Income Tax Updates

Income tax related updates will be found in this section.

FM launches facility of Instant PAN through Aadhaar based e-KYC

163 ViewsMinistry of Finance FM launches facility of Instant PAN through Aadhaar based e-KYC In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now …

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Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19

221 ViewsFinance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Ministry of Finance Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 50,000 crore equity infusion through MSME Fund of Funds …

Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Read More »

Finalisation of Balance sheet | 30 Points

295 Views•No Entry On National Holiday. •Confirmation of Secured Loans. •Confirmation of Unsecured Loans. •Confirmation of S.Creditors (Specialy Those With Debit Balance.) •Confirmation of S.Debtors (Specialy Those With Credit Balance) •Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque. •Check Cash For Negative Balance. •Electricity Charges For 12 Months Entered Or …

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IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit

226 ViewsMinistry of Finance All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs Rs 18,000 crore of total refund granted immediately In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it …

IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit Read More »

Income Tax Appellate Tribunal holds All India Video Conference on ‘The Direct Tax Vivad Se Vishwas Act, 2020’

171 ViewsMinistry Of Law & Justice ITAT President Justice P.P. Bhatt encourages stakeholders to avail the Scheme so as reduce pending tax litigation Government open to suggestions for better implementation of the scheme and propose amendments to the Bill, says Mr. P.C. Mody, Chairman, CBDT At a time when the entire world, including India, is …

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CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions

218 ViewsMinistry of Finance Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost all sectors. To mitigate the hardships of taxpayers, the CBDT has issued the following directions/clarifications by exercise of its power u/s 119 of the Income-tax Act, 1961 (the Act): All the assessees who have …

CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions Read More »

Report Income Tax e filing Account Misuse

176 Views If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cybercrime. Please report the incident to the concerned police or cyber-cell authorities as a first step. You may file an online criminal complaint/FIR by visiting https://cybercrime.gov.in/, an initiative of Government of India …

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