Income Tax News

CBDT amends IT Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

08 September 2021 at 05:49

Persons who are mandatorily required to authenticate electronic records by digital signature shall be deemed to have authenticated the electronic records when they submit the record through their registered account in the Income-tax Department's portal.

Posted in Income Tax | 4866 Views

CBDT allows taxpayers an opportunity to file application for settlement

08 September 2021 at 05:49

In order to provide relief to the taxpayers who were eligible to file applications as on 31.01.2021, but could not file the same, it has been decided that applications for settlement can be filed by the taxpayers by 30th September 2021.

Posted in Income Tax | 5595 Views

CBDT inserts new Rule 26D - Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P

07 September 2021 at 05:51

CBDT has released the IT (26th Amendment) Rules, 2021. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P.

Posted in Income Tax | 6792 Views

FM Nirmala Sitharaman lays foundation stone for office building of IT Department in Bengaluru

05 September 2021 at 17:57

Smt. Nirmala Sitharaman, Hon'ble Union Minister of Finance and Corporate Affairs laid foundation stone on 5th September, 2021 for office building of Income Tax Department at plot No. 4, 5 and 6, Infantry Road, Bengaluru.

Posted in Income Tax | 2385 Views

CBDT issues refunds to more than 23.99 lakh taxpayers between 1st April to 30th August 2021

04 September 2021 at 12:43

Income tax refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases.

Posted in Income Tax | 1449 Views

CBDT inserts new Rule 9D - Calculation of Taxable Interest Relating to Contribution in a Provident Fund

02 September 2021 at 06:04

CBDT has inserted a new Rule 9D after Rule 9C which lays down provisions for Calculation of Taxable Interest Relating to Contribution in a Provident Fund or Recognised Provident Fund, Exceeding the Specified Limit.

Posted in Income Tax | 8100 Views

For FY 2021-22, IT Department has issued refunds of over Rs. 51,531 crore upto 23rd August 2021

30 August 2021 at 05:58

To date, 93% of the refund claims in ITRs for AY 20-21 have already been processed. In the past week, refunds of over Rs. 15,269 crore have been issued which will be credited to taxpayers shortly.

Posted in Income Tax | 2142 Views

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961

29 August 2021 at 16:30

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961, CBDT has decided to further extend the due dates for electronic filing of such Forms.

Posted in Income Tax | 1 comments | 33990 Views

Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 extended to 30th September 2021

29 August 2021 at 16:29

Considering the difficulties being faced in issuing and amending Form no 3, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September 2021.

Posted in Income Tax | 4494 Views

Draft notification for framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021

29 August 2021 at 07:30

The amendment made by the 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May 2012 shall be nullified on fulfilment of specified conditions.

Posted in Income Tax | 4206 Views