Tag: cbdt
CBDT extends due dates of Income Tax compliances for AY 2021-22
CBDT: On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and […]
Read moreCBDT Eases Income Tax Rules for authentication of e-records
On September 6, 2021, the Central Board of Direct Taxes (CBDT) amended the Income-tax Rules, 1962 to make electronic data easier to authenticate in faceless assessment processes. “According to the amended Rules, electronic records submitted through a taxpayer’s registered account on the Income-tax Department’s portal are presumed to have been authenticated by the taxpayer using […]
Read moreIncome Tax Form 15CA/ 15CB due date extended: CBDT
As per section 195 of the Income Tax Act, on making payment or remitting any money to non-resident, tax is required to be deducted for any sum which is taxable under the Income Tax Act, 1961. The bank has the responsibility to check whether the tax was paid or not. If TDS is not deducted or […]
Read moreCBDT Clarification for use of functionality under section 206AB & 206CCA
Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified […]
Read moreCBDT launch compliance check functionality for section 206AB & 206CCA
Central Board of Direct Taxes [CBDT] has released compliance check facility for Section 206AB & Section 206CCA. This Facility has been introduced wide circular number 11/2021. Section 206AB introduced by Finance Act 2021 introduced higher Tax Deducted at Source [TDS] Rate for Non-Filers of Income Tax Returns [ITRs]. Similarly, Section 206 CCA which was also introduced by Finance Act 2021 […]
Read moreCBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as […]
Read moreVivad se vishwas Scheme: CBDT extended date for making payment without additional amount
MINISTRY OF FINANCE(Department of Revenue)NOTIFICATIONNew Delhi, the 27th October, 2020 S.O. 3847(E).—In exercise of the powers conferred by section 3 of the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020), the Central Government hereby notifies that the,– (a) 31st day of December, 2020 shall be the date, on or before which a declaration […]
Read moreCBDT clarification on requirement of scrip wise reporting of listed shares.
Central Board of Direct Taxes (CBDT) had issued clarification on Scrip-wise reporting in the Income Tax Return. As per CBDT clarification, there is no requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares. Press Release for the same is as follows: There was a report in certain section […]
Read moreCBDT: Income Tax Faceless Appeals applicable w.e.f. 25.09.2020
The Income Tax Department today (25.09.2020) launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search matters, International tax and Black Money Act. Necessary Gazette notification has […]
Read moreCBDT Guidelines for compulsory selection of ITR for Faceless Assessment for FY 2020-21
F.No.225/126/2020/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes (CBDT, ITA-II division) North Block, New Delhi, the 17th September, 2020 ToAll Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-TaxAll Pr. Director-Generals of Income tax/ Director-Generals of Income-tax. Madam/ Sir, Subject: Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2020-21-conduct of […]
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