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Income tax News
Income tax return forms: Here’s Your Definitive Guide to Various ITR Forms
Thu, Nov 26, 2020
The Government has extended the deadline to 31st December, 2020 and 31st January, 2021 for taxpayers. Mr. Rahul Jain, Head of Edelweiss Wealth Management guides taxpayers through the last minute hassle of filing various ITR forms. With proper classification, he has mentioned the 7 forms which needs to be filled as per the purpose. The extension of income tax return filing for FY 2019-20, was one among the several relief measures announced by the Government, given the COVID-19 pandemic. The date was extended to November 30, for all taxpayers versus the usual deadline of July 31.
Got an income tax notice from CBDT? Do not panic, here is how you need to react
Fri, Nov 20, 2020
A simple income tax notice from CBDT can cause serious panic in a household. The notice can be served in case of a discrepancy in the income tax amount calculated and paid by you while filing your income tax return (ITR) and that computed by the income tax department.
NPS tax-free for all in Budget 2021? Pension fund regulator PFRDA to propose this to Modi government - All you need to know
Sun, Nov 15, 2020
NPS: Employers' contribution of 14 per cent in pension under the National Pension System (NPS) scheme for the central government employees was made tax free from April 1, 2019.
Who will benefit from government’s relaxations in housing tax? Find out
Fri, Nov 13, 2020
Finance Minister Nirmala Sitharaman on Thursday announced several measures to provide relief to different sectors in the COVID-19 hit economy. One of the most significant announcement came in the form of relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate.
India has moved from tax terrorism to tax transparency, says PM Narendra Modi
Wed, Nov 11, 2020
The Prime Minister said when the difficulties of the country's wealth creator are reduced, they get protection, then their trust grows in the country's systems.
Tamil Nadu: Income-Tax dept conducts searches on IT Infrastructure company in Chennai and Madurai
Sat, Nov 07, 2020
The Income Tax (I-T) department has carried out searches at five locations in Chennai and Madurai in the case of a Chennai-based group operating in the IT Infrastructure sector. The search on November 4 had led to unearthing of evidence related to investments in a Singapore registered company.
FM nudged tax practitioners to suggest their clients shift towards digital modes of payments
Sat, Nov 07, 2020
Finance Minister Nirmala Sitharaman on Friday said increased digitisation will help in making better assessment of the country's economic growth and nudged tax practitioners to suggest their clients to shift towards digital modes of payments.
Tax raids on 66 premises of self-styled evangelist in Kerala; Rs 6 cr unaccounted cash seized by I-T dept
Fri, Nov 06, 2020
The Income-Tax department has carried out search and seizure operations on Thursday at premises of a self-styled evangelist of Thiruvalla in Kerala and his group of various trusts, the department said in a press release
I-T department allows condonation of delay in filing audit reports by trusts, institutions
Thu, Nov 05, 2020
The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption
Big decision by Modi government on this Income Tax exemption – Check all details here
Thu, Oct 29, 2020
Income Tax Exemption for payment of deemed LTC fare for non-Central Government employees.
Vivad Se Vishwas Scheme: Last date of payment extended
Wed, Oct 28, 2020
Vivad Se Vishwas Scheme: The government on Tuesday extended the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’. This is the third time the date has been extended. The new deadline is now March 31, 2021
Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized
Tue, Oct 27, 2020
It's yet another big crackdown against black money by PM Narendra Modi-led government at the Centre.
Income Tax Return AY 2020-21: Here is how much penalty you will have to pay for late filing
Mon, Oct 26, 2020
Income Tax Return AY 2020-21: Giving a big relief to taxpayers, the Income-Tax (I-T) Department extended the last date for filing of individual Income Tax returns (ITRs) for FY 2019-20 or Assessment Year (AY) 2020-21 by another month till December 31.
Income tax return filing deadline for FY20 extended till December 31
Sat, Oct 24, 2020
For those taxpayers whose accounts need to be audited, the Income-Tax Return filing deadline has been extended by two months till January 31, 2021.
Income tax: Faceless Appeals Scheme challenged in Delhi High Court
Sat, Oct 17, 2020
A petition has been filed in Delhi HC seeking a direction to government to grant an opportunity of hearing to all taxpayers/assessees under the Faceless Appeals Scheme 2020.
Income tax refunds worth over Rs 1.23 lakh cr issued to 38.11 lakh taxpayers till Oct 13: CBDT
Thu, Oct 15, 2020
The income tax department on Wednesday said it has issued refunds of over Rs 1.23 lakh crore.
Decided! DTAA prevails over DDT, rules Delhi ITAT
Wed, Oct 14, 2020
The critical issue for adjudication was whether (Dividend Distribution Tax) DDT was tax on the company or a tax on the shareholder.
CBDT upset with IRS officers, warns them - Here is why
Tue, Oct 13, 2020
CBDT has warned IRS officers not to use political or other outside influence for transfer postings.
Income Tax Return filing: Opting for new regime? This is the new form you need to fill
Wed, Oct 07, 2020
Income Tax Return filing: Are you one of those opting for the new income tax regime? Then, there is a new form that you need to fill. The Central Board of Direct Taxes (CBDT) notified a new form to be filled by those opting for the new tax regime for financial year 2020-21.
New TCS provisions: Finance Ministry issues clarifications on Tax Collection at Source doubts
Thu, Oct 01, 2020
In a major development, Ministry of Finance has issued a clarification on doubts arising on account of new Tax Collection at Source (TCS) provisions.