Income Tax News

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act

18 September 2021 at 07:08

No deduction of tax shall be made on payment u/s 194A, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank located in a specified area to a member of Scheduled Tribe residing in any specified area.

Posted in Income Tax | 12531 Views

Glitches on the New IT Portal not yet resolved even on the date of FM's deadline

15 September 2021 at 14:19

The Finance Minister’s September 15, 2021 deadline for the Bengaluru-based IT Solutions Company Infosys to fix the glitches in the Income Tax Portal for a seamless operation and filing of returns still remains a distant dream.

Posted in Income Tax | 7 comments | 7476 Views

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 | 1584 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 | 42918 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 | 17628 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 | 4866 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 | 5595 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