Income Tax News

CBDT member JB Mohapatra handed over the charge of Chairman

01 June 2021 at 06:29

Upon completion of his tenure, here is the outgoing Chairman CBDT, Sh. PC Mody handing over the charge of Chairman, CBDT to Sh. JB Mohapatra, Member, CBDT, who will hold the charge in addition to his regular duties.

Posted in Income Tax | 1467 Views

CBDT issues refunds to more than 15.45 lakh taxpayers between 1st April and 24th May 2021

26 May 2021 at 17:03

Income tax refunds of Rs. 7,494 crore have been issued in 15,00,397 cases & corporate tax refunds of Rs. 17,807 crore have been issued in 44,140 cases.

Posted in Income Tax | 1368 Views

CBDT issues clarification w.r.t limitation for filing of appeals before CIT(Appeals) under IT Act,1961

25 May 2021 at 22:35

The Central Board of Direct Taxes clarifies that if different relaxations are available to the taxpayers for a particular compliance, the taxpayer is entitled to the relaxation which is more beneficial to him.

Posted in Income Tax | 1 comments | 1893 Views

CBDT issues Procedure for exercise of option u/s 245M(1) and furnishing & upload of Form No. 34BB under Rule 44DA(1)

25 May 2021 at 07:14

The Central Board of Direct Taxes has issued the procedure for the exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 3488 under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962.

Posted in Income Tax | 1701 Views

CBDT issues Amendment in Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act

25 May 2021 at 06:46

CBDT has released the Income Tax (16th Amendment) Rules, 2021 wherein, an amendment has been made in the computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income Tax Act.

Posted in Income Tax | 7131 Views

CBDT extends due dates of Income Tax Return, Tax Audit, TDS Statement and Others

20 May 2021 at 17:45

The Central Board of Direct Taxes has extended the due dates of Income Tax Return, Tax Audit, TDS Statement and Other Compliances to provide relief to taxpayers in view of the COVID-19 pandemic.

Posted in Income Tax | 1 comments | 41514 Views

CBDT to Launch a New E-Filing Portal on 7th June 2021

19 May 2021 at 23:07

The Central Board of Direct Taxes is all set to launch a new E-Filing Portal on 7th June 2021. Thus, in preparation for the launch and migration activities, the existing portal will be unavailable from 1st June 2021 to 6th June 2021.

Posted in Income Tax | 1 comments | 7881 Views

CBDT issues refunds to more than 15 lakh taxpayers between 1st April and 17th May, 2021

19 May 2021 at 19:06

Income tax refunds of Rs. 7,458 crore have been issued in 14,98,488 cases & corporate tax refunds of Rs. 17,334 crore have been issued in 43,661 cases.

Posted in Income Tax | 1272 Views

CBDT makes certain amendments vide Notification No. 47/2021

13 May 2021 at 22:30

Tariff Notification No. 47/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

Posted in Income Tax | 1 comments | 2706 Views

CBDT issues refunds to more than 13 lakh taxpayers between 1st April to 10th May, 2021

13 May 2021 at 05:29

Income tax refunds of Rs. 5,575 crore have been issued in 12,71,401 cases & corporate tax refunds of Rs. 11,486 crore have been issued in 29,592 cases.

Posted in Income Tax | 1554 Views