Category: Income Tax
IT Deptt. has conducted Searches at 20 locations of 3 leasing business houses in Assam, which has resulted in detection of tax evasion in respect of Income above Rs. …
Reduction in Time Limit has been proposed in Budget 2021 for Re-opening of Income Tax Proceedings within 3 years, as against existing limit of 6 years, except in serious …
Enhanced Tax Audit Exemption limit of Rs. 10 crore, as against existing limit of Rs. 5 crore, has been proposed in Budget 2021, for taxpayers having 95% or more …
TDS of 0.1% on transaction of purchase of goods exceeding Rs. 50 lakh in a year has been proposed in Budget 2021 to widen the TDS base, applicable in …
ITR filing exemption has been proposed in Budget 2021 for Senior Citizens (age 75 years or more) having only pension/ interest income, to reduce their compliance burden.
IT Deptt conducts search at 25 premises of Kolkata based Iron & Steel Manufacturing Group, which has resulted in detection of concealment of income amounting to Rs. 309 crore.
CBDT further extends Vivad se Vishwas Scheme from 31/01/2021 to 28/02/2021, vide Notification 04/2021.
IT Deptt conducts Search/ Survey of various premises of three Jewellery/ real Estate Groups in Jaipur and detects unaccounted/ unrecorded transactions of more than Rs. 1400 crore including unaccounted …
IT Deptt. conducts search at premises of Thane Builder reveals unaccounted income/ cash/ accommodation entries/ assets of Rs. 520.56 crore. Also lockers are yet to be opened.
CBDT has clarified the issue of amount of fund managers remuneration prescribed under section 9A(3)(m) of the Income Tax Act, 1961, vide Circular 01/2021 dt. 15th January 2021.