The Income Tax Department has requested taxpayers to give sufficient time before multiple submissions for Aadhaar OTP. This is because of the new restrictions by UIDAI of a maximum of 5 OTP requests for a single Aadhaar within a span of 30 minutes.
The search action has resulted in the seizure of unaccounted cash of Rs. 3.02 crore and jewellery worth Rs. 72 lakh.
The National Securities Depository Limited has released the e-TDS/TCS Return Preparation Utility Ver 3.5 for Regular & Correct e-TDS/TCS.
The Central Board of Indirect Taxes and Customs hereby determines the rate of exchange of conversion of each of the foreign currencies given w.e.f 8th January 2021.
The Income Tax Department, via the e-filing portal has announced that they have released the File Validation Utility (FVU) 7.0 related changes on the portal.
In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-Ministry.
The Chartered Accountants Association, Surat has written a representation letter to the Ministry of Finance stating their Resentment towards FMO's Approach on Direct-Indirect Taxes & Corporate Affairs.
The Direct Tax Committee of ICAI has further requested the Ministry of Finance to extend the due dates for various Income Tax Returns and Tax Audit Reports to 31st March 2021, including various TDS and TCS Compliances.
The Income Tax Department has issued a clarification that they are working on the changes of File Validation Utility and the taxpayers are requested to wait for some time.
The Central Board of Direct Taxes, via their official Twitter handle, has released the amount of refund that has been issued to 1.41 crore taxpayers, including the break-up of such a refund.
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