Income Tax News

New functionality issued for compliance checks for Section 206AB & 206CCA of the Income Tax Act

22 June 2021 at 06:24

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.

Posted in Income Tax | 8535 Views

CAAS recommends FM to intervene and simply re-activate the previous IT Portal

19 June 2021 at 07:18

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.

Posted in Income Tax | 15 comments | 9219 Views

GoI invites written representations regarding the issues & glitches on the new Income Tax Portal

16 June 2021 at 22:13

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.

Posted in Income Tax | 1968 Views

Net Direct Tax collections for FY 2021-22 grows more than 100%

16 June 2021 at 17:12

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.

Posted in Income Tax | 2721 Views

Cost Inflation Index for FY 2021-22

16 June 2021 at 06:41

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.

Posted in Income Tax | 3063 Views

Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal

15 June 2021 at 22:33

Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys on issues/glitches in the recently launched e-filing portal of the IT Department.

Posted in Income Tax | 7 comments | 6774 Views

Relaxation in electronic filing of Income Tax Forms 15CA/15CB

14 June 2021 at 18:01

In view of the difficulties reported by taxpayers in electronic filing of IT Forms 15CA/15CB on the portal, it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30th, 2021.

Posted in Income Tax | 2 comments | 15786 Views

FM Nirmala Sitharaman urges the Infosys team to look into the new E-Filing Portal Issues

09 June 2021 at 05:27

Finance Minister Smt. Nirmala Sitharaman took to her Twitter handle to request the entire Infosys Team and Co-Founder Nandan Nilekani to look into the grievances of the taxpayers and glitches on the functioning of the new E-Filing website.

Posted in Income Tax | 23 comments | 10518 Views

CBDT amends TDS Form 26Q

09 June 2021 at 05:20

CBDT has released the Income-tax (17th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, changes have been made in the "Annexure: Deductee/Payee Wise Breakup of TDS" in the TDS Form 26Q.

Posted in Income Tax | 15201 Views

Features of the New E-Filing Portal

05 June 2021 at 22:40

The Income Tax Department has launched its new e-filing portal on 7th June 2021 which is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed here.

Posted in Income Tax | 2 comments | 18006 Views