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, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. The Government issued a Notificat..
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 <a href="https://www.incometaxindia.gov.in/Suppor..
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. <img alt="Refunds issued by CBDT from 1st April 2020 to 6th October 2020" class="img-fluid" src="/editor_upload/71160_20201007170841_screenshot.png" title="Refunds issued by CBDT fro..
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 G.S.R. 610(E).—In exercise of the powers conferred by section 44AB, section 92E, clause (iv) of sub..
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 Notification is as follows: F. No. 225/ 150/2020-ITA-11 Government of India Ministry of Finance Department of..
The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary Gazette notification has also been issued today. It may be noted that Hon’ble PM on 13th August, 2020 while launching the ..
CBDT issues refunds of over Rs. 1,11,372 crore to more than 32.07 lakh taxpayers between 1st April,2020 to 22nd September,2020. Income tax refunds of Rs. 31,856 crore have been issued in 30,29,681 cases & corporate tax refunds of Rs.79,517 crore have been issued in 1,76,966cases. <img alt="Refunds issued by CBDT on account of Income Tax and Corporate Tax during the month of Sept. 2020" class="img-fluid" src="/editor_upload/40_20200924105231_screenshot.png" ti..
Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order inF.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act. The data on cash withdrawal indicated that huge amount of cash is being withdrawn by th..
The CBDT has issued a circular with respect to Section 269SU of the Income Tax Act. As per the circular banks are advised to immediately refund the charges collected, if any, on or after 15th January 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the IT Act and not to impose charges on any future transactions car..
The Central Board of Direct Taxes has prescribed the procedure for notification of pension funds(PF) for claiming exemption under section 10(23FE) for income from investment made in the specified infrastructure business. Here is the official notification: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th August, 2020 INCOME-TAX G.S.R. 5..
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th August, 2020 S.O. 2745 (E). - In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the E-assessment Scheme, 2019 published vide notification of the Government of India, Ministry of ..
F.No. 187/3/2020-ITA-I Government oF India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 Dated: 13th August 2020 1. With the launch of the Faceless Assessment Scheme 2019, the Income Tax department is moving towards minimal interface with the taxpayers, aiming at significant improvement in deliv..