Income Tax News

CBDT issues refunds to more than 26.09 lakh taxpayers between 1st April to 6th September, 2021

12 September 2021 at 17:10

Income tax refunds of Rs. 16,753 crore have been issued in 24,70,612 cases &corporate tax refunds of Rs. 53,367 crore have been issued in 1,38,801 cases.

Posted in Income Tax | 2 comments | 1581 Views

CBDT amends Rule 11UAC of the Income Tax Rules, 1962

11 September 2021 at 21:57

Equity shares of a public sector company received by a person from the CG or any SG under strategic disinvestment shall not be chargeable as income from other sources under Section 56(2)(x).

Posted in Income Tax | 1 comments | 10527 Views

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

11 September 2021 at 05:44

In order to facilitate the strategic disinvestment, it has been decided that Section 79 of the Income-tax Act, 1961, shall not apply to an erstwhile public sector company which has become so as a result of strategic disinvestment.

Posted in Income Tax | 1545 Views

CBDT extends the due date for filing of Income Tax Returns and Various Reports of Audit for AY 2021-22

09 September 2021 at 19:58

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 is hereby further extended to 15th February 2022; and whose due date is 30th November 2021 is further extended to 28th February 2022.

Posted in Income Tax | 2 comments | 42909 Views

e-Filing portal of the Income Tax Department - Updates

09 September 2021 at 05:46

It is encouraging to note that over 94.88 lakh ITRs have also been e-verified, which is necessary for processing by the Centralized Processing Center. Of this, 7.07 lakh ITRs have been processed.

Posted in Income Tax | 19 comments | 17616 Views

CBDT amends IT Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

08 September 2021 at 05:49

Persons who are mandatorily required to authenticate electronic records by digital signature shall be deemed to have authenticated the electronic records when they submit the record through their registered account in the Income-tax Department's portal.

Posted in Income Tax | 4860 Views

CBDT allows taxpayers an opportunity to file application for settlement

08 September 2021 at 05:49

In order to provide relief to the taxpayers who were eligible to file applications as on 31.01.2021, but could not file the same, it has been decided that applications for settlement can be filed by the taxpayers by 30th September 2021.

Posted in Income Tax | 5592 Views

CBDT inserts new Rule 26D - Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P

07 September 2021 at 05:51

CBDT has released the IT (26th Amendment) Rules, 2021. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P.

Posted in Income Tax | 6792 Views

FM Nirmala Sitharaman lays foundation stone for office building of IT Department in Bengaluru

05 September 2021 at 17:57

Smt. Nirmala Sitharaman, Hon'ble Union Minister of Finance and Corporate Affairs laid foundation stone on 5th September, 2021 for office building of Income Tax Department at plot No. 4, 5 and 6, Infantry Road, Bengaluru.

Posted in Income Tax | 2385 Views

CBDT issues refunds to more than 23.99 lakh taxpayers between 1st April to 30th August 2021

04 September 2021 at 12:43

Income tax refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases.

Posted in Income Tax | 1449 Views