Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961
In view of severe pandemic, the Central Board of Direct Taxes, in exercise of its powers under Section 119 of the Income-tax Act, 1961, provides following relaxation in respect of Income-tax compliances by the taxpayers: a) Appeal to Commissioner (Appeals) under Chapter XX of the Income-tax Act, 1961 for which the last date of filing…
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Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961
Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961
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Government extends timelines of certain Income Tax compliances of the severe pandemic
Government extends timelines of certain compliances in light of the severe pandemic In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government …
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Section 11 – Made Easy – Never Before Ever After – Comprehensive
Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income (i.e. Exempt) of the previous year of the person in receipt of the…
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CBDT amends Income Tax rule 2DB & Form No. 10BBA [Notification No. 32/2021]
CBDT amends Income Tax rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT…
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Good news came when the income tax stranded, the Supreme Court repealed this provision
The postponement is not carried forward even though the taxpayer is in no way responsible for the delay in hearing the appeal in the Income Tax Appellate Tribunal (ITAT). The Delhi High Court had termed this provision of the Income Tax Act as arbitrary and biased. A three-member bench of the Supreme Court has recently…
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Income Tax Department launches offline Utility for ITR 1,4
The Income Tax Department has launched the offline utility for taxpayers filing ITR – 1 and 4 for 2020-21 fiscal year. As per the online e-filing portal, “the user can now download and fill the offline utility for ITR 1 & 4 (AY 2021-22)” It also stated that the utility for other ITRs will be enabled…
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Compliance Calendar for April 2021
Corporate Compliance Calendar for April 2021 Monthly Compliance Calendar for April 2021 ((Track due dates) This article contains various Compliance requirements for the Month of April, 2021 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance…
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CBDT releases JSON Utility for ITR1 & ITR 4 for AY 21-22
CBDT releases JSON Utility for ITR1 & ITR 4 for AY 21-22 ITR 1 and ITR 4 Applicability for AY 2021-22 ITR 1 and ITR 4ITR 1:For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and…
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