CBDT further extends various Income Tax compliance deadlines
CBDT further extends various Income Tax compliance deadlines prescribed under for Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.
Category: Income Tax
Cost Inflation Index (FY 2020-21) notified by CBDT
CBDT has notified the 'Cost Inflation Index (CII)' for FY 2020-21/ AY 2021-22 at 301 for determining 'long term capital gains (LTCG)' under Income Tax.
ICAI’s Draft Guidance Note on Transfer Pricing Report u/s 92E of Income Tax
ICAI has released Exposure Draft of Guidance Note on Transfer Pricing Report u/s 92E of the Income-Tax Act, 1961, incorporating amendments made by the Finance Act, 2020.
New ITR Forms (FY 2019-20/ AY 2020-21) notified: ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7
CBDT notifies new Income Tax Return (ITR) forms for FY 2019-20/ AY 2020-21 (i.e. ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7 and ITR-V), vide Income-tax (12th …
Form 26AS amended, IT Rule 114I inserted on Annual Information Statement
CBDT notifies the Income-tax (11th Amendment) Rules, 2020, to amend Form 26AS and issuance procedure, w.e.f. 1st June 2020. IT Rule 31AB on Annual Statement of TDS/ TCS has …
Aadhaar based Free Instant PAN, launched by FM
FM Smt. Nirmala Sitharaman has formally launched the facility for allotment of Instant PAN free of cost (e-PAN) through a simplified paperless process based on use of Aadhaar based …
IT Rule 10V on Fund Managers’ Remuneration amended by CBDT
CBDT notifies Income-tax (10th Amendment) Rules, 2020 for amending IT Rule 10V on Fund Managers' Remuneration u/s 9A of the Income-tax Act, 1961. Also inserts/ amends Form No. 3CEJA/ …
Income Tax Refunds of Rs. 26,242 crores issued since 1st April 2020: CBDT
Income Tax Deptt. has issued refunds of Rs. 26,242 crores since 1st April 2020 to 16.84 lac individual/ corporate assessees. Further, the refund process has been geared up for …
Safe Harbour Rules for AY 2020-21, notified by CBDT
CBDT amends Rules 10TD and 10TE to notify Safe Harbour Rules for AY 2020-21, vide Income Tax (9th Amendment) Rules 2020 (Notification 25/2020 dt. 20 May 2020). Accordingly, the …
25% Reduction in TDS/ TCS Rates from 14th May 2020 (FY 2020-21)
TDS Rates for non-salary payments and TCS Rates for specified receipts have been reduced by 25% in respect of the remaining period of Financial Year 2020-21 (i.e. during 14th …