Finance Ministry seeks Ideas/Suggestions/Proposals for Annual Budget 2021-22.

Department of Economic Affairs, Ministry of Finance year over year invites suggestions from the public to make the Budget-making process participative and inclusive. This year too, the Ministry looks forward to hearing from you about your suggestions for the Union Budget which will be presented in the Parliament in the upcoming session.

Citizens from all walks of life are welcome to be a part of this democratic exercise. You can submit your suggestions directly in the comment box here.

We seek your valuable ideas to continue the tradition of incorporating the citizens’ aspirations.

The last date for submissions on this forum is 30th November 2020.

Link: https://www.mygov.in/mygov-survey/inviting-suggestions-budget-2021-22/

Circular No. 20/2022 : Extension of due date for furnishing return of income for the Assessment Year 2022-23

CBDT extends the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022. Circular No. 21 of 2022 dated 27.10.2022 issued.

CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year. Notification No. 100/2022 issued.The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return. The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year.

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