Income Tax News

CBDT issues refunds to more than 17.92 lakh taxpayers between 1st April to 5th July, 2021

08 July 2021 at 17:04

Income tax refunds of Rs. 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs. 26,642 crore have been issued in 1,03,088 cases.

Posted in Income Tax | 1593 Views

CBDT notifies amendment in the computation of short term capital gains

08 July 2021 at 05:42

CBDT has released the Income Tax Amendment (19th Amendment), Rules, 2021 under which an amendment has been notified in the computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained.

Posted in Income Tax | 10554 Views

CBDT grants further relaxation in e-filing of Income Tax Forms 15CA/15CB

05 July 2021 at 17:33

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has been decided to extend the due date for filing these Forms till 15th July 2021.

Posted in Income Tax | 13890 Views

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 | 8655 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 | 2976 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 | 15936 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 | 29298 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 | 2088 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 | 8535 Views