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Income Tax ComplianceIncome Tax Search and Seizure: Importance of Statement u/s 132(4) of the Income Tax Act’1961, Retraction thereof.
Introduction:- Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to
Income Tax ComplianceNew Revised Due dates under Income Tax Act 1961 AY 21-22
Extension of various dates like TDS Returns, SFT, ITR, TAR, TP Audit, etc. – Circular No 9 dated 20.05.21 – The assessment Year 2021/22 Sr No. Nature of Extension Original due date New Due Dates 1 Statement of Financial Transactions u/s 285BA 31.05.2021 30.06.2021
Income Tax ComplianceLaunch of e-filing Portal of the Income Tax Department – Non-availability of e-Filing services from 01.6.2021 to 6.06.2021
Dear Subject: Launch of e-filing Portal of the Income Tax Department – Non-availability of e-Filing services from 01.6.2021 to 6.06.2021 Reg. The Income Tax Department is going to launch its new E-filing portal on June 7th, 2021. In preparation for this launch and for
Income Tax ComplianceImportant Issues in TDS Provisions under Income Tax Act
Section 192 of The Income Tax Act, 1961 Tax is required to be deducted by any person responsible for paying any income chargeable under the head “SALARIES” Tax to be deducted at the time of payment TDS @ average rate of income-tax on Estimated income
Income Tax Compliance298th Issue of “Tax Connect”
Tax Calendar Due date LATE FEE WAIVED TILL Form/Return/Challan Reporting Period Description 20th May 2021 04th June 2021 GSTR-3B April 2021 Due Date for furnishing Summary of Outward & Inward Supplies for taxpayers whose aggregate turnover is more than Rs. 5 Crores 20th May 2021
Income Tax Compliance297th Issue of “Tax Connect”
Tax Calendar Due date Extended Due date Form/Return/Challan Reporting Period Description 10th May 2021 31st May 2021 GSTR-8 April 2021 Due Date for TCS Return who are E-Commerce Agencies 10th May 2021 31st May 2021 GSTR-7 April 2021 Due Date for filing GST-TDS Return
Income Tax ComplianceRelaxation of cash payments of more than 2 lakhs in hospital: CBDT
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 7th May 2021 (INCOME-TAX) S.O. 1803(E).—The Central Government, in the exercise of powers conferred by clause (iii) of Proviso to Section 269ST of the Income-tax Act, 1961, hereby specifies
Income Tax ComplianceCBDT Notifies ITR Forms for AY-2021-22.
Introduction: CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to
Income Tax ComplianceCBDT Notifies New Procedure and Forms For Trusts w.e.f 1.04.2021.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th March 2021 INCOME-TAX G.S.R. 212(E).—In exercise of the powers conferred by clauses (i), (ii), (iii), and (iv) of the first proviso to clause (23C) of section 10, ninth proviso
Income Tax ComplianceClause 30C & 44 of Tax Audit Has Been Further Kept at Abeyance till 31.03.2022.
Circular No. 05/2021 Order under section 119 of the Income Tax Act, 1961 Section 44AB of the Income Tax Act, 1961 (‘the Act’) read with rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires specified persons to furnish the Tax Audit Report along with
Assumption And Presumption — Taxing Statute
Assumption And Presumption — Taxing Statute Reasons are the flesh and blood of any Adjudication Proceedings. Any assumptions and presumptions must be supported by reasons and corroborative evidence. It is not only the Tax Officers but also the assessee who come to conclusion based on
Instruction regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961-Clarification to CBDT’s Letter dated 04.03.2021.
To All Principal Chief Commissioners of Income-tax Madam/Sir, Subject: Instruction regarding the selection of cases for the issue of notice u/s 148 of the Income-tax Act, 1961-Clarification to CBDT’s Letter dated 04.03.2021-reg. With reference to CBDT’s Instruction dated 04.03.2021 on the above-mentioned subject, it has