Income Tax Press Release

Clarification in respect of residency under section 6 of the Income-tax Act, 1961

169 ViewsMinistry of Finance Clarification in respect of residency under section 6 of the Income-tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India or a non-resident or not ordinarily resident, is …

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New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020

131 ViewsMinistry of Finance In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the …

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Income Tax Tribunal, ITAT, for the first time, holds hearing through video conferencing

131 ViewsMinistry Of Law & Justice A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal. The petition was heard by …

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E-mails for facilitating faster refund can not be misconstrued as harassment: CBDT

132 ViewsMinistry of Finance The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that these observations are completely unfounded and are total misrepresentation of facts. …

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As a relief to MSMEs, I-T refunds worth Rs 5,204 Crore issued in last 10 days: CBDT

165 ViewsMinistry of Finance The Central Board of Direct Taxes (CBDT) today said that Income tax refunds to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) worth Rs 5,204 Crore have been issued since 8th April 2020. These income tax refunds would help MSMEs to carry on their business activities without pay cuts …

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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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Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today

588 ViewsMinistry of Finance In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time …

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