Income Tax News
CBDT issues refunds to more than 17.92 lakh taxpayers between 1st April to 5th July, 2021
08 July 2021 at 17:04Income tax refunds of Rs. 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs. 26,642 crore have been issued in 1,03,088 cases.
CBDT notifies amendment in the computation of short term capital gains
08 July 2021 at 05:42CBDT has released the Income Tax Amendment (19th Amendment), Rules, 2021 under which an amendment has been notified in the computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained.
CBDT grants further relaxation in e-filing of Income Tax Forms 15CA/15CB
05 July 2021 at 17:33In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has been decided to extend the due date for filing these Forms till 15th July 2021.
CBDT notifies changes in Rule 8AA with regard to amount chargeable to Income Tax under the head
03 July 2021 at 06:28CBDT has released the Income Tax Amendment (18th Amendment), Rules, 2021 under which, changes have been notified in Rule 8AA with regard to the amount chargeable to Income Tax under the head "Capital Gains" and a new Rule 8AB has been inserted.
ICAI extends the Last Date of updation of UDINs at e-filing Portal
01 July 2021 at 05:28The Central Board of Direct Taxes has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August 2021.
CBDT issues guidelines under Section 194Q of the Income tax Act, 1961 effective from 1st July 2021
30 June 2021 at 20:58Section 194Q of the Income Tax Act, which has been effective from 1st July 2021 onwards has created a lot of confusion among taxpayers and professionals. Thus, the CBDT has issued certain guidelines and clarifications under the section.
CBDT extends due date of various compliances and announces tax exemption for expenditure on COVID-19
25 June 2021 at 19:21The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.
FM asks ICAI to constitute a team of 7 members to look into the technical glitches/issues on the new Income Tax Portal
23 June 2021 at 06:16During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible and have been asked to constitute a task force of 7 representatives.
Finance Ministry interacts with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal
22 June 2021 at 20:48FM Nirmala Sitharaman asked Infosys to address all issues without further loss of time, improve their services, redress grievances on priority as it was impacting taxpayers adversely.
New functionality issued for compliance checks for Section 206AB & 206CCA of the Income Tax Act
22 June 2021 at 06:24These sections mandate tax deduction under Section 206AB or tax collection under Section 206CCA at a higher rate in the case of certain non-filers of return and will be effective from 1st July 2021 onwards.
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