Income Tax notification

CBDT notifies new Form 26AS [Annual Information Statement]

Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Apart from the TDS / TCS details, revised Form 26AS shall now contain information relating to assessee’s specified financial tra...

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FM launches Instant PAN facility through Aadhaar based e-KYC

(Release ID: 1627434) (28/05/2020)

FM formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants fr...

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CBDT amends Guidelines for application of section 9A of Income Tax

Notification No. 29/2020-Income Tax [G.S.R. 315(E)] (27/05/2020)

CBDT has vide notification dated 27th may 2020 amended Guidelines for application of section 9A. Section 9A  contains provisions related to Certain activities not to constitute business connection in India. CBDT has also notified Following new forms and Annexures- -FORM No. 3CEJA- Report from an accountant to be furnished for purpose of ...

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Section 10(46) exemption to Uttarakhand Environment Protection & Pollution Control Board

Notification No. 28/2020-Income Tax [S.O. 1658(E)] (27/05/2020)

Notification No. 28/2020- Central Government notifies ‘Uttarakhand Environment Protection & Pollution Control Board’, Dehradun (PAN AAALU0160D), a Board constituted by the Government of Uttarakhand, in respect of the following specified income arising to that Board, under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE...

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Section 10(46) exemption to Cochin Special Economic Zone Authority

Notification No. 27/2020-Income Tax [S.O. 1659(E)] (27/05/2020)

Notification No. 27/2020- Central Government notifies ‘Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF...

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Tax Refunds amounting to Rs. 26242 crore issued since 1st April 2020

Release ID: 1626051 (22/05/2020)

Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020. Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during th...

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Section 10(46) exemption to Kerala Cooperative Development and Welfare Fund Board

Notification No. 26/2020-Income Tax [S.O. 1563(E)] (21/05/2020)

Notification No. 26/2020- Central Government notifies ‘Kerala Cooperative Development and Welfare Fund Board’, Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Kerala, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) ...

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Section 269SU not applicable to specified person having only B2B transactions

Circular No. 12/2020-Income Tax (20/05/2020)

It is hereby clarified that the provisions of section 269SU of the Act shall not he applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts...

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CBDT issues important directives on Safe Harbour Rules

Notification No. 25/2020-Income Tax/G.S.R. 304(E) (20/05/2020)

The CBDT has issued Notification No. 25 of 2020 dated 20 May 2020, wherein it has notified the year of applicability of the ‘Safe Harbour Rules for International Transactions’ (SHR) for Assessment Year (AY) 2020-21, as the existing rules were applicable only up to AY 2019-20. The said notification are applicable from 1 April 2...

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Relief measures announced by FM on 13th May 2020

Release ID: 1623601 (13/05/2020)

Ministry of Finance Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Posted On: 13 MAY 2020 Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 5...

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