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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...
Read MoreIncome 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 [...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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)....
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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 […]...
Read MoreITO 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...
Read MoreF. 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:-...
Read MoreNotification 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 ...
Read MoreF. 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 ...
Read MoreCircular 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...
Read MoreNo 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....
Read MoreF. No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/1414 - (03/03/2021) -
Notification No. 11/2021-Income Tax/G.S.R. 155(E). - (05/03/2021) -
F. No.225/40/2021/ITA-II - (04/03/2021) -
Circular No. 2 of 2021 - (03/03/2021) -
No 18/60/2016,0(SM II) - (28/02/2021) -
Notification No. 10/2021-Income Tax/S.O. 966(E). - (27/02/2021) -
Notification No. 09/2021/S.O. 964(E) - (26/02/2021) -
F No. 187/4/2021-ITA-I - (26/02/2021) -
