Income Tax News

CBDT notifies changes in Rule 8AA with regard to amount chargeable to Income Tax under the head

03 July 2021 at 06:28

CBDT has released the Income Tax Amendment (18th Amendment), Rules, 2021 under which, changes have been notified in Rule 8AA with regard to the amount chargeable to Income Tax under the head "Capital Gains" and a new Rule 8AB has been inserted.

Posted in Income Tax | 8646 Views

ICAI extends the Last Date of updation of UDINs at e-filing Portal

01 July 2021 at 05:28

The Central Board of Direct Taxes has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August 2021.

Posted in Income Tax | 2973 Views

CBDT issues guidelines under Section 194Q of the Income tax Act, 1961 effective from 1st July 2021

30 June 2021 at 20:58

Section 194Q of the Income Tax Act, which has been effective from 1st July 2021 onwards has created a lot of confusion among taxpayers and professionals. Thus, the CBDT has issued certain guidelines and clarifications under the section.

Posted in Income Tax | 15870 Views

CBDT extends due date of various compliances and announces tax exemption for expenditure on COVID-19

25 June 2021 at 19:21

The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.

Posted in Income Tax | 2 comments | 29295 Views

FM asks ICAI to constitute a team of 7 members to look into the technical glitches/issues on the new Income Tax Portal

23 June 2021 at 06:16

During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible and have been asked to constitute a task force of 7 representatives.

Posted in Income Tax | 2 comments | 10557 Views

Finance Ministry interacts with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal

22 June 2021 at 20:48

FM Nirmala Sitharaman asked Infosys to address all issues without further loss of time, improve their services, redress grievances on priority as it was impacting taxpayers adversely.

Posted in Income Tax | 1 comments | 2082 Views

New functionality issued for compliance checks for Section 206AB & 206CCA of the Income Tax Act

22 June 2021 at 06:24

These sections mandate tax deduction under Section 206AB or tax collection under Section 206CCA at a higher rate in the case of certain non-filers of return and will be effective from 1st July 2021 onwards.

Posted in Income Tax | 8532 Views

CAAS recommends FM to intervene and simply re-activate the previous IT Portal

19 June 2021 at 07:18

CAAS has given an advisory and beta-testing regarding the New Income Tax Portal to the PMO and has recommended them to intervene and simply re-activate the previous IT Portal, so that tax compliances can run on time.

Posted in Income Tax | 15 comments | 9216 Views

GoI invites written representations regarding the issues & glitches on the new Income Tax Portal

16 June 2021 at 22:13

The Ministry of Finance has invited written representations regarding the issues & glitches on the new Income Tax Portal. These can be sent on the email address fmo@nic.in by 7 PM of 18th June 2021.

Posted in Income Tax | 1968 Views

Net Direct Tax collections for FY 2021-22 grows more than 100%

16 June 2021 at 17:12

Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy. Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22.

Posted in Income Tax | 2718 Views