Income Tax News

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

FM Nirmala Sitharaman sets 15th September as deadline for Infosys to resolve issues in the new IT Portal

23 August 2021 at 21:08

The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal.

Posted in Income Tax | 6 comments | 9795 Views

New IT Portal now live after emergency maintenance activity by Infosys

23 August 2021 at 06:31

In a tweet, at around 9 pm on 22nd August 2021, the Infosys team revealed that the maintenance activity has now been completed and the portal is up and running again.

Posted in Income Tax | 7 comments | 10716 Views

FM Summons Infosys CEO to explain why glitches on the New IT Portal have not been resolved

22 August 2021 at 17:16

Ministry of Finance has summoned Sh Salil Parekh, MD &CEO, Infosys on 23/08/2021 to explain to hon'ble FM as to why even after 2.5 months since launch of new e-filing portal, glitches in the portal have not been resolved.

Posted in Income Tax | 2 comments | 5898 Views

CBDT notifies new Rule 12AA

20 August 2021 at 15:19

CBDT has released the Income-tax (24th Amendment) Rules, 2021 in order to amend the Income-tax Rules, 1962. Under the amended rules, a new Rule 12AA has been inserted after Rule 12A and a new Rule 51B has also been inserted after Rule 51A.

Posted in Income Tax | 7932 Views

Glitches in the New IT Portal expected to be solved in 2-3 weeks - FM

18 August 2021 at 05:49

ANI, on 16th August 2021 tweeted from their official Twitter handle that FM Nirmala Sitharaman has committed to fixing all technical glitches on the New Income tax Portal in the next 2-3 weeks.

Posted in Income Tax | 2 comments | 11982 Views