Income Tax news

Representation on Disposal of CIT appeals, Physical hearings in ITAT etc.

Ref. No. DTPA/Rep/21-22/01 13/04/2021

Representation with regard to disposal  of appeals before the Commissioner of Income tax (Appeals), continuation of physical hearings in ITAT and other Issues....

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Restoration of Rates of TDS/TCS wef 01.04.2021

Applicable w.e.f 01.04.2021 for F.Y. 2021-22 CBDT in its press release dated 13th May, 2020 had reduced non-salaries rates of TDS/TCS @25% for the period from 14th May, 2020 to 31st March, 2021 to provide more liquidity of funds in economy for dealing with the economic situation arising out of COVID-19 pandemic. However, the validity [&he...

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CCI to review extant Confidentiality Regime

Review of the extant Confidentiality Regime as provided in Regulation 35 of the Competition Commission of India (General) Regulations, 2009 and inviting public comments on the proposed regime...

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Analysis of provisional Gross Direct Taxes collected during FY 2020-21

Gross Direct Taxes collected during FY 2020-21 (before adjustment of refunds) are approximately Rs. 12.06 lakh crore (provisional). The major contributors : Corporation Tax (CIT) Rs. 6.31 lakh crore & Personal Income Tax (PIT) Including Security Transaction Tax (SIT) Rs. 5.75 lakh crore approximately. Here is the composition of the Gr...

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Taxpayer’s Charter- Obligations & Expectation of Income Tax Dept.

The Income Tax Department is committed to 1. Provide fair, courteous, and reasonable treatment. The Department shall provide prompt, courteous and professional assistance in all dealings with the taxpayer. 2. Treat taxpayer as honest The Department shall treat every taxpayer as honest unless there is a reason to believe otherwise. 3. Prov...

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CBI Registers A Case against CIT & her Husband in DA Case

CBI REGISTERS A CASE AGAINST COMMISSIONER OF INCOME TAX & OTHERS INCLUDING GROUP GENERAL MANAGER, RVNL ON THE ALLEGATIONS OF POSSESSION OF DISPROPORTIONATE ASSETS, AND CONDUCTS SEARCHES The Central Bureau of Investigation has registered a case on  the allegations that a Commissioner of Income Tax (Appeals),Udaipur while working as pu...

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CBI Arrests 2 Income Tax Inspectors for Accepting Bribe of Rs.15 Lakh

The Central Bureau of Investigation has arrested two Inspectors working at Investigation Unit of Income Tax Department, Ballard Pier, Mumbai for accepting bribe of Rs.15 Lakh from the complainant. CBI has registered a case against three Inspectors, all working at Investigation Unit-1, Income Tax Department, Ballard Pier, Mumbai on the all...

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Rule 12 of Income Tax Rules wef 01.04.2021 | ITR | AY 2021-22

Taxguru Team compiled Rule 12 of Income Tax Rules considering amendment vide Notification No. 21-2021/Income Tax Dated 31st March, 2021 for ready reference of our readers. Changes are Marked in Red Coloure. Revised Rule 12 of Income Tax Rules are applicable from 01.04.2021  i.e. for Income Tax Return of Assessment Year 2021-22 and Financ...

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​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%

Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%. ...

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Request for Extension of date of Revised Return of Income Tax

The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by the assessee in the income tax return. The banks have reported interest on the basis of consolidation as per form 26Q. Then they have reported on the basis of Form 26AS and thirdly on the basis of individual FDR...

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