Income Tax Notifications

Income Tax Returns (ITRs)-Forms and Due Dates

Income Tax - EXTENSION OF DUE DATES  Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) h...

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Amendment to Retrospective Tax Regime: A Long Overdue Respite to Firms

Income Tax - The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospective legislation on indirect transfer tax. The Finance Ministry had presented a bill to encourage greater overseas investment into India, which is being hailed as a welcome respite for firms that have long inve...

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Taxability of interest on PF contributions above Rs. 2.5 lac

Income Tax - With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards)  which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxabili...

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Tax Amicus | GST, Customs, Excise, Service Tax & VAT | August 2021

Income Tax - Goods and Services Tax (GST) Notifications and Circulars Requirement of GST audit and reconciliation statement by professionals removed with effect from 1 August 2021: The Ministry of Finance has appointed 1 August 2021 as the date on which the provisions of Sections 110 and 111 of the Finance Act, 2021 have come into force. These [&helli...

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Taxation Laws (Amendment) Bill, 2021 – Analysis

Income Tax - ‘THE TAXATION LAWS (AMENDMENT) BILL, 2021‘ introduced in Lok Sabha on 05th August 2021 (passed on 06th August 2021) proposes to amend the Income Tax Act, 1961 and the Finance Act, 2012 to scrap the effect of RETRO TAX amendment which took place in the year 2012 after Supreme Court judgement dated 20th January 2012 […]...

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Income Tax Dept searches prominent business houses of Gujarat

Income Tax - Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors....

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CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

Income Tax - Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditions laid t...

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Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Income Tax - Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be raised in the future based on the retrospective amendment made through Finance Act, 2012, for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012. 2. Provides that the ...

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Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

Income Tax - The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(...

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ITR Forms for A.Y. 2021-22 – Who can file which ITR

Income Tax - ITR Forms for A.Y. 2021-22: ITR-1 (Sahaj) -Resident Individual (Other than ordinarily resident) -Total income Upto Rs. 50 Lacs -Income from salary, one house property, other sources (interest etc.), family pension income and agriculture income upto Rs. 5,000 ITR-2 -Individual and HUF not having income from profit and gains of business or ...

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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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Transfer/postings of 31 officers in the grade of PCIT/PDIT

Office Order No. 321 of 2021 - (29/11/2021) - Vide Office Order No. 321 of 2021 transfer/postings of 31 officers in the grade of Principal Commissioners of Income Tax/Principal Directors of Income Tax, are ordered by CBDT and in addition to that 83 officers are given additional charge in the grade of PCIT/PDIT. F. No. A-22011/6/2021-Ad-VI Gover...

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Extension of date of Filing of Accounts to Maharashtra Charity Commissioner

Order No. 590/2021 - (27/09/2021) - 26.11.2021 Due date for online Filing of Audited Accounts with the Office of the Charity Commissioner, Maharashtra stands extended till December 31, 2021. Please click here to download the Order No. 591/2021 dated 26.11.2021 on Extension of date of Filing of Accounts to Charity Commissioner in Mahar...

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Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax - (25/11/2021) - Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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Transfer/postings of 43 officers in CCIT/DGIT grade

Office Order No. 318 of 2021 - (24/11/2021) - Office Order No. 318 of 2021- The following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/Director Generals of Income Tax, are hereby ordered with immediate effect and until further orders...

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Section 10(46) exemption to Haryana State Legal Services Authority

Notification No. 133/2021-Income Tax - (23/11/2021) - Vide Notification No. 133/2021-Income Tax | Dated: 23rd November, 2021 CBDT notifies Tax Exemption to ‘Haryana State Legal Services Authority’ Panchkula (PAN AAALH0475J), an authority constituted by the State Government of Haryana, in respect of the specified income under section 10(46) of Incom...

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Recent Posts in "Income Tax Notifications"

Transfer/postings of 31 officers in the grade of PCIT/PDIT

Office Order No. 321 of 2021 29/11/2021

Vide Office Order No. 321 of 2021 transfer/postings of 31 officers in the grade of Principal Commissioners of Income Tax/Principal Directors of Income Tax, are ordered by CBDT and in addition to that 83 officers are given additional charge in the grade of PCIT/PDIT. F. No. A-22011/6/2021-Ad-VI Government of India Ministry of Finance Depar...

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Extension of date of Filing of Accounts to Maharashtra Charity Commissioner

Order No. 590/2021 27/09/2021

26.11.2021 Due date for online Filing of Audited Accounts with the Office of the Charity Commissioner, Maharashtra stands extended till December 31, 2021. Please click here to download the Order No. 591/2021 dated 26.11.2021 on Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra. ****** 27.09.2021 Extension of D...

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Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax 25/11/2021

Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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Transfer/postings of 43 officers in CCIT/DGIT grade

Office Order No. 318 of 2021 24/11/2021

Office Order No. 318 of 2021- The following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/Director Generals of Income Tax, are hereby ordered with immediate effect and until further orders...

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Section 10(46) exemption to Haryana State Legal Services Authority

Notification No. 133/2021-Income Tax 23/11/2021

Vide Notification No. 133/2021-Income Tax | Dated: 23rd November, 2021 CBDT notifies Tax Exemption to ‘Haryana State Legal Services Authority’ Panchkula (PAN AAALH0475J), an authority constituted by the State Government of Haryana, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (De...

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CBDT notifies revised Form No. 52A for Assessee producing cinematograph film

Notification No. 132/2021-Income Tax [G.S.R. 831(E)] 23/11/2021

CBDt notifies revised FORM NO. 52A– Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film under Rule rule 121A of Income-tax Rules, 1962 vide Notification No. 132/2021-Income Tax Dated: 23rd November, 2021. MINISTRY OF FINANCE (Department o...

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CBDT grants Non-Functional Up-Gradation in HAG to 66 officers

Notification No. 06 of 2021 15/11/2021

Notification No. 06 of 2021 – Granting of Non-Functional Up-Gradation (NFU) In The Higher Administrative Grade (HAG) to 66 officers of the Indian Revenue Service. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, dated the 15th. November, 2021. 24 Kartik, 1943 (SAKA) NOTIFI...

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Section 10(46) exemption to ‘Assam Building and Other Construction Workers Welfare Board’

Notification No. 131/2021-Income Tax [S.O. 4637(E)] 10/11/2021

Vide Notification No. 131/2021- Income Tax, Dated: 10.11.2021 CBDT notifies Tax Exemption to ‘Assam Building and Other Construction Workers Welfare Board’ in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi,...

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Promotion of 188 officers in the grade of JCIT

Office Order No. 306 of 2021 08/11/2021

Office Order No. 306 of 2021 – Promotion of officers on regular basis in the grade of Joint Commissioner of Income Tax (JCIT) F. No.A-32012/1/2021-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi. The 08th November, 2021. OFFICE ORDER NO. 306 OF 2021 The presi...

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Promotion of 67 officers to the grade of CIT on in-situ basis 

Office Order No. 304 of 2021 08/11/2021

Office Order No. 304 of 2021 – Promotion of officers to the grade of Commissioner of Income Tax (CIT) on in-situ basis F. No. A-32011/2/2021-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi, The 08th November. 2021. Office Order No. 304 of 2021 Consequent upon...

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