Income Tax News
Tax exemption to ameliorate stress due to COVID-19
19 July 2021 at 21:45The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years.
Memorandum on the problems being faced in relation to New Income Tax Portal
17 July 2021 at 07:35The District Taxation Bar Association (Direct Taxes), Ludhiana has written a Memorandum to FM Nirmala Sitharaman wherein, they have highlighted 22 problems that are being faced by them and the taxpayers at large, on the New Income Tax Portal.
CBDT issues refunds to more than 19.59 lakh taxpayers between 1st April to 12th July, 2021
15 July 2021 at 19:47Income tax refunds of Rs. 11,731 crore have been issued in 18,52,540 cases & corporate tax refunds of Rs. 27,220 crore have been issued in 1,06,433 cases.
Update on New Income Tax Portal by ICAI
10 July 2021 at 09:57"Pursuant to decisions in that meeting, our members from ICAI are continuously working with Ministry of Finance officials and Infosys group in configuring glitch-free functionalities of new efiling portal" - ICAI.
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.
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