The Central Board of Direct Taxes has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August 2021.
Section 194Q of the Income Tax Act, which has been effective from 1st July 2021 onwards has created a lot of confusion among taxpayers and professionals. Thus, the CBDT has issued certain guidelines and clarifications under the section.
The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.
During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible and have been asked to constitute a task force of 7 representatives.
FM Nirmala Sitharaman asked Infosys to address all issues without further loss of time, improve their services, redress grievances on priority as it was impacting taxpayers adversely.
These sections mandate tax deduction under Section 206AB or tax collection under Section 206CCA at a higher rate in the case of certain non-filers of return and will be effective from 1st July 2021 onwards.
CAAS has given an advisory and beta-testing regarding the New Income Tax Portal to the PMO and has recommended them to intervene and simply re-activate the previous IT Portal, so that tax compliances can run on time.
The Ministry of Finance has invited written representations regarding the issues & glitches on the new Income Tax Portal. These can be sent on the email address fmo@nic.in by 7 PM of 18th June 2021.
Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy. Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22.
Cost Inflation Index for FY 2021-22 is 317. It is used to calculate the inflation adjusted cost price of an asset. The inflation adjusted price then is used to arrive at long-term capital gains or long-term losses.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
CAclubindia
