Income Tax News
CBDT issues Procedure for exercise of option u/s 245M(1) and furnishing & upload of Form No. 34BB under Rule 44DA(1)
25 May 2021 at 07:14The Central Board of Direct Taxes has issued the procedure for the exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 3488 under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962.
CBDT issues Amendment in Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act
25 May 2021 at 06:46CBDT has released the Income Tax (16th Amendment) Rules, 2021 wherein, an amendment has been made in the computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income Tax Act.
CBDT extends due dates of Income Tax Return, Tax Audit, TDS Statement and Others
20 May 2021 at 17:45The Central Board of Direct Taxes has extended the due dates of Income Tax Return, Tax Audit, TDS Statement and Other Compliances to provide relief to taxpayers in view of the COVID-19 pandemic.
CBDT to Launch a New E-Filing Portal on 7th June 2021
19 May 2021 at 23:07The Central Board of Direct Taxes is all set to launch a new E-Filing Portal on 7th June 2021. Thus, in preparation for the launch and migration activities, the existing portal will be unavailable from 1st June 2021 to 6th June 2021.
CBDT issues refunds to more than 15 lakh taxpayers between 1st April and 17th May, 2021
19 May 2021 at 19:06Income tax refunds of Rs. 7,458 crore have been issued in 14,98,488 cases & corporate tax refunds of Rs. 17,334 crore have been issued in 43,661 cases.
CBDT makes certain amendments vide Notification No. 47/2021
13 May 2021 at 22:30Tariff Notification No. 47/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.
CBDT issues refunds to more than 13 lakh taxpayers between 1st April to 10th May, 2021
13 May 2021 at 05:29Income tax refunds of Rs. 5,575 crore have been issued in 12,71,401 cases & corporate tax refunds of Rs. 11,486 crore have been issued in 29,592 cases.
CBDT extends deadline for updating UDINs in all IT forms till 30th June 2021
12 May 2021 at 16:33The Central Board of Direct Taxes has given an extension for updating the Unique Document Identification Number generated from the ICAI portal in all the Income Tax Forms and Audit Reports uploaded at the e-filing portal, to 30th June 2021.
CBDT clarifies that no directive issued to hospitals for disclosing cash they receive
11 May 2021 at 22:07The news article published in Business Standard with the headline 'IT goes after hospitals over unaccounted cash' is unsubstantiated, clarifies Finance Ministry and CBDT.
CBDT provides relaxation in cash payments of more than Rs. 2 lakhs for hospitals providing COVID treatment
08 May 2021 at 00:20CBDT grants relaxation of monetary limit u/s 269ST for cash payment above Rs 2.00 lakhs to Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other facilities providing Covid Treatment to patients during 1.4.2021 to 31.5.2021.
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