Income Tax News
CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs
08 January 2021 at 08:29In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-Ministry.
Letter of Resentment towards FMO's Approach on Direct-Indirect Taxes & Corporate Affairs by CAAS
07 January 2021 at 17:09The Chartered Accountants Association, Surat has written a representation letter to the Ministry of Finance stating their Resentment towards FMO's Approach on Direct-Indirect Taxes & Corporate Affairs.
Further Extension of Income Tax Returns and Tax Audit Reports requested by ICAI
07 January 2021 at 10:59The Direct Tax Committee of ICAI has further requested the Ministry of Finance to extend the due dates for various Income Tax Returns and Tax Audit Reports to 31st March 2021, including various TDS and TCS Compliances.
CBDT issues refunds of over Rs. 1,64,016 crores to more than 1.41 crore taxpayers between 1st April 2020 to 04th January 2021
07 January 2021 at 10:15The Central Board of Direct Taxes, via their official Twitter handle, has released the amount of refund that has been issued to 1.41 crore taxpayers, including the break-up of such a refund.
Income Tax Department works on FVU Related Charges
07 January 2021 at 10:15The Income Tax Department has issued a clarification that they are working on the changes of File Validation Utility and the taxpayers are requested to wait for some time.
CBIC issues clarification on the wrong due date being shown on the portal during return filing
06 January 2021 at 09:34Over the past couple of days, various taxpayers reported that the due date for filing GSTR-1 for Oct-Dec 2020 period is being shown as 31.01.2021 on the GST Portal, while the actual due date is 13.01.2021.
Request to adopt a humane approach in handling the extension of due dates in the times of the pandemic by The Chamber of Tax Consultants
05 January 2021 at 19:31The Chamber of Tax Consultants has written a representation letter to the Ministry of Finance and CBDT to adopt a humane approach in handling the extension of due dates.
Income Tax Department releases a calendar to make the tax journey of taxpayers easier
04 January 2021 at 11:26The Income Tax Department has released a calendar in order to make the tax journey of taxpayers easier. This has been done as part of the Income Tax Department's ‘Transparent Taxation- Honoring The Honest’ initiative wherein, taxes are made untaxing.
CBIC eases the accreditation requirements for MSMEs AEO T1 & T2 certification
04 January 2021 at 11:26The Central Board of Indirect Taxes and Customs has eased the accreditation requirements for MSMEs AEO T1 & T2 certification, which further offers them 9 exclusive benefits.
CBIC explains about the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme
04 January 2021 at 11:26The Central Board of Indirect Taxes and Customs, via their official Twitter handle, has released a poster, explaining the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme, which is made applicable w.e.f 1st January 2021 onwards.
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