Income Tax News

CBIC further makes changes in the notification of the Finance Ministry No. 63/1994-Customs (N.T.) dated the 21st November 1994

12 December 2020 at 10:30

CBIC, on 11th December 2020 has further made changes in the notification of the Finance Ministry No. 63/1994-Customs (N.T.) dated the 21st November 1994.

Posted in Income Tax | 4383 Views

CBDT issues refunds of over Rs. 1,45,619 crores to more than 89.29 lakh taxpayers between 1st April 2020 to 8th December 2020

09 December 2020 at 17:11

Income tax refunds of Rs. 43,274 crore have been issued in 87,29,626 cases &corporate tax refunds of Rs. 1,02,345 crore have been issued in 1,99,554 cases

Posted in Income Tax | 1629 Views

Income Tax Department conducts searches in Odisha

08 December 2020 at 17:47

The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha.

Posted in Income Tax | 3636 Views

Pay the third installment of your Advance Tax by 15th December 2020

08 December 2020 at 10:24

Do your bit in transforming the vision of a brighter tomorrow into a reality. Pay the third installment of your #AdvanceTax on or before 15th December 2020.

Posted in Income Tax | 3741 Views

Income-tax Deduction from Salaries During the FY 2020-21 under Sec 192 of the IT Act, 1961

05 December 2020 at 10:55

The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2020-21.

Posted in Income Tax | 2 comments | 8796 Views

CBIC issues clarification over Invoice Furnishing Facility with relation to the QRMP Scheme

05 December 2020 at 09:43

IFF is an optional facility to be used depending on the needs of the suppliers and their buyers. Taxpayers may file their GSTR-1 for the quarter without filing IFF.

Posted in Income Tax | 2178 Views

CBDT issues clarifications on the provisions of the Direct Tax Vivad se Vishwas Act 2020

05 December 2020 at 09:43

The Central Board of Direct Taxes has issued a clarification on the provisions of the Direct Tax Vivad se Vishwas Act 2020 and has released the 2nd set of FAQs on the Act.

Posted in Income Tax | 2487 Views

Resumption of physical hearings, on experimental basis, in the ITAT, Mumbai benches, wef Dec 7, 2020

04 December 2020 at 18:02

The Income Tax Appellate Tribunal Mumbai benches intend to resume physical functioning, on an experimental basis and in a limited manner, with effect from 7th December 2020.

Posted in Income Tax | 1515 Views

CBIC issues classes of supply who have to maintain eight digit HSN Code

03 December 2020 at 10:08

For the class of supply as specified in column (2) and whose HSN Code as specified in column (3) of the Table given, a registered person shall mention eight number of digits of HSN Codes in a tax invoice issued by him under the said rules.

Posted in Income Tax | 3375 Views

CBDT issues refunds of over Rs. 1,40,210 crores to more than 59.68 lakh taxpayers between 1st April 2020 to 01st December 2020

02 December 2020 at 15:33

Income tax refunds of Rs. 38,105 crore have been issued in 57,68,926 cases & corporate tax refunds of Rs. 1,02,105 crore have been issued in 1,99,165 cases.

Posted in Income Tax | 2 comments | 3144 Views