Income Tax News
CBDT specifies conditions wherein an eligible foreign investor is not required to quote Aadhaar/Enrollment ID for filing of an ITR
05 May 2021 at 05:31CBDT has released the Income-tax (14th Amendment) Rules, 2021 under which conditions have been specified wherein an eligible foreign investor is not required to quote Aadhaar/Enrollment ID for filing of an ITR u/s 139A.
CBDT notifies certain pension funds under Section 10(23FE)
05 May 2021 at 05:23CBDT has notified pension funds namely Caisse de dépôt et placement du Québec, Ivanhoe Logistics India Inc and CDPQ Fixed Income XI Inc as specified persons u/s 10(23FE) of the IT Act via Notification No's - S.O. 1732(E), S.O. 1734(E) and S.O. 1735 (E).
Format, Procedure and Guidelines for submission of SFT for Depository Transactions
04 May 2021 at 13:26The Central Board of Direct Taxes has released the Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions under Section 285BA of the Income Tax Act, 1961 and Rule 114E.
Format, Procedure and Guidelines for submission of SFT for Mutual Fund Transactions by Registrar and Share Transfer Agent
04 May 2021 at 13:19Format, Procedure and Guidelines for submission of SFT for Mutual Fund Transactions by Registrar and Share Transfer Agent Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish SFT.
CBDT makes amendments to the threshold limit for the purposes of significant economic presence
04 May 2021 at 05:02CBDT has released the Income-tax (13th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, a new Rule 11UD has been inserted stating the threshold limit for the purposes of significant economic presence.
CBDT extends timelines of certain Income Tax Compliances amid COVID-19
01 May 2021 at 13:56In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.
CBDT releases Form 34BB for an assessee to withdraw his pending application u/s 245M(1)
01 May 2021 at 05:24The Central Board of Direct Taxes has released the Income-tax (12th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, Form 34BB has been released for an assessee to withdraw his pending application u/s 245M(1).
CBDT issues refunds to more than 10.83 lakh taxpayers between 1st April to 26th April, 2021
28 April 2021 at 20:52Income tax refunds of Rs. 4,577 crore have been issued in 10,65,861 cases & corporate tax refunds of Rs. 7,461 crore have been issued in 17,273 cases.
CBDT further makes changes in Form 10BBA w.r.t assets being administered or invested
27 April 2021 at 05:00CBDT has released the Income-tax (11th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, changes in Form 10BBA w.r.t assets being administered or invested have been made by the concerned authorities.
Government extends various Deadlines under the Income Tax Act due to the pandemic
24 April 2021 at 13:06In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders the Government has extended certain timelines today.
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