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...
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...
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...
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.
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
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...
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...
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.
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.
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...
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...
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.
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...
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
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...
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
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.
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...
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
On Monday the Union Finance Minister Smt. Nirmala Sitharaman announced leave travel concession (LTC) cash voucher scheme to stimulate consumer spending that in turn...
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...
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
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.
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
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.
The Comptroller and Auditor General (CAG) has said in its report about the Income Tax (IT) Department should ensure that search warrants are issued...