CBDT

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th May, 2020 INCOME-TAX G.S.R.315(E).- In exercise of the powers conferred by section 295 read with clause (m) of sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (10th Amendment) Rules, 2020. ..

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th May, 2020 INCOME-TAX G.S.R. 329(E). In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:&mdash; 1. Short title and commencement.-(1) These rules may be called the Income-tax (11th Amendment) Rules, 2020.<..

CBDT clarified that the provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transactions &nbsp;if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by mode other than cash. Circular No. 12/2020&nbsp; F.No.370142/35/2019-TPL&nbsp; Government of India&nbsp; Ministry of Finance&nbsp; Department of Revenue&nbsp; Central Board ..

Clarification in respect of residency under section 6 of the Income-tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent,&nbsp;inter-alia,&nbsp;on the period for which the person is in India during a year. Various representations have been received stating that there are number of individu..

New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020 In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st Octo..

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th May, 2020 INCOME-TAX G.S.R. 282(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:&nbsp; 1. Short title and commencement. - (1) These rules may be called the Income-tax (8th Amendment) Rules, 2020. (2) They shall co..

Circular No.10/2020&nbsp; F. No. 370142/9/2018-TPL&nbsp; Government of India&nbsp; Ministry of Finance&nbsp; Department of Revenue&nbsp; Central Board of Direct Taxes&nbsp; TPL Division New Delhi, dated 24th April, 2020&nbsp; Order under Section 119 of the Income-tax Act, 1961.&nbsp; Section 44AB of the <a href="/tag/income-tax" target="_bl..

CBDT clarified that it never asked for a report from the IRS officers regarding taxation matters that is&nbsp;being circulated on Social Media. The Department also said that the IRS Officers didn&#39;t seek the permission of any sought before releasing such a report in the public space and an inquiry will be initiated against them. The report included various suggestions on how the government can generate revenue out of taxes amidst the COVID-19 outbreak. Here is the official message from the Income Tax Department. Never asked for a report, Inquiry being initiated: CBDT <..

1. During the Union Budget, 2020 presentation, the &lsquo;Vivad&rsquo; se Vishwas&rsquo; Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget&nbsp;announcement, the Direct Tax Vivad Sc Vishwas Bill, 2020 (the&nbsp;Bill)&nbsp;was introduced in the Lok Sabha on 5th Feb, 2020. Subsequently, based on the representations received from the stakeholders regarding its various provisions, official amendments to&nbsp;the Bill&nbsp;w..

The Central Board of Direct Taxes(CBDT) made an announcement a few days back that the department will issue Income Tax Refund up to Rs 5 lacs immediately in the wake of the outbreak of COVID-19. As of 21st April 2020, the department has issued almost Rs 14 lakhs Income Tax Refund. Many taxpayers also received emails from the Income Tax Department. The most common of them being Income Tax Return is under Risk Management Process.&nbsp; The department took to Twitter and tweeted that such reminder emails are to make sure that there is nothing pending from the taxpayer&#39;s side. The departmen..

The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that these observations are completely unfounded and are total misrepresentation of facts. The CBDT said that its email seeking clarification from all those who are entitled to get tax refund but also have outstanding tax to pay cannot be misconstrued as harassment. These ..

The CBDT announced that it will be revising the ITR Forms for the financial year 2019-20. The revision in ITR(Income Tax Return) Forms is to enable taxpayers to avail benefits of the timeline extension due to COVID-19. The FM had announced that the date for various investments eligible for the Income Tax Deduction has been extended till the 30th June 2020. Also, a donation made to PM Cares Fund till the 30th June was eligible for deduction in the Income Tax Return of FY 2019-2020. Generally, the revision in ITR Forms is made in the first week of April. But in the wake of COVID-19 the govern..