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Income-tax (3rd Amendment) Rules, 2021: CBDT
Income-tax (3rd Amendment) Rules, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th March, 2021 G.S.R. 170(E). —In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43
FAQs On Cases to be Reopened before 31st March 2021: CBDT
To, All the DGsIT(Inv.)/CCsIT (Central)/ DGIT (I&CI) Subject: Action required to be taken in cases where income escaping assessment pertains to A.Y.s 2013-14 to 2017-18-reg. Ref: Instruction issued vide F. No. 414/132/2018-IT(Inv. I) (part I) dated 05.03.2021. Respected Madam/Sir, Kind reference is invited to the
Liquidated Damage- No Service Tax on Penalty for Un-authorize Use of Electricity
Liquidated Damage- No Service Tax on Penalty for Un-authorize Use of Electricity 2021 (2) TMI 821 – CESTAT New Delhi in M.P. Poorva Kshetra Vidyut Vitran Co. Ltd. Versus Principal Commissioner CGST And C.E Bhopal Facts of the Case Appellant is engaged in the business
Circular No. 2 of 2021: CBDT
Residential status of certain individuals under the Income-tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to the determination of residency of a person. The status of an individual, as to whether he is resident in India or a
FAQs for seek VC & seek VC Adjournment
FAQs for seek VC & seek VC Adjournment What is VC? Answer: VC stands for ‘Video Conferencing’. Using the VC facility, an assessee is enabled to express or submit one’s response orally before an income Tax Authority that has initiated the proceeding and expects the
Income Tax Search and Seizure: Understanding the gamut of Dumb Documents unearthed in an Income Tax Search and Seizure action
Introduction:- It is seen in the course of practice on the subject that during the course of Search and Seizure actions, voluminous documents are seized which may also include numerous loose papers, diaries, note pads which may contain rough calculations, vague notings, scribbling, and jottings,
New Regime of Re-Assessment
New Regime of Re-Assessment The new scheme of re-assessments are contained in the following provisions: (a) Section 147: Assessment of income escaping assessment; The new Section 147 provides that the Assessing Officer can make the re-assessment of an income escaping assessment if the following conditions
Union Budget 2021-22 Analysis of Direct Tax Proposals
Introduction In the first Budget for the new decade, the good part is that there is neither change in the tax rates nor the introduction of any new Cess for individuals, even as the fiscal deficit increased due to the pandemic. The choice of old
The Tribunals Reforms (Rationalization And Conditions Of Service) Bill, 2021
The Tribunals Reforms (Rationalization And Conditions Of Service) Bill, 2021 A BILL further to amend the Cinematograph Act, 1952, the Customs Act, 1962, the Airports Authority of India Act, 1994, the Trade Marks Act, 1999 and the Protection of Plant Varieties and Farmers’ Rights Act,
Analysis of Finance Bill 2021 – Direct Tax Proposals
Analysis of Finance Bill 2021 – Direct Tax Proposals Tax Rates FB Clause 2 IT Act Section 4 Effective from AY 2021-22 / AY 2022-23 Tax Rates No change Depreciation on Goodwill FB Clause 3(i), 7, 18, 20 IT Act Section 2(11), 32, 50,
DTVSV Scheme Extension: CBDT
Notification S.O.471(E).- In exercise of powers conferred by section 3 of the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance ( Department of Revenue),
Direct Tax Amendments by Finance Bill 2021
Direct Tax Amendments by Finance Bill 2021 No change in Minimum threshold limits of Income Tax Exemptions under old Income Tax Regime; No change in Health & Education Cess maintained at 4% for all categories of Taxpayers; Standard deduction u/s 16 is maintained at Rs.50,000/-