Income Tax News

Income Tax Department requests taxpayers to give sufficient time before multiple submissions for Aadhaar OTP

11 January 2021 at 08:21

The Income Tax Department has requested taxpayers to give sufficient time before multiple submissions for Aadhaar OTP. This is because of the new restrictions by UIDAI of a maximum of 5 OTP requests for a single Aadhaar within a span of 30 minutes.

Posted in Income Tax | 5148 Views

IT Department conducts searches on 3 real estate & stock broking groups of Kolkata

09 January 2021 at 10:01

The search action has resulted in the seizure of unaccounted cash of Rs. 3.02 crore and jewellery worth Rs. 72 lakh.

Posted in Income Tax | 2487 Views

NSDL releases e-TDS/TCS Return Preparation Utility Ver. 3.5. Download now!

08 January 2021 at 17:53

The National Securities Depository Limited has released the e-TDS/TCS Return Preparation Utility Ver 3.5 for Regular & Correct e-TDS/TCS.

Posted in Income Tax | 6012 Views

CBIC releases updated rate of exchange of conversion w.e.f 8th January 2021

08 January 2021 at 10:49

The Central Board of Indirect Taxes and Customs hereby determines the rate of exchange of conversion of each of the foreign currencies given w.e.f 8th January 2021.

Posted in Income Tax | 3864 Views

FVU version 7.0 related changes have been enabled in e-filing portal

08 January 2021 at 08:29

The Income Tax Department, via the e-filing portal has announced that they have released the File Validation Utility (FVU) 7.0 related changes on the portal.

Posted in Income Tax | 2214 Views

CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs

08 January 2021 at 08:29

In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-Ministry.

Posted in Income Tax | 1350 Views

Letter of Resentment towards FMO's Approach on Direct-Indirect Taxes & Corporate Affairs by CAAS

07 January 2021 at 17:09

The Chartered Accountants Association, Surat has written a representation letter to the Ministry of Finance stating their Resentment towards FMO's Approach on Direct-Indirect Taxes & Corporate Affairs.

Posted in Income Tax | 8 comments | 17112 Views

Further Extension of Income Tax Returns and Tax Audit Reports requested by ICAI

07 January 2021 at 10:59

The Direct Tax Committee of ICAI has further requested the Ministry of Finance to extend the due dates for various Income Tax Returns and Tax Audit Reports to 31st March 2021, including various TDS and TCS Compliances.

Posted in Income Tax | 9 comments | 50388 Views

Income Tax Department works on FVU Related Charges

07 January 2021 at 10:15

The Income Tax Department has issued a clarification that they are working on the changes of File Validation Utility and the taxpayers are requested to wait for some time.

Posted in Income Tax | 1995 Views

CBDT issues refunds of over Rs. 1,64,016 crores to more than 1.41 crore taxpayers between 1st April 2020 to 04th January 2021

07 January 2021 at 10:15

The Central Board of Direct Taxes, via their official Twitter handle, has released the amount of refund that has been issued to 1.41 crore taxpayers, including the break-up of such a refund.

Posted in Income Tax | 1488 Views