Amendments related to Section 44AB proposed in Finance Bill 2021
In the Finance Bill 2021, the provisions related to Section 44AB i.e. provisions related to Tax Audit has been rationalised in order to incentivise the...
Category : Income Tax
Extension of Time limits for various returns falling due on 31st December 2020
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...
CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind...
Dates under Vivad se Vishwas Act extended
The Central Board of Direct Taxes has extended the following dates of the Direct Tax Vivad se Vishwas Act 2020 vide Notification No. 85/2020 dated...
Extension of various due dates falling on 31st October 2020
The Ministry of Finance has extended various due dates falling on 31st October which are as follows:- Particulars Extended due date Tax Audit Report –...
Extension of due date for filing Income tax return for AY 2019-20
The CBDT has issued the Notification No. 56/2020 in which it has been notified that the due date for filing the Income tax return for...
One Time Verification Process of ITR V
Introduction In respect of an Income Tax Return filed electronically without a digital signature, the taxpayer is required to verify the same within the time...
Extension of various dates under Income Tax Act and Benami Laws
The Ministry of Finance has released the press release in which the various dates falling under the Income Tax Act and Benami Laws have been...
Income Tax Department notifies Income Tax Forms for AY 2020-21
The Income Tax Department has notified the Income tax forms i.e. ITR 1 to ITR 7 for AY 2020-21. To view and download the Income...
Form 26AS amended notified vide Notification No. 30/2020
Section 285BB has been amended and a new rule 114 I has been inserted which states that the following information should be shown in the...
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates...
Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19
Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 50,000 crore equity infusion...
Section 44AB for FY 2020-21
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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act 2020
CBDT has released the clarification on various matters related to the applicability and procedures of the Scheme. To download the circular, click here circular no...
Residential status of Individual under the Income Tax Act as amended by Finance Act 2020
Introduction The Finance Act 2020 has amended the section 6 in which the new provision of Deemed resident has been inserted and certain provisions have...
CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19
In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the...
Income tax refunds worth Rs. 5204 Crores issued in last 10 days : CBDT
The Central Board of Direct Taxes (CBDT) today said that Income tax refunds to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) worth...
Decoding Section 271AAD – Penalty for false entry etc. In Books of Accounts
In order to curb the practice of false entries on account of false invoices in order to save the tax by the taxpayer, the Finance...
Clarification in respect of option under section 115BAC of Income Tax Act
To download the circular, click here circular_c1_2020...