Income Tax News

CBDT inserts new Form 15E and Amends Rule 29BA

17 March 2021 at 04:57

CBDT has released the Income-tax (5th Amendment) Rules, 2021 which will come into force with effect from the 1st day of April 2021. A new Form 15E has been introduced by the competent authority and an amendment has been made under Rule 29BA as well.

Posted in Income Tax | 9660 Views

82,072 assessment cases completed in faceless manner till 10th March 2021

16 March 2021 at 17:39

Income tax assessments are being done in a faceless manner, this was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

Posted in Income Tax | 1194 Views

Tax relief for industries affected by Coronavirus

15 March 2021 at 17:48

In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation measures to extend tax exemptions received by the industries.

Posted in Income Tax | 2 comments | 9654 Views

Income-tax (4th Amendment) Rules, 2021

13 March 2021 at 05:21

The Central Board of Direct Taxes has released the Income-tax (4th Amendment) Rules, 2021 and has made various amendments with respect to pre-filling the return of income under Rule 114(E) of the Income Tax Rules, 1962.

Posted in Income Tax | 2 comments | 13671 Views

ICAI extends Condonation Scheme to regularize UDINs to 31st March 2021

12 March 2021 at 22:44

The Institute of Chartered Accountants of India has extended the Condonation Scheme to regularize UDINs to 31st March 2021. Thus, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated up to 31st March 2021.

Posted in Income Tax | 12228 Views

CBDT amends Form No. 12BA under Income Tax Rules, 1962

12 March 2021 at 21:16

CBDT amends Form 12BA Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof. This Form will be applicable from the 1st day of April 2021.

Posted in Income Tax | 12300 Views

CBDT issues refunds of over Rs. 2,00,411 crore between 1st April, 2020 to 8th March, 2021

10 March 2021 at 19:07

Income tax refunds of Rs. 71,865 crore have been issued in 1,99,44,329 cases & corporate tax refunds of Rs. 1,28,546 crore have been issued in 2,20,372 cases.

Posted in Income Tax | 1251 Views

CBDT issues clarification in respect of Residency under the IT Act, 1961

03 March 2021 at 22:48

Vide Circular No.2 of 2021, it has been provided that if any individual is facing double taxation even after taking into account the relief provided by the relevant DTAA, he/she may furnish the specified information by 31st March, 2021.

Posted in Income Tax | 12951 Views

CBDT issues refunds of over Rs. 1,98,106 crore between 1st April, 2020 to 28th February, 2021

03 March 2021 at 20:21

Income tax refunds of Rs. 70,572 crore have been issued in 1,92,45,556 cases & corporate tax refunds of Rs. 1,27,534 crore have been issued in 2,19,050 cases.

Posted in Income Tax | 1227 Views