Income tax refunds of Rs. 73,607 crore have been issued in 2,06,64,547 cases & corporate tax refunds of Rs. 1,31,198 crore have been issued in 2,21,014 cases.
Significant changes in income tax that would come w.e.f 1st April 2021 has been listed here in a tabular format.
CBDT hereby makes an amendment in the notification of the Government of India, Ministry of Finance, Central Board of Direct Taxes, No.66/2014 dated 13th November 2014.
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.
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.
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.
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.
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.
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.
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.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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