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CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

CBDT  desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]...

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Posted Under: Income Tax |

CBDT directs all CIT(A) to dispose at least 80 appeals per month

CBDT directs all CIT (Appeal) that appeals are required to be disposed of through e-appeal proceedings by sending the communication through the e-filing portal and or through emails only. it directs that All pending appeals filed on or before 31.03.2016 to be taken up immediately and all smaller appeals with tax effect up to Rs. […...

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Posted Under: Income Tax |

Investigation Wing to handle all Tax Evasion Petitions: CBDT

To utilize the valuable information available to the department in the form of Tax Evasion Petitions (TEPs) and to prevent harassment of the taxpayers, Board has decided that they should be handled with the help of technology in a centralized manner. All pending TEPs, of whichever category with any officer, is to be transferred to [&helli...

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Posted Under: Income Tax |

Dispose all nil or lower deduction TDS/TCS applications by 31.08.2020

CBDT Chairman has instructed the department to Disposal of all pending applications as on 30.06.2020 for nil or lower deduction TDS/TCS certificates u/s 197 and 206C(9) by 31.08.2020 and dispose all Fresh Applications Within one month of the receipt of the application. Also Read- CBDT prioritise Vivad Se Vishwas Scheme case of demand &...

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Posted Under: Income Tax |

Extended due dates by CBDT

CBDT has extended the due dates vide Notification No.35 /2020/ F. No. 370142/23/2020-TPL dated 24.06.2020 Crux :- 1) ITR for FY 2018-19 = 31st July 2020 2) ITR for FY 2019-20 = 30th Nov 2020 3) Tax Audit Report FY 2019-20 = 31st Oct 2020 4) Self Assessment Tax liability  ≤ Rs. 1,00,000 = 30th Nov […]...

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Posted Under: Income Tax |

Taxpayer opting Lower Tax Rate- Change of Income-Tax Rules

On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in  Income Tax Rules vide Notification No. 38/2020-Income Tax  related to Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC. Now, as per the new income tax regime 2020-21, the employees will be eligible to claim the exem...

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Posted Under: Income Tax |

News report of Merger of CBIC & CBDT is factually incorrect

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....

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Posted Under: Income Tax |

Income Tax Refund of Rs. 62.36 crore issued during Covid days

Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Verify online notice of Demand/order issued by Income Tax Department

Verify online notice/order issued by the Income Tax Department Now Taxpayer can verify notice/order issued by the Income Tax Department online quickly before proceed to response of notice/order. Step: – 1. Go to https://www.incometaxindiaefiling.gov.in/home and click on Notice/Order Issued by ITD Step: – 2. Taxpayer can search...

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Posted Under: Income Tax |

Important Extensions for Tax Payments for 2020-21

It could be assumed from the current scenario created by the COVID-19 has affected business functioning and revenues and it’s time for the Government of India and its citizen to come together and help each other.  Understanding the situation of the public, a notification has been issued by the Central Board of Direct Taxes (CBDT) u...

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Posted Under: Income Tax |