Income Tax News

Tax relief for industries affected by Coronavirus

15 March 2021 at 17:48

In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation measures to extend tax exemptions received by the industries.

Posted in Income Tax | 2 comments | 9609 Views

Income-tax (4th Amendment) Rules, 2021

13 March 2021 at 05:21

The Central Board of Direct Taxes has released the Income-tax (4th Amendment) Rules, 2021 and has made various amendments with respect to pre-filling the return of income under Rule 114(E) of the Income Tax Rules, 1962.

Posted in Income Tax | 2 comments | 13599 Views

ICAI extends Condonation Scheme to regularize UDINs to 31st March 2021

12 March 2021 at 22:44

The Institute of Chartered Accountants of India has extended the Condonation Scheme to regularize UDINs to 31st March 2021. Thus, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated up to 31st March 2021.

Posted in Income Tax | 12207 Views

CBDT amends Form No. 12BA under Income Tax Rules, 1962

12 March 2021 at 21:16

CBDT amends Form 12BA Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof. This Form will be applicable from the 1st day of April 2021.

Posted in Income Tax | 12252 Views

CBDT issues refunds of over Rs. 2,00,411 crore between 1st April, 2020 to 8th March, 2021

10 March 2021 at 19:07

Income tax refunds of Rs. 71,865 crore have been issued in 1,99,44,329 cases & corporate tax refunds of Rs. 1,28,546 crore have been issued in 2,20,372 cases.

Posted in Income Tax | 1179 Views

CBDT issues clarification in respect of Residency under the IT Act, 1961

03 March 2021 at 22:48

Vide Circular No.2 of 2021, it has been provided that if any individual is facing double taxation even after taking into account the relief provided by the relevant DTAA, he/she may furnish the specified information by 31st March, 2021.

Posted in Income Tax | 12909 Views

CBDT issues refunds of over Rs. 1,98,106 crore between 1st April, 2020 to 28th February, 2021

03 March 2021 at 20:21

Income tax refunds of Rs. 70,572 crore have been issued in 1,92,45,556 cases & corporate tax refunds of Rs. 1,27,534 crore have been issued in 2,19,050 cases.

Posted in Income Tax | 1170 Views

IT Department conducts raid at the properties of film director Anurag Kashyap and actor Taapsee Pannu

03 March 2021 at 14:19

The Income Tax Department today carried out raids at the properties of film director Anurag Kashyap, actor Taapsee Pannu and filmmaker Vikas Bahl.

Posted in Income Tax | 18933 Views

Cross border payments for use of software not taxable as royalty

03 March 2021 at 12:13

The Supreme Court on 2nd March 2021 held that Indian Companies need not deduct tax for the amount they pay foreign manufacturers and suppliers for use or re-sale of computer software through end-user license agreements (EULA).

Posted in Income Tax | 2682 Views