76 Amendments in Income Tax by Budget 2021 – Compilation of Full Details

Summary of 76 Amendments in Income Tax by Budget 2021 The provisions of Finance Bill, 2021 (hereafter referred to as "the Bill"), relating to direct...

5 Key Negative Amendments in Income Tax Hidden Between the Lines

1. Time Period to File Belated / Revised Returns Reduced by 3 Months Sub-sections (4) and (5) of section 139 of the Act contain provisions...
Deposit of cash in the bank is out of the cash withdrawals from Bank Account earlier- How To Fight Arbitratory Additions by Income Tax Department

Cash Deposits in Presumptive Tax Assessees – Few Important ITAT Rulings

- Cash deposit during demonetization period - ITAT: Insufficient evidence to consider sales as bogus or to make addition of cash in hand – ITAT...
Income Tax Bonanza for Salaried Class Coming in this Budget

Budget 2021 – Summary of Key Expectations for Corporates

Budget 2021 is now round the corner and this is First Budget after Pandemic in India broke out. Therefore, there are several Key Expectations...
Checklist for Trust ITR

CBDT Issues Checklist to Avoid Mistakes in Filing ITR 7 for AY 2020-21

Central Board of Direct Taxes Directorate of Income Tax (Systems)E-2, A.R.A. Centre, Ground FloorJhandewalan ExtensionNew Delhi – 110055 Checklist to Avoid Mistakes in Filing ITR 7...
IT Department conducts search operations in Odisha.

IT Department conducts search operations in Odisha.

The Income Tax Department has conducted search and seizure operations on December 3, 2020, in Odisha on a Group involved in the manufacturing and...
FAQs issued by I.T. dept. on UDIN

FAQs issued by I.T. dept. on UDIN

After noticing the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which deceived the authorities and stakeholders, the Institute of Chartered Accountants of...
55 Queries Replied on Vivad Se Vishwas Scheme

CBDT Issues Fresh FAQ’s on Vivad Se Vishwas Scheme

CBDT issues further clarification on provisions of the Direct Tax Vivad se Vishwas Act, 2020 by way of FAQs vide Circular No. 21/2020 dated...
CBDT designates Court of Munsiff No. 3, Kamrup (M), Guwahati as Special Court for Assam, Nagaland, Mizoram, and Arunachal Pradesh U/s. 280A of Income-tax Act, 1961

CBDT designates Court of Munsiff No. 3, Kamrup (M), Guwahati as Special Court for...

On the date 28th October 2020, the Ministry of Finance has issued a notification which states that the Central Board of Direct Taxes (CBDT)...
In Uttar Pradesh the I-T department conducts searches.

In Uttar Pradesh the I-T department conducts searches.

On October 28, 2020, the Income Tax (I-T) Department had started an investigation in the case of a Bijnor based group engaged in Real...
In Tamil Nadu the I-T department conducts searches.

In Tamil Nadu the I-T department conducts searches.

On October 28, 2020, the Income Tax (I-T) Department has carried out searches at 22 premises in Coimbatore, Erode, Chennai and Namakkal in Tamil...
CBDT clarifies that Declarants under Vivad Se Vishwas scheme have time till March 31 to make payment

CBDT clarifies that Declarants under Vivad Se Vishwas scheme have time till March 31...

On Wednesday, the Central Board of Direct Taxes (CBDT) has issued a clarification in respect of direct tax under Vivad Se Vishwas Act, 2020,...

I-T Dept. conducts searches in Delhi- NCR, Goa & other states.

On Monday this week, the Income Tax Department has conducted search and seizure actions in about 42 premises spread across Delhi- NCR, Haryana, Punjab,...
Central Govt. notifies cut-off date for filing declaration & extension of the deadline to make payment under Vivad Se Vishwas scheme

Central Govt. notifies cut-off date for filing declaration & extension of the deadline to...

The Central Government on Tuesday notified December 31, 2020, as the cut-off date for filing declaration under the Vivad Se Vishwas Act, 2020. It also...
Central Govt. extended deadline for filing I-T returns till December 31, 2020.

Central Govt. extended deadline for filing I-T returns till December 31, 2020.

Government of India has announced the extension of the deadline for filing income tax returns (ITR) for the Assessment Year 2020-21/Financial year 2019-20 to...
ITAT: Long Term Capital Gain Tax (LTCG) does not apply to indirect transfer of Indian Assets

ITAT: Long Term Capital Gain Tax (LTCG) does not apply to indirect transfer of...

The Income Tax Appellate Tribunal (ITAT) Delhi Bench has ruled that indirect transfer of Indian assets will not attract Long Term Capital Gains Tax...
CBDT: Instructions released for filing of ITR Forms for AY 2020-21

CBDT: Instructions released for filing of ITR Forms for AY 2020-21

The Central Board of Direct Taxes (CBDT) has released instructions for filing ITR (Income-tax Return) Forms. These instructions are guidelines to help the taxpayers...
Income Tax Dept. releases New Tax Audit utility, Form 3CD - Schema Change Document Version 1.21

Income Tax Dept. releases New Tax Audit utility, Form 3CD – Schema Change Document...

On 22nd October 2020, the Income Tax (I-T) Department announced ‘Form 3CD Schema Changes’ under e-Filing Project released New Tax Audit utility, Schema Version...

CBDT: Directions for exercising the power of survey u/s 133A of Income Tax Act,...

The Central Board of Direct Taxes (CBDT) issued the regulations for exercising the power of the survey under Section 133A of Income Tax Act,...
Income Tax Department conducts search operations in Delhi, NCR, and Haryana

Income Tax Department conducts search operations in Delhi, NCR, and Haryana

On Tuesday this week, the Income Tax Department has conducted search and seizure actions in the case of a leading advocate practising in the...
ITAT: TDS deduction on Rent not applicable if Accommodation Services were taken on Casually.

ITAT: TDS deduction on Rent not applicable if Accommodation Services were taken on Casually.

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench made a judgement that said TDS on the Rental Income can't get deducted if the accommodation...
ITAT: India-Finland Tax Treaty does not consider Royalty as part of Income received for Sale of specialized Software and Maintenance and Support Services

ITAT: India-Finland Tax Treaty does not consider Royalty as part of Income received for...

According to the India-Finland Tax Treaty, the Income received from the sale of specialized software and maintenance and support services is not considered as...
FM Nirmala Sitharaman announces LTC cash voucher scheme

FM Nirmala Sitharaman announces LTC cash voucher scheme

On Monday the Union Finance Minister Smt. Nirmala Sitharaman announced leave travel concession (LTC) cash voucher scheme to stimulate consumer spending that in turn...
INCOME TAX

Searches conducted in UP & Bihar by Income Tax dept.

On Tuesday this week, the Income Tax (IT) Department has conducted search and seizure actions in Patna, Sasaram and Varanasi based on actionable intelligence...

CBDT Extends Time Limit for Compulsory Selection of Returns for Scrutiny

The time limit for compulsory selection of returns for Complete Scrutiny of cases during the Financial Year 2020-21 from September 30, 2020, to October...
CBDT: Due date for furnishing of belated & revised ITRs for AY 2019-20 extended to 30th November 2020

CBDT: Due date for furnishing of belated & revised ITRs for AY 2019-20 extended...

The Ministry of Finance along with the Central Board of Direct (CBDT) has released a notification regarding the further extension given by the Government...
IT Dept. issues Guidelines for TDS on Payment by E-Commerce Operator from Oct. 1

IT Dept. issues Guidelines for TDS on Payment by E-Commerce Operator from Oct. 1

On Tuesday, the Income Tax Department has issued guidelines for applicability of TDS on Payment by e-commerce operator, under section 194-O which requires an...
Setting up of NFAC and RFAC under Faceless Appellate Scheme, 2020 notified by CBDT.

Setting up of NFAC and RFAC under Faceless Appellate Scheme, 2020 notified by CBDT.

The National Faceless Appeal Centre (NFAC) and Regional Faceless Appeal Centres (RFAC) under Faceless Appellate Scheme, 2020 is set-up by the Central Board of...
CBDT: Scrip-wise reporting not required for day-trading, short-term capital gains in ITR

CBDT: Scrip-wise reporting not required for day-trading, short-term capital gains in ITR

The Central Board of Direct Taxes (CBDT) has clarified in a press release issued on 26 September 2020, that there is no requirement of...
CBDT to introduce a Time Limit for Issuing Notices recommends CAG Audit Report.

CBDT to introduce a Time Limit for Issuing Notices recommends CAG Audit Report.

The Comptroller and Auditor General (CAG) has said in its report about the Income Tax (IT) Department should ensure that search warrants are issued...