Income Tax News
CBDT issues guidelines under Section 194Q of the Income tax Act, 1961 effective from 1st July 2021
30 June 2021 at 20:58Section 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.
CBDT extends due date of various compliances and announces tax exemption for expenditure on COVID-19
25 June 2021 at 19:21The 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.
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 06:16During 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.
Finance Ministry interacts with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal
22 June 2021 at 20:48FM 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.
New functionality issued for compliance checks for Section 206AB & 206CCA of the Income Tax Act
22 June 2021 at 06:24These 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.
CAAS recommends FM to intervene and simply re-activate the previous IT Portal
19 June 2021 at 07:18CAAS 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.
GoI invites written representations regarding the issues & glitches on the new Income Tax Portal
16 June 2021 at 22:13The 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.
Net Direct Tax collections for FY 2021-22 grows more than 100%
16 June 2021 at 17:12Net 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.
Cost Inflation Index for FY 2021-22
16 June 2021 at 06:41Cost Inflation Index for FY 2021-22 is 317. It is used to calculate the inflation adjusted cost price of an asset. The inflation adjusted price then is used to arrive at long-term capital gains or long-term losses.
Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal
15 June 2021 at 22:33Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys on issues/glitches in the recently launched e-filing portal of the IT Department.
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