Income Tax News
Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme
10 August 2021 at 05:49The scheme 'Vivad Se Vishwas' is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme.
IT Department creates dedicated e-mail ids for registering grievances under the Faceless Scheme
09 August 2021 at 05:54In a move aimed to further improve taxpayer services in alignment with the Taxpayers’ Charter, the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme.
CBDT issues refunds to more than 21.32 lakh taxpayers between 1st April to 2nd August, 2021
08 August 2021 at 18:54Income tax refunds of Rs. 13,694 crore have been issued in 20,12,802 cases & corporate tax refunds of Rs. 32,203 crore have been issued in 1,19,173 cases.
Lok Sabha passes Bill to settle retrospective taxation - Taxation Laws (Amendment) Bill, 2021
06 August 2021 at 18:08This bill is likely to settle disputes with Cairn Energy Plc, Vodafone Group Plc, and 15 other companies over retrospective tax demands raised by the Union Government.
CBDT further extends the due dates for electronic filing of certain forms
03 August 2021 at 20:38On consideration of difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, CBDT has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.2021.
CBDT issues refunds of over Rs. 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021
30 July 2021 at 18:48Income tax refunds of Rs. 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs. 30,651 crore have been issued in 1,12,567 cases.
ITR Refunds are directly credited to the bank account of taxpayers, states FM
28 July 2021 at 06:26As per the answer to Question no. 81 in the Rajya Sabha by FM on 27.07.2021, "Refunds are directly credited to the bank account of taxpayers making the end-to-end process from filing of ITR till receipt of refund seamless & fully electronic."
Direct tax collection doubled for first quarter of current fiscal
27 July 2021 at 20:39Shri Pankaj Chaudhary stated that the net direct tax collection in the 1st quarter of FY 2021-2022 is Rs. 2,46,519.82 crore as against Rs. 1,17,783.87 crore during the same period of previous FY 2020-21.
Systemic measures by Government under Black Money Act detects undisclosed income of several crores
27 July 2021 at 06:29In the recent years, the Government has taken a number of measures to bring back the black money stashed abroad 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015'.
Message of FM Nirmala Sitharaman on the occasion of 161st Income Tax Day, 2021
26 July 2021 at 06:01While witnessing the 161st Income Tax Day on 24th July 2021, Finance Minister Nirmala Sitharaman felicitated the Income Tax Department and said that "principles of equity, justice and fairplay in tax administration permeate our tax policy even today."
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