The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic. The benefits/extensions include:- For FY 18-19, ITR can be filed up to 31.7.20. For FY 19-20 Important Statutory developments Important Judicial Precedents
Tag: CBDT
Government leaves no stone unturned – New ITR disclosures
CBDT has notified new Income Tax Return (ITR) forms for the Assessment Year 2020-21. New additional columns and schedules have been introduced by CBDT in the recently notified ITR Forms. These new data requirements are designed to capture new essential tax information. Some of these changes are a direct result of the Income tax act amendments made through the Finance Act. A bird eye view of the new disclosures asked in the recently notified ITR forms to include Important Statutory
Tax residence in year of Corona
Due to travel restrictions on account of Coronavirus pandemic, those on foreign work tours cannot commute back to the country of their residence. Determining the tax residence of the stranded individuals/employees is questionable. Further, adding fuel to the fire, the Indian government has made the norms for determining the tax residency of individuals much more stringent for this FY 19-20. Important Statutory developments Important Judicial Precedents Jaipur ITAT held that tax liability under MAT provisions could not be created on