Income Tax News

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia,..

Instructions to the Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21 Instructions to ITR-1 SAHAJ for AY 2020-21 Instructions to ITR-2 for AY 2020-21 Instructions to ITR-3 for AY 2020-21 Instructions to ITR-4 Sugam for AY 2020-21 Instructions to ITR-5 for AY 2020-21 Instructi..

Document Revision List Document Name: ‘Form 3CD Schema Changes’ Version Number: 1.21 Revision Details Version No. Revision Date Revision Description Page Number ..

An intelligence was developed by the officers of DGGI that few exporter companies were engaged in fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms which apparently do not have any purchases themselves. The ITC so availed was utilized t..

The Income Tax Department, on the basis of actionable intelligence received, conducted search and seizure actions on 06-10-2020 in Patna, Sasaram and Varanasi in the case of a person, who is in the business of mining and hotel industry. Search was also conducted in the case of a Chairman of a large ..

CBDT issues refunds of over Rs. 1,21,607 crore to more than 35.93 lakh taxpayers between 1st April,2020 to 06th October,2020. Income tax refunds of Rs. 33,238 crore have been issued in 34,09,246 cases & corporate tax refunds of Rs. 88,370 crore have been issued in 1,83,773 cases. ..

The Central Board of Direct Taxes on 1st October 2020 issued guidelines for the Income Tax (22nd Amendment) Rules, 2020. Read the official notification below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st October, 2020 INCOME-TAX ..

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applic..

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued. Official Not..

The Ministry of Finance has issued guidelines on the two new sections inserted by the Finance Act, 2020 which will come into effect from 1st October 2020. Read the official circular below: F. No.370133/22/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of ..