Income Tax Updates

Income tax related updates will be found in this section.

Extension of various time limits under Direct Tax &Benami laws

June 25, 2020

481 ViewsExtension of various time limits under Direct Tax &Benami laws Ministry of Finance In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 …

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

May 28, 2020

305 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

May 13, 2020

256 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 …

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Finalisation of Balance sheet | 30 Points

April 26, 2020

336 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

April 8, 2020

237 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 …

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

April 7, 2020

184 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

April 5, 2020

236 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 …

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Report Income Tax e filing Account Misuse

April 5, 2020

191 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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Finance Act 2020

March 30, 2020

158 ViewsMINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 27th March, 2020/Chaitra 7, 1942 (Saka) The following Act of Parliament received the assent of the President on the27th March, 2020, and is hereby published for general information:— THE FINANCE ACT, 2020NO. 12 OF 2020 An Act to give effect to the financial proposals …

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