Income Tax News
CBDT makes amendments to the threshold limit for the purposes of significant economic presence
04 May 2021 at 05:02CBDT 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.
CBDT extends timelines of certain Income Tax Compliances amid COVID-19
01 May 2021 at 13:56In 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.
CBDT releases Form 34BB for an assessee to withdraw his pending application u/s 245M(1)
01 May 2021 at 05:24The 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).
CBDT issues refunds to more than 10.83 lakh taxpayers between 1st April to 26th April, 2021
28 April 2021 at 20:52Income tax refunds of Rs. 4,577 crore have been issued in 10,65,861 cases & corporate tax refunds of Rs. 7,461 crore have been issued in 17,273 cases.
CBDT further makes changes in Form 10BBA w.r.t assets being administered or invested
27 April 2021 at 05:00CBDT has released the Income-tax (11th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, changes in Form 10BBA w.r.t assets being administered or invested have been made by the concerned authorities.
Government extends various Deadlines under the Income Tax Act due to the pandemic
24 April 2021 at 13:06In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders the Government has extended certain timelines today.
CBDT issues notification specifying format, procedure and guidelines for submission of SFT for Interest Income
23 April 2021 at 05:19The Central Board of Direct Taxes has notified the Format, Procedure and Guidelines for SFT for Interest Income under Section 285BA of the Income Tax Act, 1961 and Rule 114E that requires specified reporting persons to furnish SFT.
CBDT issues notification specifying format, procedure and guidelines for submission of SFT for Dividend Income
23 April 2021 at 05:13The Central Board of Direct Taxes has notified the Format, Procedure and Guidelines for submission of SFT for Dividend Income under Section 285BA of the Income Tax Act, 1961 and Rule 114E that requires specified reporting persons to furnish SFT.
CBDT notifies Canada Pension Plan Investment Board under Section 10(23FE)
23 April 2021 at 04:53The Central Board of Direct Taxes has specified the pension fund, namely, the Canada Pension Plan Investment Board, as the specified person under Section 10(23FE) of the Income Tax Act.
Request for Extension of Income Tax Due Dates and Time Barring Assessments
22 April 2021 at 15:24The Lucknow CA Tax Practitioners Association has requested the Finance Minister Smt. Nirmala Sitharaman to extend various due dates under the Income Tax Act, together with the time barring date for the assessments which require a personal hearing.
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