Income Tax News

Government extends timelines of certain compliances in light of the severe pandemic

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  […]

CBDT AMENDS RULE 10DA AND RULE 10DB

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 […]

Good news came when the income tax stranded, the Supreme Court repealed this provision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 […]

DUE DATE EXTENDED

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 […]

CORPORATE COMPLIANCE CALENDAR APRIL 2021

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 […]

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 […]