What is 194S?
Finance Act, 2022 inserted a new section 194S in the Act with effect from 1st July 2022. The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1%.
Finance Act, 2022 introduced the concept of furnishing income tax returns i.e. ‘Updated Return-ITR U’ for offering additional income to tax subject to payment of additional income tax. For this purpose, section 139(8A) is inserted in the Income Tax Act to provide for furnishing Updated Return of Income.
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Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, along with some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai.
Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad.
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ITR5 is also now available for efiling . Excel offline Utility for preparing and filing ITR 5 is released. Please click Downloads | Income Tax Department