Income Tax News
Pay the third installment of your Advance Tax by 15th December 2020
08 December 2020 at 10:24Do 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.
Income-tax Deduction from Salaries During the FY 2020-21 under Sec 192 of the IT Act, 1961
05 December 2020 at 10:55The 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.
CBIC issues clarification over Invoice Furnishing Facility with relation to the QRMP Scheme
05 December 2020 at 09:43IFF 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.
CBDT issues clarifications on the provisions of the Direct Tax Vivad se Vishwas Act 2020
05 December 2020 at 09:43The 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.
Resumption of physical hearings, on experimental basis, in the ITAT, Mumbai benches, wef Dec 7, 2020
04 December 2020 at 18:02The Income Tax Appellate Tribunal Mumbai benches intend to resume physical functioning, on an experimental basis and in a limited manner, with effect from 7th December 2020.
CBIC issues classes of supply who have to maintain eight digit HSN Code
03 December 2020 at 10:08For the class of supply as specified in column (2) and whose HSN Code as specified in column (3) of the Table given, a registered person shall mention eight number of digits of HSN Codes in a tax invoice issued by him under the said rules.
CBDT issues refunds of over Rs. 1,40,210 crores to more than 59.68 lakh taxpayers between 1st April 2020 to 01st December 2020
02 December 2020 at 15:33Income tax refunds of Rs. 38,105 crore have been issued in 57,68,926 cases & corporate tax refunds of Rs. 1,02,105 crore have been issued in 1,99,165 cases.
IT Department conducts searches in Tamil Nadu resulting in the detection of undisclosed income of more than Rs. 450 crore
30 November 2020 at 09:59The Income Tax Department conducted searches on 27/11/2020 in the case of an IT SEZ developer, its ex-Director, and a prominent stainless-steel supplier in Chennai.
CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports
27 November 2020 at 09:34ICAI, in its gazette notification dated 2nd August 2019, had made the generation of UDIN from the ICAI website mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators.
Income Tax Department releases new instruction sheets for filling of ITR - 2,3,5,6 & 7 for better clarity
26 November 2020 at 09:57The Income Tax Department has released a new set of instructions sheets and use of offline utilities for filing of ITR - 2,3,5,6, & 7 for better clarity of the taxpayer.
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