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...
Category : Income Tax
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...
Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal
A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal. The meeting...
CBDT issues functionality to check the compliance of Section 206AB and 206CCA
The Central Board of Direct Taxes (CBDT) has issued the circular no. 11/2021 on 21st June 2021 in which it has been clarified that in...
Extension of validity of Udyog Aadhar Memorandum from 31-03-2021 to 31-12-2021
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021,...
Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal
Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00...
Cost Inflation Index for FY 2021-22 is 317
CBDT has notified the Cost Inflation Index for FY 2021-22 vide Notification no. 73/2021 which is 317. To view and download the Notification, click here...
CBDT relaxes filing of Form 15CA / CB
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered...
Guidelines for compulsory selection of Returns for complete scrutiny for FY 2021-22
The CBDT has issued the Guidelines for compulsory selection of returns for complete scrutiny for FY 2021-22. The cases which are to be selected for...
CBDT notifies New TDS rules to amend Rule 31A
The Central Board of Direct Taxes (CBDT) has notified the changes in Rule 31A and updated the annexures of Form 26Q, 27EQ, 27Q on 8-6-21...
Various Income Tax Dates extended due to severe pandemic
The Central Board of Direct Taxes, on 20th May 2021, vide Circular No. 09/2021 has extended the time limits of various compliances which are as...
EXTENSIONS OF DUE DATES UNDER INCOME TAX
Vide Circular No. 8/2021 dated 1st May 2021, the Income tax department has extended the various due dates which are falling due on either 1st...
CBDT notifies changes in Tax Audit Report for AY 2021-22
The Central Board of Direct Taxes (CBDT) has notified the following changes in the Form 3CD and inserted a sub rule which are as follows:-...
SECTION 194P – Deduction of Tax in case of certain Senior Citizens
In the Finance Act 2021, a new section 194P has been inserted which deals with the deduction of tax in case of certain senior citizens....
CBDT releases JSON utility for ITR 1 and ITR 4 for AY 2021-22
CBDT has released the JSON utility for ITR 1 and ITR 4 instead of java and excel utility. It is pertinent to note that the...
CBDT notifies ITR forms for AY 2021-22
CBDT has notified the ITR forms for AY 2021-21 i.e. from ITR 1 to ITR 7. As per the tweet from the Income Tax India,...
The President of India assented the Finance Act 2021
The President of India has assented the Finance Act 2021 on 28th March 2021. To view and download the Finance Act 2021, click here Finance...
CBDT notifies/amends certain rules and forms in relation to the Registration or approval of Trusts
The CBDT, on 26th March 2021, has notified the changes in the procedure for the following:- a. Application for the purpose of grant of approval...
Lok Sabha passes the Finance Bill 2021
The Lok Sabha, on 23rd March 2021, passed the Finance Bill 2021. To view and download the passed Bill, click here Finance Bill 2021 passed...
Notification of Amended Form 12BA – Statement showing particulars of perquisites
CBDT has amended the Form 12BA vide Notification No. 15 of 2021. The new form shall be effective with effect from 01-04-2021. To view and...
CBDT notifies Pre-fill of Capital gain, Dividend Income and Interest Income in the Income Tax Returns
The CBDT has notified the requirement for the persons specified in the Notification to provide the information relating to the Capital Gain, Dividend income and...
Extension of Condonation Scheme to regularize UDINs
The Institute of Chartered Accountants of India (ICAI) has extended the condonation scheme for generating UDIN on 12th March 2021 till 31st March 2021. According...
Instructions regarding selection of cases for issue of notice u/s. 148 of the Income tax act
The Central Board of Direct Taxes (CBDT) has issued the instruction dated 4th March 2021 with an objective of streamlining the process of selection of...
Circular No. 2 of 2021 – Residential status of certain individuals under Income tax act 1961
The Central Board of Direct Taxes (CBDT) has issued the Cirucular No. 02/2021 clarifying the Residential status of the Individuals who has come to India...