Income Tax News
CBDT exempts Cash Allowance up to Rs. 36000 received by an employee u/s 10(5) of the Income Tax Act
06 May 2021 at 05:52A new LTC Cash Voucher Scheme has been notified by the concerned authorities under which Cash Allowance up to Rs. 36000 received by an employee u/s 10(5) of the Income Tax Act is exempt from the AY beginning 1st April 2021.
CBDT issues refunds to more than 11.73 lakh taxpayers between 1st April 2021 and 3rd May 2021
05 May 2021 at 14:06Income tax refunds of Rs. 5,047 crore have been issued in 11,51,408 cases & corporate tax refunds of Rs. 10,392 crore have been issued in 21,487 cases.
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.
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