Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5% Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21 Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7% Net Direct Tax collections for … [Read more...] about Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%
Income Tax
Clarification in respect of residency under Income-tax Act, 1961
Clarification in respect of residency under Income-tax Act, 1961 The Central Board of Direct taxes (CBDT) has received various representations requesting for relaxation in determination of residential status for previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to … [Read more...] about Clarification in respect of residency under Income-tax Act, 1961
Filing of Income Tax Returns – Lok Sabha Q&A
Filing of Income Tax Returns – Lok Sabha Q&A GOVERNMENT OF INDIA MINISTRY OF FINANCE Lok Sabha UNSTARRED QUESTION NO: 928 ANSWERED ON: 08.02.2021 Filing of Income Tax Returns Sanjay(Kaka) Ramchandra Patil Will the Minister of FINANCE be pleased to state:- (a) whether it is true that due to pandemic condition, the Government proposes to give relaxation in … [Read more...] about Filing of Income Tax Returns – Lok Sabha Q&A
Senior citizens above 75 years of age, having pension & interest income exempted from filing tax return
Senior citizens above 75 years of age, having pension & interest income exempted from filing tax return FURTHER PUSH TO AFFORDABLE / RENTAL HOUSING FACELESS DISPUTE RESOLUTION COMMITTEE IN THE OFFING TAX RELAXATIONS FOR ATTRACTING FOREIGN INVESTMENT IN INFRASTRUCTURE SECTOR TAX INCENTIVES ANNOUNCED IN BUDGET FOR START-UPS NUMBER OF RETURN FILLERS INCREASED FROM 3.31 … [Read more...] about Senior citizens above 75 years of age, having pension & interest income exempted from filing tax return
Income-Tax Deduction from Salaries during the Financial Year 2020-21
Income-Tax Deduction from Salaries during the Financial Year 2020-21 CIRCULAR NO. 20/2020 NEW DELHI, the or 03 December, 2020 F.No. 275/19212020-IT(B) Government of India Ministry of Finance Deportment of Revenue Central Board of Direct Taxes North Block. New Delhi Dated the 3rd December 2020 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR … [Read more...] about Income-Tax Deduction from Salaries during the Financial Year 2020-21
India has Moved from Tax-Terrorism to Tax-Transparency: Prime Minister
India has Moved from Tax-Terrorism to Tax-Transparency: Prime Minister Stress on dignity of honest taxpayer is the biggest reform Inaugurates Office-cum-Residential Complex of Cuttack Bench of Income Tax Appellate Tribunal Prime Minister Shri Narendra Modi inaugurated Office-cum-Residential Complex of Cuttack Bench of Income Tax Appellate Tribunal through video … [Read more...] about India has Moved from Tax-Terrorism to Tax-Transparency: Prime Minister
Extension of due date of furnishing of Income Tax Returns and Audit Reports
Extension of due date of furnishing of Income Tax Returns and Audit Reports In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended … [Read more...] about Extension of due date of furnishing of Income Tax Returns and Audit Reports
Measures taken by Government to reform Direct Tax regime
Measures taken by Government to reform Direct Tax regime Over the last few years, in order to provide a non-intrusive and non-adversarial tax ecosystem, the Government has taken various measures to reform the Direct Tax regime. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in response to a written question in the Lok … [Read more...] about Measures taken by Government to reform Direct Tax regime
Income Tax Return Faceless Assessment Scheme
Income Tax Return Faceless Assessment Scheme MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th August, 2020 S.O. 2745 (E). —In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the … [Read more...] about Income Tax Return Faceless Assessment Scheme
Prime Minister launches platform for “Transparent Taxation – Honouring the Honest”
Prime Minister launches platform for “Transparent Taxation - Honouring the Honest” Tax system aims to be Seamless, Painless, Faceless : PM Says the number of taxpayers is significantly low with only 1.5 Crore paying taxes in a country of 130 Crore people Prime Minister urges people to introspect and come forward to pay Income taxes due on them to build an … [Read more...] about Prime Minister launches platform for “Transparent Taxation – Honouring the Honest”