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New ITR forms for AY 2021-22 notified: Check what changed and how it 'minimises' compliance burden
Fri, Apr 02, 2021
Keeping minimum change and with the view to minimise compliance burden, The Central Board of Direct Taxation (CBDT) has notified new income tax return forms — ITR-1 to ITR-7 — for the assessment year 2021-22, the ministry of finance said in a statement
Income Tax refund alert! CBDT has this important message for you
Thu, Apr 01, 2021
Income tax refunds of approximately Rs. 87,749 crore have been issued in 2,34,27,418 cases.
Confusion cleared! CBDT issues clarification over debt interest income of FPIs
Thu, Mar 18, 2021
Clearing the air, the Income Tax Department has said that foreign portfolio investors (FPIs) will continue to enjoy five per cent withholding tax on debt interest income
Income Tax: Confirmation! Important news for small taxpayers! Check what CBDT Chairman PC Mody confirmed
Thu, Feb 04, 2021
Income Tax News: Union Finance Minister Nirmala Sitharaman on Monday while presenting Budget 2021 in Parliament made many big announcements pertaining to Income Tax.
Gujarat High Court rejects petition seeking extension of due date for tax audit reports, ITR filing
Thu, Jan 14, 2021
The last date for filing ITR in non-audit cases was January 10 and in cases of audit cases is February 15.
Income Tax: Important ITR filing message for you for assessment year (AY) 2020-21 (fiscal year 2019-20)
Sun, Dec 27, 2020
The Income Tax Department has confirmed that as many as 3.97 crore taxpayers have already filed their income tax returns for assessment year (AY) 2020-21 (fiscal year 2019-20) till December 24.
Will you get extension for tax audit report, income tax returns for audit cases and time limit for AGMs from Nirmala Sitharaman?
Sun, Dec 27, 2020
Income Tax Filing Due Date Tax Audit: There is need for extension of dates for furnishing tax audit reports and ITRs.
Income Tax refunds alert! Important ITR message from CBDT - What I-T return filers should know
Thu, Dec 17, 2020
Income Tax Refunds: In a major development, the income tax department has said that it has issued refunds of over Rs 1.48 lakh crore to more than 1.02 crore taxpayers till December 14.
Income Tax alert! Big decision taken under 'Vivad Se Vishwas' scheme - All you need to know as a taxpayer
Sun, Dec 06, 2020
'Vivad Se Vishwas' scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
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.
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.
ITR Last Date: CBDT again extends last date for Income Tax Return filing for AY 2019-20; check new deadline
Wed, Sep 30, 2020
ITR Last Date: CBDT has once again extended the deadline for Income Tax Return (ITR) filing for the Assessment year or AY 2019-20. The new deadline for the ITR filing for AY 2019-20 is 30th November 2020.
Income Tax Department Alert! CBDT issues clarification on TDS, TCS norms applicable from 1st October
Wed, Sep 30, 2020
The Central Board of Direct Taxes (CBDT) has issued a detailed clarification in regard to the new TDS and TCS norms set to become applicable from tomorrow i.e. 1st October 2020.
CBDT clarifies on 1% TDS on e-commerce transactions
Wed, Sep 30, 2020
Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0 of the Income-Tax Act on a transaction, if the tax has been deducted by the ecommerce operator under the section concerned of the Act, on the same transaction
CBDT takes major step to simplify tax process, launches Faceless Appeals; know how taxpayers will benefit!
Fri, Sep 25, 2020
The Income Tax Department today launched Faceless Income Tax Appeals under which all income tax appeals will be decided in a faceless manner, according to a government release. The Central Board of Direct Taxes (CBDT) which launched this service has made provisions of faceless settlements under this faceless ecosystem
NOTICE! Important Income Tax alert for taxpayers - Know complete details here
Wed, Sep 23, 2020
To deal with the irregularities in income tax payment, the tax department has started taking stern actions against the offenders. The Income Tax Department has started sending notices on non-payment of taxes or irregularities. The notices are being sent for big and small amounts Zee Business’ Brajesh K. Mishra has the full report
Net direct tax collection declines 31% in Apr-Aug FY21
Sun, Sep 20, 2020
During the same period of the last financial year, 2018-19, the net direct tax collection stood at over Rs 2.79 lakh crore.
Did your bank deduct charges for BHIM-UPI or RuPay Cards transactions? You will get refund - Here is why
Mon, Aug 31, 2020
If any bank has deducted charges for your UPI, UPI QR Code or RuPay Cards transactions, then the bank will have to refund it.
Introduce faceless assessment in indirect tax regime, demand textiles exporters
Mon, Aug 17, 2020
A small and medium textiles exporters' association has asked the government to introduce 'faceless assessments and faceless appeals' in the indirect tax regime as well so that exporters' interaction with GST officials could be eliminated. The income tax department on Thursday amended its e-assessment scheme to align it with faceless assessment
Income Tax alert! From Thursday, this will happen, confirms CBDT - All you need to know
Thu, Aug 13, 2020
The Central Board of Direct Taxes (CBDT) has confirmed that the income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday.