Income Tax Notifications

Direct & Indirect Taxes Updates- February 2021

Income Tax - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th Apr...

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Form NR to provide relief from double taxation to Non-residents

Income Tax - Introduction of Form NR entailing details for Non residents to sustain their residential status to prevent unnecessary or double taxation vide CBDT Circular No. 2 of 2021 Dated 3rd March, 2021. A very welcome and long awaited step taken by CBDT for the year 2020-21 by introducing this self declaration form to be submitted electronically [...

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Compilation of CBDT Notifications & Circulars of January 2021

Income Tax - Compilation of Notifications & Circulars issued by CBDT in month of January 2021 Direct Tax Updates 1. Amount of remuneration prescribed u/s 9A(3)(m) of the Income-tax Act, 1961: CBDT vide Circular No. 1 dated 15th January 2021, clarified that remuneration to be paid by an eligible investment fund u/s 9A (activities of which shall not...

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Direct & Indirect Taxes Updates- January 2021

Income Tax - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues notification and notifies Faceless assessment scheme 2021 and direction to give effect to the Faceless Penalty scheme,2021 (Notification No. 03/2021 dated 12/01/2021) ♦  Amount of remuneration u/s 9a(3)(m) of the Income Tax Act (Circular No...

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Direct & Indirect Taxes Updates- December 2020

Income Tax - DIRECT TAXES UPDATES Recent circulars/notifications/rules/clarifications/News  – Government issues a circular clarifying the requirements for opening  of Senior Citizen Savings Scheme Account (Circular  no.  File No. FS-10/17/2020-FS dated 07.12.2020)  – CBDT releases answers to FAQs on Vivad-se-Vishwas scheme (Circular N...

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Income Tax Department conducts searches in Guwahati

Income Tax - Income Tax Department started a Search and Survey action on 22.12.2020 in the cases of three leading contractors of North Eastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsala (Assam)....

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Revised Form 3CD Schema released after 21 days of Applicability

Income Tax - Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020. Now the Question arises here is what is the status of Tax Audit Report Submitted on or after 01.10.2020 until the release of New Schema. Are they invalid Tax Audit Reports & Who […]...

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Income Tax Department carries out searches in Bihar

Income Tax - The Income Tax Department carried out searches on 19.10.2020 in the cases of two Government contractors having premises in Purnea, Katihar and Saharasa and a silk trader in Bhagalpur in Bihar. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purpos...

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Income Tax search & survey operations in Rajasthan, Delhi & Mumbai

Income Tax - The Income Tax Department carried out search and survey operations on three groups on 13.07.2020. These operations are being carried out at 20 premises in Jaipur, 6 in Kota, 8 in Delhi and 9 in Mumbai....

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CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

Income Tax - 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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Once data stored in electronic form, it becomes a customized electronic data which can be exported to qualify for deduction u/s 10A

ITO Vs. Accurum India Pvt. Ltd. (ITAT Chennai) - The issue to be considered is whether the profit earned by the assessee from the activity of recruitment and training of personnel and supplying the data thereof to its parent company in US is eligible for deduction under sec.lOA or not read with the Board's Circular dated 26.9.2000. In this connec...

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Corrigendum to Income Tax Jurisdiction Order

F. No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/1414 - (03/03/2021) - The Principal Chief Commissioner of Income-tax (International Taxation), hereby makes the following amendments in the Jurisdiction Order No.3/2020 vide F.No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/789 dated 22.12.2020, namely:-...

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CBDT prescribes rules for determination of Annual accretion

Notification No. 11/2021-Income Tax/G.S.R. 155(E). - (05/03/2021) - CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961 vide Notification No. 11/2021-Income Tax dated 5th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 11/2021-Income Tax ...

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Instructions for issue of Section 148 notice for Reassessment/Reopening

F. No.225/40/2021/ITA-II - (04/03/2021) - CBDT directs that following categories of cases be considered as 'potential cases' for taking action u/s 148 of Act by 31.03.2021 for the A.Y 2013-14 to A.Y 2017-18 by Jurisdictional Assessing Officer ...

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CBDT clarifies on Residential status & Issues new NR Form

Circular No. 2 of 2021 - (03/03/2021) - OECD as well as most of the countries have clarified that in view of the provisions of the domestic income tax law read with the DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as pe...

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Cabinet extends tenure of CBDT Chief P C Mody till 31.05.2021

No 18/60/2016,0(SM II) - (28/02/2021) - The Appointments Committee of the Cabinet has approved extension in the re-appointment of Shri Pramod Chandra Mody as Chairman, Central Board of Direct Taxes (CBDT), for a further period of three months with effect from 01.03.2021 to 31.05.2021 or until further orders, whichever is earlier....

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Recent Posts in "Income Tax Notifications"

Corrigendum to Income Tax Jurisdiction Order

F. No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/1414 (03/03/2021)

The Principal Chief Commissioner of Income-tax (International Taxation), hereby makes the following amendments in the Jurisdiction Order No.3/2020 vide F.No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/789 dated 22.12.2020, namely:-...

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CBDT prescribes rules for determination of Annual accretion

Notification No. 11/2021-Income Tax/G.S.R. 155(E). (05/03/2021)

CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961 vide Notification No. 11/2021-Income Tax dated 5th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 11/2021-Income Tax New Delhi, the 5th March, 2021 G.S.R. 15...

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Direct & Indirect Taxes Updates- February 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th Apr...

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Posted Under: Income Tax | ,

Instructions for issue of Section 148 notice for Reassessment/Reopening

F. No.225/40/2021/ITA-II (04/03/2021)

CBDT directs that following categories of cases be considered as 'potential cases' for taking action u/s 148 of Act by 31.03.2021 for the A.Y 2013-14 to A.Y 2017-18 by Jurisdictional Assessing Officer ...

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Form NR to provide relief from double taxation to Non-residents

Introduction of Form NR entailing details for Non residents to sustain their residential status to prevent unnecessary or double taxation vide CBDT Circular No. 2 of 2021 Dated 3rd March, 2021. A very welcome and long awaited step taken by CBDT for the year 2020-21 by introducing this self declaration form to be submitted electronically [...

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Posted Under: Income Tax |

CBDT clarifies on Residential status & Issues new NR Form

Circular No. 2 of 2021 (03/03/2021)

OECD as well as most of the countries have clarified that in view of the provisions of the domestic income tax law read with the DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as per the provisions of the Income-tax Act, ...

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Cabinet extends tenure of CBDT Chief P C Mody till 31.05.2021

No 18/60/2016,0(SM II) (28/02/2021)

The Appointments Committee of the Cabinet has approved extension in the re-appointment of Shri Pramod Chandra Mody as Chairman, Central Board of Direct Taxes (CBDT), for a further period of three months with effect from 01.03.2021 to 31.05.2021 or until further orders, whichever is earlier....

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Notification extending various Income Tax due dates

Notification No. 10/2021-Income Tax/S.O. 966(E). (27/02/2021)

(a) for imposition of penalty under Chapter XXI of the Income-tax Act, (i) the 29th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Income-tax Act falls, for the completion of such action; and (ii) the 30th day of June, 2021 shall be the end date to which t...

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CBDT date for filing declarations under VSV Act to 31.03.2021

Notification No. 09/2021/S.O. 964(E) (26/02/2021)

CBDT further extends the date for filing of declarations under the Vivad Se Vishwas (VSV) Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TA...

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Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

F No. 187/4/2021-ITA-I (26/02/2021)

Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** North Block, New Delhi – 110001 Da...

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