Tax slab rates for resident individuals to compute the tax:
1. up to 250000 net total income - NIL
2. > 250000 up to 500000 - 5%
3. > 500000 up to 1000000 - 20%
4. > 1000000 - 30%
5. Surcharge to be calculated
1. @ 10% of tax if NTI > Rs.50 lakhs but up to 1 Crore
2. 15% of tax if NTI > Rs. 1 Crore.
6. Further, if the Total Income exceeds Rs.20 Lakhs, then the provision relating to Alternative Minimum Tax shall apply under section 115JC.
7. Interest for the delay in Return filing, Interest for non-payment/short payment of Tax advance tax, and Interest for deferment of advance tax under the sections 234A, 234B, and 234C shall be considered if violated the same.