Income tax department

Is Retrospective Taxation an Abuse of Sovereign Right of States to Impose Taxes?

Income Tax - India has gained an ill-reputation regarding its retrospective taxation laws in the past decade, especially due to the amendments made to Section 9 by the Finance Act, 2012. Retrospective operation of this amendment gave rise to three notable international tax disputes, namely the Vodafone International Holdings BV case, the Cairn Energy ...

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New Section 194Q of Income Tax Act w.e.f. 1st July, 2021

Income Tax - Section 194Q has been inserted in the Income Tax Act which talks about TDS being deducted on Purchase of Goods by the Buyer @ 0.1% of the sum exceeding Rs. 50 Lacs. Readers will recall the section being similar to Section 206C(1H) which inserted the law of collecting TCS on Sale of Goods. Applicability Conditions […]...

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How to Manage/Generate ITDREIN

Income Tax - Income Tax Department Reporting Entity Identification Number (ITDREIN) is an identification number allotted by the Income Tax Department (ITD) to a Reporting Entity. After an ITDREIN is generated and an authorized person is added against the generated ITDREIN, the authorized person can upload and / or view Form 15CC and Form V....

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How to Login on New Income Tax Portal

Income Tax - FAQs on How to Login on New Income Tax Portal 1. Do I need my registered mobile number to login to the e-Filing Portal? There are multiple ways to log in to the e-Filing portal. It is not necessary to have access to the registered mobile number. 2. Should my PAN be registered on the […]...

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Changes in New Income Tax Portal

Income Tax - Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]...

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Instructions for filling ITR-5 For A.Y. 2021-22 | F.Y. 2020-21

Income Tax - These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable ...

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Representation for extension of Due date – Asst year 2020-2021

Income Tax - Additional representation by Tax Bar Association, Nizamabad in respect of the Extension of Due date in filing the Return of Income under Income tax act for the Asst year 2020-21 [Financial year ending 31st of March 2020] and timelines for TDS/TCS compliances for AY 2021-22. TAX BAR ASSOCIATION Nizamabad President Secretary Treasurer CA....

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Initiatives to enhance technology back bone of Income Tax Department

Income Tax - The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD). ITD is having a dedicated directorate called ‘Directorate of System’ which handles the technology aspects of the various functions of the Department. A brief highlight of the technological developments whic...

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Centralized Processing Centre (CPC) gets unique Pincode

Income Tax - A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” for the purpose of submission of ITR-V forms and other document...

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Election Commission Applauds Role of Income Tax Department during 2016 Elections

Income Tax - The elections provided an opportunity for the officers and staff of the Income tax Department to contribute to the democratic process, both as citizens participating in elections, and as empowered Government officers carrying out their duties with professional competence and dedication...

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Assessment records of third parties can be demanded under RTI

Shri Rakesh Kumar Gupta Vs ITAT (Central Information Commission) - The Applicant, an informer of the department, filed a RTI application seeking inspection & copies of all records available with the income tax department including assessment orders of Escorts Ltd, Dr. Naresh Trehan and connected parties. The application was rejected by the PIO on the ground that th...

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Validity of Selection of case for scrutiny assessment-Selection contrary to CBDT’s instructions

CIT vs Best Plastics (P) Ltd. (Delhi High Court) - CIT vs Best Plastics (P) Ltd. The Commissioner of Income-tax and the Income-tax Appellate Tribunal have both relied upon a decision of the Supreme Court in Commissioner of Customs v. Indian Oil Corporation Ltd. [2004] 267 ITR 272 to have that the circulars issued by the Central Board of Direct Taxes...

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FM message to Income Tax Department on 161st Income Tax Day

Dy. No. 1759745 FM/FMP/2021 - (22/07/2021) - Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My heartiest felicitation to the Income Tax Department on the occasion of the 161st Income Tax Day. System of Direct Tax in India, though, is much older than that. Our ancien...

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DGFT IEC services not available from 01st June to 6th June 2021

Trade Notice No. 07/2021-22 - (26/05/2021) - Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application for Amendments/Modification in an IEC iii. One-time linking of Aadhaar for e-sign purposes. In view of the above, all stakeholders may therefore plan their activities acco...

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Proceeding in CCD case was as per law: Income Tax Department

NO.ITO/PR/PRESS/2019-20 - (30/07/2019) - A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note about the attachment of Coffee day shares by the Income Tax department. The authenticity of the note is not known and the signature does not tally with Shri VGS's signature a...

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No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

Press Release No.402/92/2006-MC (07 of 2011) - (14/03/2011) - The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and sma...

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CBDT Press Release on I-T refund fraud in Mumbai

No.402/92/2006-MC (05 of 2010) - (25/01/2010) - On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his jurisdiction without his knowledge or approval of his higher authorities. He immediately brought the matter to the notice of his superior officers. 2. On internal inquiry by ...

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Recent Posts in "Income tax department"

Is Retrospective Taxation an Abuse of Sovereign Right of States to Impose Taxes?

India has gained an ill-reputation regarding its retrospective taxation laws in the past decade, especially due to the amendments made to Section 9 by the Finance Act, 2012. Retrospective operation of this amendment gave rise to three notable international tax disputes, namely the Vodafone International Holdings BV case, the Cairn Energy ...

Read More
Posted Under: Income Tax |

FM message to Income Tax Department on 161st Income Tax Day

Dy. No. 1759745 FM/FMP/2021 22/07/2021

Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My heartiest felicitation to the Income Tax Department on the occasion of the 161st Income Tax Day. System of Direct Tax in India, though, is much older than that. Our ancient texts are replete with references to p...

Read More

New Section 194Q of Income Tax Act w.e.f. 1st July, 2021

Section 194Q has been inserted in the Income Tax Act which talks about TDS being deducted on Purchase of Goods by the Buyer @ 0.1% of the sum exceeding Rs. 50 Lacs. Readers will recall the section being similar to Section 206C(1H) which inserted the law of collecting TCS on Sale of Goods. Applicability Conditions […]...

Read More
Posted Under: Income Tax |

How to Manage/Generate ITDREIN

Income Tax Department Reporting Entity Identification Number (ITDREIN) is an identification number allotted by the Income Tax Department (ITD) to a Reporting Entity. After an ITDREIN is generated and an authorized person is added against the generated ITDREIN, the authorized person can upload and / or view Form 15CC and Form V....

Read More
Posted Under: Income Tax |

How to Login on New Income Tax Portal

FAQs on How to Login on New Income Tax Portal 1. Do I need my registered mobile number to login to the e-Filing Portal? There are multiple ways to log in to the e-Filing portal. It is not necessary to have access to the registered mobile number. 2. Should my PAN be registered on the […]...

Read More
Posted Under: Income Tax |

Changes in New Income Tax Portal

Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]...

Read More
Posted Under: Income Tax |

Instructions for filling ITR-5 For A.Y. 2021-22 | F.Y. 2020-21

These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable ...

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Posted Under: Income Tax |

Tax on Medical reimbursement of COVID-19 expense by employer to its employee

In the COVID-19 pandemic where everyone is suffering physically and financially, many employers have come forward to reimburse the expense of medical treatment of COVID-19 of their employees. The Income Tax Department has neither release any clarification about its taxation nor provided any exemption as on date. In this article we are her...

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Posted Under: Income Tax |

A Zero Sum Game : Look Into Insights of Transfer Pricing

The litigation in  taxation matters is increasing on a rapid scale. However, where the transactions involves the foreign companies or their subsidiaries it is governed under the head of transfer pricing. The increasing participation of multi-national group in economic activities in the country has given rise to new and complex issues eme...

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Posted Under: Income Tax |

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Posted Under: Income Tax | ,

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