Income Tax News

161st Income Tax Day: A journey towards Nation Building

24 July 2021 at 17:47

The 161st anniversary of Income Tax Day was observed by the Central Board of Direct Taxes and all its field offices across India on 24th July 2021. As part of the observance, the field formations held a range of activities.

Posted in Income Tax | 1344 Views

IT Department conducts raid at media group Dainik Bhaskar

23 July 2021 at 12:03

On Thursday, 22nd July 2021, around 100 officials from the Income Tax Department conducted a raid at over 30 locations of the Media Group Dainik Bhaskar's offices in Madhya Pradesh, Maharashtra, Delhi, Rajasthan and Gujarat.

Posted in Income Tax | 2 comments | 10551 Views

Allegations of the IT Dept officials suggesting changes in media stories & taking editorial decisions denied

23 July 2021 at 06:32

Certain allegations have appeared in some sections of media that IT Dept officials were suggesting changes in stories & taking editorial decisions during their search on offices of Media Group Dainik Bhaskar.

Posted in Income Tax | 1 comments | 7206 Views

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

20 July 2021 at 18:38

Taxpayers can now submit Forms 15CA/15CB in manual format to the authorized dealers till 15th August 2021. Authorized dealers are advised to accept such Forms till 15th August 2021 for the purpose of foreign remittances.

Posted in Income Tax | 11874 Views

Tax exemption to ameliorate stress due to COVID-19

19 July 2021 at 21:45

The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years.

Posted in Income Tax | 3285 Views

Memorandum on the problems being faced in relation to New Income Tax Portal

17 July 2021 at 07:35

The District Taxation Bar Association (Direct Taxes), Ludhiana has written a Memorandum to FM Nirmala Sitharaman wherein, they have highlighted 22 problems that are being faced by them and the taxpayers at large, on the New Income Tax Portal.

Posted in Income Tax | 13 comments | 14460 Views

CBDT issues refunds to more than 19.59 lakh taxpayers between 1st April to 12th July, 2021

15 July 2021 at 19:47

Income tax refunds of Rs. 11,731 crore have been issued in 18,52,540 cases & corporate tax refunds of Rs. 27,220 crore have been issued in 1,06,433 cases.

Posted in Income Tax | 1 comments | 1527 Views

Update on New Income Tax Portal by ICAI

10 July 2021 at 09:57

"Pursuant to decisions in that meeting, our members from ICAI are continuously working with Ministry of Finance officials and Infosys group in configuring glitch-free functionalities of new efiling portal" - ICAI.

Posted in Income Tax | 31 comments | 16278 Views

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 | 1596 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 | 10560 Views