Income Tax News

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 | 2730 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 | 3069 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 | 6780 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 | 15789 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 | 10521 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 | 18015 Views

CBDT issues refunds to more than 15.47 lakh taxpayers between 1st April to 31st May, 2021

04 June 2021 at 18:41

Income tax refunds of Rs. 7,538 crore have been issued in 15,02,854 cases & corporate tax refunds of Rs. 18,738 crore have been issued in 44,531 cases.

Posted in Income Tax | 1194 Views

CBDT member JB Mohapatra handed over the charge of Chairman

01 June 2021 at 06:29

Upon completion of his tenure, here is the outgoing Chairman CBDT, Sh. PC Mody handing over the charge of Chairman, CBDT to Sh. JB Mohapatra, Member, CBDT, who will hold the charge in addition to his regular duties.

Posted in Income Tax | 1470 Views

CBDT issues refunds to more than 15.45 lakh taxpayers between 1st April and 24th May 2021

26 May 2021 at 17:03

Income tax refunds of Rs. 7,494 crore have been issued in 15,00,397 cases & corporate tax refunds of Rs. 17,807 crore have been issued in 44,140 cases.

Posted in Income Tax | 1374 Views