Income Tax News

One Time Relaxation to update UDIN has been enabled by CBDT

15 December 2020 at 18:22

A One time relaxation to update UDIN has been enabled. Kindly update the UDIN before 31st December 2020 of audit report/certificates to avoid invalidation.

Posted in Income Tax | 1 comments | 14178 Views

Income Tax Department conducts searches in Pune Region

15 December 2020 at 18:21

The search and survey actions were carried out at 29 locations in Panvel and Vashi. Total unaccounted income of the group, detected, so far, is Rs. 163 crores.

Posted in Income Tax | 1326 Views

CBIC extends the time limit for completion or compliance of any action, by any authority, for anti-profiteering proceedings under Section 171 to 30th/31st March 2021

15 December 2020 at 12:52

The Central Board of Indirect Taxes has extended the time limit for completion or compliance of any action, by any authority, for anti-profiteering proceedings under Section 171 to 30th/31st March 2021.

Posted in Income Tax | 1 comments | 6144 Views

CBIC further makes changes in the notification of the Finance Ministry No. 63/1994-Customs (N.T.) dated the 21st November 1994

12 December 2020 at 10:30

CBIC, on 11th December 2020 has further made changes in the notification of the Finance Ministry No. 63/1994-Customs (N.T.) dated the 21st November 1994.

Posted in Income Tax | 4383 Views

CBDT issues refunds of over Rs. 1,45,619 crores to more than 89.29 lakh taxpayers between 1st April 2020 to 8th December 2020

09 December 2020 at 17:11

Income tax refunds of Rs. 43,274 crore have been issued in 87,29,626 cases &corporate tax refunds of Rs. 1,02,345 crore have been issued in 1,99,554 cases

Posted in Income Tax | 1629 Views

Income Tax Department conducts searches in Odisha

08 December 2020 at 17:47

The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha.

Posted in Income Tax | 3633 Views

Pay the third installment of your Advance Tax by 15th December 2020

08 December 2020 at 10:24

Do your bit in transforming the vision of a brighter tomorrow into a reality. Pay the third installment of your #AdvanceTax on or before 15th December 2020.

Posted in Income Tax | 3741 Views

Income-tax Deduction from Salaries During the FY 2020-21 under Sec 192 of the IT Act, 1961

05 December 2020 at 10:55

The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2020-21.

Posted in Income Tax | 2 comments | 8796 Views

CBIC issues clarification over Invoice Furnishing Facility with relation to the QRMP Scheme

05 December 2020 at 09:43

IFF is an optional facility to be used depending on the needs of the suppliers and their buyers. Taxpayers may file their GSTR-1 for the quarter without filing IFF.

Posted in Income Tax | 2169 Views

CBDT issues clarifications on the provisions of the Direct Tax Vivad se Vishwas Act 2020

05 December 2020 at 09:43

The Central Board of Direct Taxes has issued a clarification on the provisions of the Direct Tax Vivad se Vishwas Act 2020 and has released the 2nd set of FAQs on the Act.

Posted in Income Tax | 2484 Views