The Central Board of Indirect Taxes and Customs has decided to implement system-generated centralised examination orders in a phased manner in the case of risk-based selection for examination after assessment from the 5th of September, 2022. As per the system, the standardised examination orders will be centrally generated by RMS and populated on the corresponding Bill of Entry, based on …
The Central Board of Direct Taxes has notified the Faceless Inquiry or Valuation Scheme, 2022 in order to introduce the Artificial Intelligence for Assessment Proceedings under section 142 of the Income Tax Act, 1961. The Faceless Inquiry or Valuation Scheme, 2022, covers the following: issuance of notice under section 142 of the Income Tax Act; making inquiry before assessment under …
On the personal tax front, the Finance Bill 2022 has left individual taxpayers feeling bittersweet. Majority of them are left let down as none of their wish list items such as changes to tax slabs rates, increase scope of available tax deductions, tax relief on work from home expenses, increase in standard deduction limit, among other things, found a place …
