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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Income Tax

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Posted Date : 30-Aug-2021 , 08:20:38 am | Posted By CASANSAAR

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...

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Category : Income Tax | Comments : 0 | Hits : 512

CBDT extends date under section 3 of the Vivad se Vishwas Act
Posted Date : 30-Aug-2021 , 08:17:29 am | Posted By CASANSAAR

Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad se Vishwas Act”), the amount payable by the declarant is stated in the table under section 3 of the Vivad se Vishwas Act.   As per the latest notification dated 25th June 2021, the last date...

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Category : Income Tax | Comments : 0 | Hits : 333

FinMin gives time to Infosys till Sept 15 to fix glitches in income tax portal
Posted Date : 24-Aug-2021 , 09:15:30 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman has given time to Infosys till September 15 to fix glitches in the new e-filing portal of the Income Tax Department, said a statement issued by the government on August 23. Sitharaman, who summoned Infosys top brass for a meeting earlier in the day, conveyed th...

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Category : Income Tax | Comments : 0 | Hits : 421

FinMin summons Infosys CEO Salil Parekh over new e-filing portal glitches
Posted Date : 23-Aug-2021 , 08:13:38 am | Posted By CASANSAAR

The Ministry of Finance has summoned Infosys on August 23 as the new IT portal continues to see glitches even 2.5 months after the launch. The portal was not accessible from August 21. In a tweet, the IT department said, “Ministry of Finance has summoned Salil Parekh, MD&CEO @Infosys on...

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Category : Income Tax | Comments : 0 | Hits : 448

Accounting standards and special courts to be created for LLPs - MCA
Posted Date : 19-Aug-2021 , 08:53:41 am | Posted By CASANSAAR

The regulatory framework for limited liability partnerships (LLPs) is set to get more refined with a new set of accounting standards, a special regime for startups using the LLP form, and special courts for trial of offences. The ministry of corporate affairs (MCA) has said amendments to the LLP ...

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Category : Income Tax | Comments : 0 | Hits : 491

49,000 Cr Foreign Funds Received By Indian NGOs In 3 Years - Govt
Posted Date : 12-Aug-2021 , 09:25:25 am | Posted By CASANSAAR

Over ₹ 49,000 crore in foreign funds were received by more than 18,000 NGOs in the country in the last three years, Rajya Sabha was informed on Wednesday. Union Minister of State for Home Nityanand Rai said ₹ 16,940.58 crore were received by the NGOs in 2017-18, ₹ 16,525.73 cror...

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Category : Income Tax | Comments : 0 | Hits : 11683

Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme
Posted Date : 10-Aug-2021 , 08:24:19 am | Posted By CASANSAAR

The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the  Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to...

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Category : Income Tax | Comments : 0 | Hits : 11597

Govt introduces bill in Lok Sabha to scrap retrospective tax law
Posted Date : 06-Aug-2021 , 09:21:36 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.  The bill seeks to amend the Income Tax Act of 1961...

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Category : Income Tax | Comments : 0 | Hits : 11355

Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR

The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...

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Category : Income Tax | Comments : 0 | Hits : 11916

IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021. The amendment regulations enhance the discipline, transparency, and account...

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Category : Income Tax | Comments : 0 | Hits : 507

Delhi High Court orders CBI to probe Income Tax department email
Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR

The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings. The court order follows the petitioner, Three C Homes, whi...

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Category : Income Tax | Comments : 0 | Hits : 1798

New curbs on insolvency resolution professionals
Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR

Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI). The change seeks to eliminate a ...

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CBDT extends date for manual filing of tax forms for foreign remittance
Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR

The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...

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Category : Income Tax | Comments : 0 | Hits : 701

Govt announces inclusion of Retail and Wholesale trades as MSMEs
Posted Date : 02-Jul-2021 , 02:26:16 pm | Posted By CASANSAAR

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engine...

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Govt grants further extension in timelines of compliances
Posted Date : 26-Jun-2021 , 09:00:20 am | Posted By CASANSAAR

The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows: A.       &n...

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Category : Income Tax | Comments : 0 | Hits : 511

Government launches e-filing portal of Income Tax Appellate Tribunal, itat e-dwar
Posted Date : 26-Jun-2021 , 08:57:53 am | Posted By CASANSAAR

Law Minister Ravi Shankar Prasad formally launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar yesterday. The  portal will enable online filing of appeals, applications and  documents  by various parties. Speaking on occasion, he explained the power...

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Category : Income Tax | Comments : 0 | Hits : 357

Income Tax dept tool to identify 'specified persons' who have to pay higher taxes
Posted Date : 23-Jun-2021 , 09:04:29 am | Posted By CASANSAAR

The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past...

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Category : Income Tax | Comments : 0 | Hits : 654

Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Posted Date : 23-Jun-2021 , 08:41:01 am | Posted By CASANSAAR

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 persons). Higher rate is twice the prescribed rat...

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Category : Income Tax | Comments : 0 | Hits : 418

Ministry of MSME Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st Dec, 2021
Posted Date : 17-Jun-2021 , 08:49:41 pm | Posted By CASANSAAR

Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs...

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Category : Income Tax | Comments : 0 | Hits : 1614

Net Direct Tax collection during current fiscal doubles to Rs 1.86 lakh Cr
Posted Date : 17-Jun-2021 , 09:21:22 am | Posted By CASANSAAR

Net Direct Tax collections have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy this financial year. Finance Ministry said that Net Direct Tax collections have increased over hundred per cent in this fiscal year in comparison to the corresponding period o...

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Category : Income Tax | Comments : 0 | Hits : 538

Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT
Posted Date : 15-Jun-2021 , 07:47:46 am | Posted By CASANSAAR

  As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authoriz...

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Category : Income Tax | Comments : 0 | Hits : 1158

DSC to be re-registered afresh 7th June onwards on the new portal - Income Tax Dept
Posted Date : 05-Jun-2021 , 09:36:29 am | Posted By CASANSAAR

Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generated e-mail and plea...

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Category : Income Tax | Comments : 0 | Hits : 1523

Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price
Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR

In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...

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Category : Income Tax | Comments : 0 | Hits : 497

Govt extends certain timelines in light of severe pandemic
Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided  to  extend timelines for compliances under ...

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Category : Income Tax | Comments : 0 | Hits : 355

Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh Cr
Posted Date : 10-Apr-2021 , 08:15:14 am | Posted By CASANSAAR

Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic.  Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45...

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Category : Income Tax | Comments : 0 | Hits : 599

Income Tax Deptt launches offline utility for ITR 1, 4 on new technology JSON
Posted Date : 06-Apr-2021 , 08:37:37 am | Posted By CASANSAAR

The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year. The offline utility is available on the e-filing portal and is based on new technology JSON (JavaScript Object Notation), which is a light weight format for storing data. The ...

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Category : Income Tax | Comments : 0 | Hits : 1874

GST revenue collection hits new record of over Rs 1.23 lakh crore in March 2021
Posted Date : 02-Apr-2021 , 09:09:51 am | Posted By CASANSAAR

GST Revenue collection for March 2021 has set a new record with highest ever collection of 1 lakh 23 thousand 902 crore rupees. The GST revenue collected in the last month is 27 per cent higher than that collected in March last year.   The Finance Ministry has informed that GST revenues of Ma...

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Category : Income Tax | Comments : 0 | Hits : 452

Extension of Time for Intimation of Aadhaar and Certain Other Time Limits
Posted Date : 01-Apr-2021 , 08:56:11 am | Posted By CASANSAAR

In view of the COVID-19 pandemic, certain time limits specified under the various tax and Benami laws have been extended by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications issued under this Act. The extended last date for intimat...

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Category : Income Tax | Comments : 0 | Hits : 423

Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest
Posted Date : 24-Mar-2021 , 10:05:28 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget. In her Budget for 2021-22, Sitharaman had capped the tax-free inte...

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Category : Income Tax | Comments : 0 | Hits : 1792

Download List of Important Circulars for the Purpose of Bank Audit
Posted Date : 18-Mar-2021 , 10:36:14 am | Posted By CASANSAAR

Download List of Important Circulars for the Purpose of Bank Audit. Shared by CA. Ajay Kumar Jain Ji, Download Telegram on Mobile and Search casaansaar Here is the link, Open in Mobile. https://t.me/casaansaar/92 ...

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Category : Income Tax | Comments : 0 | Hits : 1927

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