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Memorandum Explaining The Provisions In The Finance Bill, 2021
Memorandum Explaining The Provisions In The Finance Bill, 2021 Finance Bill, 2021 Provisions Relating To Direct Taxes Introduction The provisions of Finance Bill, 2021 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as
Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC
Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up
Order under Para 3 of the Faceless Penalty Scheme 2021, for assignment and disposal of penalty cases under the scheme: CBDT.
Order Subject: Order under Para 3 of the Faceless Penalty Scheme 2021, for assignment and disposal of penalty cases under the scheme- regarding. The Central Board of Direct Taxes in exercise of powers conferred under Para 3 of the Faceless Penalty Scheme, 2021 hereby directs
Late Fees on Filing of ITR Beyond Due Date
Late Fees on Filing of ITR Beyond Due Date “It is very disappointing to note that mandatory Late fees under 234F for late filing of ITR is being levied by the income tax department by having a misinterpreted determination of Total Income.” I. Preamble: There
Implementation of Faceless Penalty Scheme 2021
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th January 2021 INCOME-TAX S.O. 117(E).—In exercise of the powers conferred by sub-section (2B) of section 274 of the Income-tax Act, 1961 (43 of 1961), for the purposes of giving
All about House Rent Allowance (HRA)
All about House Rent Allowance (HRA) House Rent Allowance (HRA) is one of the most relevant claimed allowances by the salaried class employees. The write-up deals with some of the commonly asked questions. Can we say all of the salaried individuals are eligible to claim
Creation of official e-mail accounts of all administrative CsIT/DsIT
To, All Chief Commissioners of Income-Tax / Director General of Income-tax All Admn Commissioners of Income-Tax / Director of Income-tax Sir/Madam, Sub: Creation of official e-mail accounts of all administrative CsIT/DsIT on the website of the department mail.incometaxindia.gov.in for urgent communication – reg. Kindly refer to the
Is it possible for a taxpayer to file an Income Tax Return (ITR) without Form 16?
Is it possible for a taxpayer to file an Income Tax Return (ITR) without Form 16? There are possible scenarios where a taxpayer may not be able to obtain Form 16 from his/her employer. Since the due date for filing of ITR is approaching, is
Suggestions to Rationalise Current Direct Tax Structure
Suggestions to Rationalise Current Direct Tax Structure 1 Allow Filling ITR After 31-March of AY Allow filling Income Tax return after 31st March of Assessment year ( Ofcourse with Higher late fees than currently prescribed ..I.e. Higher than Rs. 10000). Govt will get high revenue
[Read Order] CBDT rejected all pleas for date extension
CBDT rejected all pleas for date extension Amidst the huge demand to extend the due dates for income tax filings, CBDT ejected it. In their tweet, they have also clarified the reason for not extending the due dates. There were many writs in various courts
Handbook For Tax Consultants/Taxpayers-Nov. 2020: IT Deptt.
Handbook For Tax Consultants/Taxpayers-Nov. 2020: IT Deptt. Chapter 1 Overview of Centralized Processing Center 1.1. Central Board of Direct Taxes (CBDT) has approved a Scheme for processing of returns of income ‘Centralised Processing of Returns Scheme, 2011’, in the exercise of the powers conferred by sub-section
Income Tax Search and Seizure: Seizure of undisclosed jewellery and its assessment thereupon- Legal Treatise
Income Tax Search and Seizure: Seizure of undisclosed jewellery and its assessment thereupon- Legal Treatise Introduction: The Central Board of Direct Taxes vide Instruction no. 1916 dated 11-05-1994, clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found