Category : Income Tax
CBDT amends section 194A with respect to the receiver as specified in section 10(26) of Income tax act
—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies...
CBDT has extended PAN AADHAR linking and date of completion of penalty proceedings
In views of the difficulties being faced by the stakeholders on account of COVID 19 pandemic, the CBDT has extended the following deadlines:- a. PAN...
Income Tax Department conducts searches in Ahmedabad
The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of...
Income Tax Department conducts searches in Punjab and Haryana
The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab, covering many premises across Punjab...
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment
Central Board of Direct Taxes (CBDT) has issued the clarification regarding carry forward of losses in case of changes in shareholding due to strategic disinvestment....
CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment...
Updates on e-Filing portal of the Income Tax Department
The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in the portal...
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease...
Reply in Faceless assessment can be file via EVC in E-Proceedings at Income Tax Portal
The Central Board of Direct Taxes (CBDT) has published the Notification No. 101/2021 in which it has been stated that a new rule 14C shall...
CBDT extends various due dates under the Income Tax Act
The Central Board of Direct Taxes (CBDT) has extended the various due dates under the Income tax vide Circular No. 16 of 2021. The various...
Retrospective Amendment in Taxation on Indirect Transfer of Assets in India
Introduction On 5th August 2021, the Government has introduced the Taxation Laws (Amendment) Bill 2021 in which the amendment has been proposed to amend the...
ICAI Ready Referencer for 2021 & 2022
Find attached the Ready reference for 2021 and 2022. Click here to download ICAI Ready Referencer 2021...
The Taxation Laws (Amendment) Act 2021
The Taxation Laws and Amendment Act 2021 has received the assent from the President of India on 13th August 2021. To view and download the...
Methodology for recomputation of book profit under section 115JB of the Income tax Act, 1961 in certain cases
The Central Board of Direct Taxes (CBDT) has released the Notification No. 92/2021 in which the method of re-computation of Book profit under section 115JB...
Extension of various due dates by Income Tax Department
The Central Board of Direct Taxes (CBDT) has issued the Press Release in which various due dates have been extended on consideration of the difficulties...
Rule 8AC – Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained
The CBDT has published the Rule 8AC in which Computation of short term capital gains and written down value under section 50 where depreciation on...
CBDT grants further relaxation in filing Form 15CA / CB
CBDT has further relaxed the online filing of Form 15CA / 15CB on the portal and extended the date of filing the manual forms till...
Rule 8AB of Income tax rules to tax the specified entity under section 45(4)
The CBDT has issued the Notification No. 76/2021 in which Rule 8AB has been introduced to give explain the process of taxability of the specified...
Guidelines under section 9B and section 45(4) inserted by Finance Act 2021
The CBDT gas issued the Circular 14 of 2021 on 2nd July 2021 in which the guidelines under section 9B and section 45(4) of Income...
Retail and Wholesale trade to be considered as MSME
The Retail and Wholesale Trade has been included in the ambit of MSME and Udyam registration can be obtained in this domain also by the...
Last date for updation of UDIN at e-filing portals
The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August, 2021. The link for...
Guidelines under Section 194Q of Income tax act 1961
On 30th June 2021, the Central Board of Direct Taxes (CBDT) has, vide Circular 13 of 2021, has issued the Guidelines for Section 194Q of...
Tax exemptions for financial help received for COVID treatment from Employers or from any other person
On 25th June 2021, the Ministry of Finance has released the Press release in which tax exemption has been announced for the amount received for...
Extended Income Tax due dates
The Ministry of Finance has released a Press release on 25-06-2021 in which certain Income tax deadlines has been extended to provide the relief to...
Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections...