The Ministry of Finance has invited written representations regarding the issues & glitches on the new Income Tax Portal. These can be sent on the email address fmo@nic.in by 7 PM of 18th June 2021.
Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy. Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22.
Cost Inflation Index for FY 2021-22 is 317. It is used to calculate the inflation adjusted cost price of an asset. The inflation adjusted price then is used to arrive at long-term capital gains or long-term losses.
Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys on issues/glitches in the recently launched e-filing portal of the IT Department.
In view of the difficulties reported by taxpayers in electronic filing of IT Forms 15CA/15CB on the portal, it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30th, 2021.
Finance Minister Smt. Nirmala Sitharaman took to her Twitter handle to request the entire Infosys Team and Co-Founder Nandan Nilekani to look into the grievances of the taxpayers and glitches on the functioning of the new E-Filing website.
CBDT has released the Income-tax (17th Amendment) Rules, 2021 in order to further amend the Income-tax Rules, 1962 wherein, changes have been made in the "Annexure: Deductee/Payee Wise Breakup of TDS" in the TDS Form 26Q.
The Income Tax Department has launched its new e-filing portal on 7th June 2021 which is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed here.
Income tax refunds of Rs. 7,538 crore have been issued in 15,02,854 cases & corporate tax refunds of Rs. 18,738 crore have been issued in 44,531 cases.
Upon completion of his tenure, here is the outgoing Chairman CBDT, Sh. PC Mody handing over the charge of Chairman, CBDT to Sh. JB Mohapatra, Member, CBDT, who will hold the charge in addition to his regular duties.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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