Income Tax News

CBDT determines rate of exchange of conversion of foreign currencies w.e.f 7th May 2021

06 May 2021 at 19:52

CBDT determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, come into effect from 7th May, 2021

Posted in Income Tax | 1 comments | 2679 Views

CBDT exempts Cash Allowance up to Rs. 36000 received by an employee u/s 10(5) of the Income Tax Act

06 May 2021 at 05:52

A new LTC Cash Voucher Scheme has been notified by the concerned authorities under which Cash Allowance up to Rs. 36000 received by an employee u/s 10(5) of the Income Tax Act is exempt from the AY beginning 1st April 2021.

Posted in Income Tax | 17712 Views

CBDT issues refunds to more than 11.73 lakh taxpayers between 1st April 2021 and 3rd May 2021

05 May 2021 at 14:06

Income tax refunds of Rs. 5,047 crore have been issued in 11,51,408 cases & corporate tax refunds of Rs. 10,392 crore have been issued in 21,487 cases.

Posted in Income Tax | 1110 Views

CBDT specifies conditions wherein an eligible foreign investor is not required to quote Aadhaar/Enrollment ID for filing of an ITR

05 May 2021 at 05:31

CBDT has released the Income-tax (14th Amendment) Rules, 2021 under which conditions have been specified wherein an eligible foreign investor is not required to quote Aadhaar/Enrollment ID for filing of an ITR u/s 139A.

Posted in Income Tax | 1026 Views

CBDT notifies certain pension funds under Section 10(23FE)

05 May 2021 at 05:23

CBDT has notified pension funds namely Caisse de dépôt et placement du Québec, Ivanhoe Logistics India Inc and CDPQ Fixed Income XI Inc as specified persons u/s 10(23FE) of the IT Act via Notification No's - S.O. 1732(E), S.O. 1734(E) and S.O. 1735 (E).

Posted in Income Tax | 1974 Views

Format, Procedure and Guidelines for submission of SFT for Depository Transactions

04 May 2021 at 13:26

The Central Board of Direct Taxes has released the Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions under Section 285BA of the Income Tax Act, 1961 and Rule 114E.

Posted in Income Tax | 1950 Views

Format, Procedure and Guidelines for submission of SFT for Mutual Fund Transactions by Registrar and Share Transfer Agent

04 May 2021 at 13:19

Format, Procedure and Guidelines for submission of SFT for Mutual Fund Transactions by Registrar and Share Transfer Agent Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish SFT.

Posted in Income Tax | 1 comments | 2481 Views

CBDT makes amendments to the threshold limit for the purposes of significant economic presence

04 May 2021 at 05:02

CBDT has released the Income-tax (13th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, a new Rule 11UD has been inserted stating the threshold limit for the purposes of significant economic presence.

Posted in Income Tax | 2160 Views

CBDT extends timelines of certain Income Tax Compliances amid COVID-19

01 May 2021 at 13:56

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.

Posted in Income Tax | 23388 Views

CBDT releases Form 34BB for an assessee to withdraw his pending application u/s 245M(1)

01 May 2021 at 05:24

The Central Board of Direct Taxes has released the Income-tax (12th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, Form 34BB has been released for an assessee to withdraw his pending application u/s 245M(1).

Posted in Income Tax | 6849 Views