Latest updates on CA Final Direct Tax

Keeping up with the latest updates on CA Final Direct Tax is crucial for any student preparing for the exam. Here are some of the latest updates on CA Final Direct Tax:

1. Income Tax Return (ITR) Forms for AY 2022-23: The Income Tax Department has released new ITR forms for AY 2022-23 with changes to certain schedules and disclosures. It is important to familiarize yourself with the changes before filing your returns.
2. Taxation of Non-Residents: The Finance Act 2021 has introduced several changes in the taxation of non-residents, including a new provision for taxing income earned from a resident in India by non-residents.
3. Equalization Levy: The scope of Equalization Levy has been expanded to cover e-commerce operators who provide services to residents in India. The rate of levy has also been increased from 2% to 2.5%.
4. Tax Audit Report: The due date for filing Tax Audit Reports for the financial year 2021-22 has been extended to 15th February 2023. It is important to comply with this deadline to avoid penalties.
5. Advance Tax: The due dates for payment of advance tax for the financial year 2022-23 have been changed to 15th June, 15th September, 15th December, and 15th March. It is important to plan your tax payments accordingly.
6. TDS/TCS: The Finance Act 2021 has introduced new provisions for TDS/TCS on specified transactions, including the sale of goods, professional services, and dividend income. It is important to understand the new provisions and comply with the relevant requirements.

It is essential to stay updated with these and other developments in CA Final Direct Tax to ensure that you are well-prepared for the exam. Stay tuned for more updates, and make sure to consult your instructors or study material for more information.