Income Tax

In this section you will get income tax updates, such as press release, notification circular, orders and many more updates,


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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

128 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 […]

Report Income Tax e filing Account Misuse

107 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 […]

No Extension of the Financial Year 2020-2021

161 ViewsMinistry of Finance There is a fake new circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year. The […]

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

529 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 […]

Finance Act 2020

103 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 […]

Income Tax Notification no 19/2020

104 ViewsMINISTRY OF FINANCE(Department of Revenue)(Central Board of Direct Taxes)NOTIFICATIONNew Delhi, the 20th March, 2020 S.O. 1188(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of […]

Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak

746 ViewsMinistry of Finance The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced […]

Income Tax Vivad se Vishwas Act, 2020 and Rule 2020

131 ViewsMINISTRY OF LAW AND JUSTICE(Legislative Department) New Delhi, the 17th March, 2020/Phalguna 27, 1941 (Saka)The following Act of Parliament received the assent of the President on the17th March, 2020, and is hereby published for general information:— THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020NO. 3 OF 2020 An Act to provide for resolution of […]

Income Tax Notification no 20/2020

116 ViewsMINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 20th March, 2020(INCOME TAX) S.O. 1189(E).— In exercise of the powers conferred by clause(b) of section 164 and section 178 of the Finance Act, 2016 (28 of 2016) read with sub-sections(1) and (2) of section 120 of the Income-tax Act, 1961,(43 of 1961) […]

CBDT issues FAQs on Direct Tax Vivad se Vishwas Scheme, 2020

163 ViewsMinistry of Finance The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, […]

Income Tax Intimation Notice u/s 143(1) of income tax act 1961

162 ViewsAssessment. 143. (1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed in the following manner, namely:— (a)  the total income or loss shall be computed after making the following adjustments, namely:—  (i)  any arithmetical error in the return;  (ii)  […]

INCOME TAX NOTIFICATION No -16/2020

209 ViewsMINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATION No -16/2020New Delhi, the 5th March, 2020INCOME-TAX S.O. 986(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following securities for the purposes of the said […]

Income-tax (7th Amendment) Rules, 2020

196 ViewsMINISTRY OF FINANCE(Department of Revenue)[CENTRAL BOARD OF DIRECT TAXES]NOTIFICATION No-15/2020 New Delhi, the 5th March, 2020INCOME-TAX G.S.R. 159(E). –In exercise of the powers conferred by clause (xii) of sub-section (5) of section 11 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the […]

Black Money (Undisclosed Foreign Income and Assets)

117 ViewsMINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)(INVESTIGATION DIVISION-V)NOTIFICATION NO-13/2020New Delhi, the 26th February, 2020 S.O. 862(E).—In exercise of the powers conferred by sub-section (1) of section 280A of the Income tax Act, 1961 (43 of 1961) and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax […]

Manner of making permanent account number inoperative

247 ViewsMINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATION NO 11/2020New Delhi, the 13th February, 2020 G.S.R. 112(E).—In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules […]

Income Tax (4th Amendment) Rules, 2020.

302 ViewsMINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATION NO 10/2020 New Delhi, the 12th February, 2020INCOME-TAX G.S.R. 110(E).—In exercise of the powers conferred by section 115BAA and section 115BAB read with section 295 the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to […]

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