Income Tax News

ICAI extends the Last Date of updation of UDINs at e-filing Portal

01 July 2021 at 05:28

The Central Board of Direct Taxes has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August 2021.

Posted in Income Tax | 2967 Views

CBDT issues guidelines under Section 194Q of the Income tax Act, 1961 effective from 1st July 2021

30 June 2021 at 20:58

Section 194Q of the Income Tax Act, which has been effective from 1st July 2021 onwards has created a lot of confusion among taxpayers and professionals. Thus, the CBDT has issued certain guidelines and clarifications under the section.

Posted in Income Tax | 15870 Views

CBDT extends due date of various compliances and announces tax exemption for expenditure on COVID-19

25 June 2021 at 19:21

The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.

Posted in Income Tax | 2 comments | 29295 Views

FM asks ICAI to constitute a team of 7 members to look into the technical glitches/issues on the new Income Tax Portal

23 June 2021 at 06:16

During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible and have been asked to constitute a task force of 7 representatives.

Posted in Income Tax | 2 comments | 10554 Views

Finance Ministry interacts with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal

22 June 2021 at 20:48

FM Nirmala Sitharaman asked Infosys to address all issues without further loss of time, improve their services, redress grievances on priority as it was impacting taxpayers adversely.

Posted in Income Tax | 1 comments | 2079 Views

New functionality issued for compliance checks for Section 206AB & 206CCA of the Income Tax Act

22 June 2021 at 06:24

These sections mandate tax deduction under Section 206AB or tax collection under Section 206CCA at a higher rate in the case of certain non-filers of return and will be effective from 1st July 2021 onwards.

Posted in Income Tax | 8517 Views

CAAS recommends FM to intervene and simply re-activate the previous IT Portal

19 June 2021 at 07:18

CAAS has given an advisory and beta-testing regarding the New Income Tax Portal to the PMO and has recommended them to intervene and simply re-activate the previous IT Portal, so that tax compliances can run on time.

Posted in Income Tax | 15 comments | 9216 Views

GoI invites written representations regarding the issues & glitches on the new Income Tax Portal

16 June 2021 at 22:13

The Ministry of Finance has invited written representations regarding the issues & glitches on the new Income Tax Portal. These can be sent on the email address fmo@nic.in by 7 PM of 18th June 2021.

Posted in Income Tax | 1968 Views

Net Direct Tax collections for FY 2021-22 grows more than 100%

16 June 2021 at 17:12

Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy. Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22.

Posted in Income Tax | 2718 Views

Cost Inflation Index for FY 2021-22

16 June 2021 at 06:41

Cost Inflation Index for FY 2021-22 is 317. It is used to calculate the inflation adjusted cost price of an asset. The inflation adjusted price then is used to arrive at long-term capital gains or long-term losses.

Posted in Income Tax | 3054 Views