On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.21. The details are as under: Further, […]
A. Extension of Timelines! B. Exemption! Exemption (in case of death due to COVID and money received as relief in FY 2019-20 and onwards): Important Judicial Precedents
Extension of time limits of certain compliances to provide relief to taxpayers in view of the serve pandemic. Compliance Original Due Date Revised Due Date TDS Return for quarter ending March 2021 31st May 2021 30th June 2021 Issuance of TDS Certificate in Form 16 15th June 2021 15th July 2021 Filing of Return of Income for FY 2020-21(Non audit […]
Also, extend the time limits to June 30, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021. Judicial Update
Some of the key amendments to Finance Bill 2021 have been summarized below: Important Judicial Precedents A notice issued u/s 142(1) requiring the assessee to furnish a return of income when the assessee had already earlier filed a return is not valid. Once a valid return of income was available on record, which was already processed issuing notice u/s 142(1) […]
The Hon. Finance Minister in her budget speech has announced several reforms under the Income Tax. Major Changes Note: The Central Board of Direct Taxes (CBDT) on Monday further extended the due date for filing declaration under the ‘Vivad Se Vishwas’ (VSV) scheme till February 28, 2021. As per a CBDT’s notification, the date for payment of tax without additional […]
Important Statutory Developments Important Judicial Precedents
The concept and implementation of e-appeal mechanism is a welcome move as it would not only curb corrupt practices as intended but also reduce the time and cost for getting justice. The Faceless Appeal Scheme, 2020 provides discretionary video-call hearing in selected cases where the tax authority feels that issues are complex. Considering that the right to decide which case […]
Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to […]