Income Tax News

Memorandum on the problems being faced in relation to New Income Tax Portal

17 July 2021 at 07:35

The District Taxation Bar Association (Direct Taxes), Ludhiana has written a Memorandum to FM Nirmala Sitharaman wherein, they have highlighted 22 problems that are being faced by them and the taxpayers at large, on the New Income Tax Portal.

Posted in Income Tax | 13 comments | 14466 Views

CBDT issues refunds to more than 19.59 lakh taxpayers between 1st April to 12th July, 2021

15 July 2021 at 19:47

Income tax refunds of Rs. 11,731 crore have been issued in 18,52,540 cases & corporate tax refunds of Rs. 27,220 crore have been issued in 1,06,433 cases.

Posted in Income Tax | 1 comments | 1545 Views

Update on New Income Tax Portal by ICAI

10 July 2021 at 09:57

"Pursuant to decisions in that meeting, our members from ICAI are continuously working with Ministry of Finance officials and Infosys group in configuring glitch-free functionalities of new efiling portal" - ICAI.

Posted in Income Tax | 31 comments | 16281 Views

CBDT issues refunds to more than 17.92 lakh taxpayers between 1st April to 5th July, 2021

08 July 2021 at 17:04

Income tax refunds of Rs. 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs. 26,642 crore have been issued in 1,03,088 cases.

Posted in Income Tax | 1599 Views

CBDT notifies amendment in the computation of short term capital gains

08 July 2021 at 05:42

CBDT has released the Income Tax Amendment (19th Amendment), Rules, 2021 under which an amendment has been notified in the computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained.

Posted in Income Tax | 10563 Views

CBDT grants further relaxation in e-filing of Income Tax Forms 15CA/15CB

05 July 2021 at 17:33

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has been decided to extend the due date for filing these Forms till 15th July 2021.

Posted in Income Tax | 13896 Views

CBDT notifies changes in Rule 8AA with regard to amount chargeable to Income Tax under the head

03 July 2021 at 06:28

CBDT has released the Income Tax Amendment (18th Amendment), Rules, 2021 under which, changes have been notified in Rule 8AA with regard to the amount chargeable to Income Tax under the head "Capital Gains" and a new Rule 8AB has been inserted.

Posted in Income Tax | 8664 Views

ICAI extends the Last Date of updation of UDINs at e-filing Portal

01 July 2021 at 05:28

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.

Posted in Income Tax | 2982 Views

CBDT issues guidelines under Section 194Q of the Income tax Act, 1961 effective from 1st July 2021

30 June 2021 at 20:58

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.

Posted in Income Tax | 16089 Views

CBDT extends due date of various compliances and announces tax exemption for expenditure on COVID-19

25 June 2021 at 19:21

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.

Posted in Income Tax | 2 comments | 29304 Views