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Govt further extends tax compliance timelines amid pandemic

Govt further extends tax compliance timelines amid pandemic

🕔17:13, 1.May 2021

New Delhi, May 1  In view of the severe Covid-19 pandemic and requests put forward by taxpayers, tax consultants and other stakeholders, the government has decided to provide further relief to taxpayers by extending various time limits of compliances. Accordingly,

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Middle class to gain from higher tax deductions likely in Budget 2021

Middle class to gain from higher tax deductions likely in Budget 2021

🕔20:27, 11.Jan 2021

New Delhi, Jan 11 Middle class tax payers may get a lot to cheer about the Budget proposals to be presented by Finance Minister Nirmala Sitharaman next month. Sources said that the Budget 2020-21 may take the sops announced earlier

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No more worries about late filing of returns with I-T’s ‘Jhatpat scheme’

No more worries about late filing of returns with I-T’s ‘Jhatpat scheme’

🕔07:16, 23.Dec 2020

New Delhi, Dec 23  Last minute filers of income tax returns for financial year 2019-20 (assessment year 2020-21) need not worry about completing the process in time to beat the deadline. The Income Tax Department has introduced the “Jhatpat Processing”

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Centre extends deadline of filing tax returns to Dec 31

Centre extends deadline of filing tax returns to Dec 31

🕔18:16, 24.Oct 2020

New Delhi, Oct. Oct 24  In a major relief to taxpayers, the Government on Saturday announced extension of the due date for filing income tax returns for the assessment 2020-21 by another month to December 31, 2020. The earlier extension

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CBIC to roll out pan-India faceless assessment for imports by Oct 31

CBIC to roll out pan-India faceless assessment for imports by Oct 31

🕔07:49, 7.Sep 2020

New Delhi, Sep 7  The Central Board of Indirect Taxes and Customs (CBIC) will roll out faceless assessment for all imports across India by October 31. The roll out will be done in a phased manner, said a CBIC circular.

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Amid Covid, I-T Dept refunds Rs 98.6K cr to 26 lakh taxpayers

Amid Covid, I-T Dept refunds Rs 98.6K cr to 26 lakh taxpayers

🕔19:34, 2.Sep 2020

New Delhi, Sep 2  In pursuance of the exercise to meet liquidity needs of taxpayers during the Covid-19 pandemic, the Income Tax Department said it has fast-tracked its tax refund process and processed 26.2 lakh cases amounting to more than

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97 percent of Income Tax work force feeling left out

97 percent of Income Tax work force feeling left out

🕔15:30, 17.Aug 2020

New Delhi, Aug 17  The employee associations of Income Tax have said that the restructuring carried out in the Department to implement the Faceless Assessment Scheme is making 97 percent of the workforce feeling left out. The Joint Council of

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I-T dept plans active reporting of high value transactions for enhancing tax base

I-T dept plans active reporting of high value transactions for enhancing tax base

🕔17:47, 14.Aug 2020

New Delhi, Aug 14  The government may have eased tax compliance measures through its ‘transparent taxation’ initiative but it proposes an extensive drive to enhance the country’s tax base by aggressively pursuing reporting of high value expenditure that qualifies persons

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After 3 months, I-T Dept to send communication to assessees facing probe

After 3 months, I-T Dept to send communication to assessees facing probe

🕔08:25, 13.Aug 2020

New Delhi, Aug 13  After a gap of three months, the Income Tax (I-T) Department will once again start sending communications to assessees facing investigation or proceedings under the Income Tax Act, black money or benami property violations. The Central

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I-T officers asked to attend PM’s web telecast ‘without fail’

I-T officers asked to attend PM’s web telecast ‘without fail’

🕔07:44, 13.Aug 2020

New Delhi, Aug 13  The Income Tax (I-T) Department has issued instructions for mandatory attendance of officers to view the web telecast of Prime Minister Narendra Modi’s address to I-T officers and taxpayers on Thursday. An instruction to this effect

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PM to launch platform for honouring honest taxpayers

PM to launch platform for honouring honest taxpayers

🕔14:21, 12.Aug 2020

New Delhi, Aug 12 Prime Minister Narendra Modi will launch a platform to honour honest taxpayers on Thursday. The launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will further carry forward the journey of direct tax reforms,

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ITR forms being revised for benefits of timeline extension

ITR forms being revised for benefits of timeline extension

🕔19:12, 19.Apr 2020

New Delhi, April 19 The Finance Ministry on Sunday said that the Central Board of Direct Taxes (CBDT) is revising the income tax return (ITR) forms for FY 2019-20 (Assessment Year 2020-21) which will be notified by the end of this

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Income tax rates, slabs changed; those earning up to Rs 15 lakh benefit

Income tax rates, slabs changed; those earning up to Rs 15 lakh benefit

🕔14:12, 1.Feb 2020

New Delhi, Feb 1 In a major relief to middle class, Finance Minister Nirmala Sitharaman has proposed to cut income tax rates and change slabs to lower tax incidence for those earning upto Rs 15 lakh a year. The Minister

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Budget booster likely for capital gains on property & equity

Budget booster likely for capital gains on property & equity

🕔15:50, 27.Jan 2020

New Delhi, Jan 27 (IANS) In what is being billed as a make or break Budget to revive the economy, the Modi government is likely to introduce heavy duty measures for rationalization of key equity taxes, including scrapping capital gains on

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Govt to decriminalise Income Tax Act, PMLA

Govt to decriminalise Income Tax Act, PMLA

🕔06:52, 21.Jan 2020

New Delhi/Chennai, Jan 21  The NDA government is moving to decriminalise the Income Tax Act and the Prevention of Money Laundering Act (PMLA) as part of steps towards restoring business confidence. These are among the steps being taken to catapult

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Deadline for linking PAN with Aadhaar extended to March 31

Deadline for linking PAN with Aadhaar extended to March 31

🕔07:08, 31.Dec 2019

New Delhi, Dec 31  The Income Tax (I-T) department has extended the deadline for linking PAN with Aadhaar by three months to March 31, 2020. As per earlier notification, the cut-off date was December 31, 2019 after it was extended

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Income tax, input tax credit refunds up: Revenue Secy

Income tax, input tax credit refunds up: Revenue Secy

🕔07:11, 14.Dec 2019

New Delhi, Dec 14) The Income Tax Department is now conducting complete faceless assessment and the refunds so far in this fiscal stood at Rs 1.57 lakh crore as compared to Rs 1.23 lakh crore in the previous fiscal, Revenue Secretary

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I-T department to adopt ‘taxpayer friendly’ approach

I-T department to adopt ‘taxpayer friendly’ approach

🕔10:28, 19.Aug 2019

New Delhi, Aug 19  The Income Tax (I-T) Department has decided to adopt a more friendly approach in its dealings with the tax assessees, sources said on Sunday, following Finance Minister Nirmala Sitharaman’s call for a mindset change among tax

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I-T department to use Big Data Analytics from April

I-T department to use Big Data Analytics from April

🕔18:16, 29.Mar 2019

New Delhi, March 29  Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department’s realm of tools to check tax evasion starting April 1. The Rs

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IT raids at over 30 places in Jammu, Srinagar

IT raids at over 30 places in Jammu, Srinagar

🕔20:05, 14.Mar 2019

Jammu, March 14  Income tax (IT) Department teams carried out simultaneous raids at over 30 places in Jammu and Srinagar on Thursday, based on IT surveys carried out earlier in the state, an official said. Over 30 establishments including hotels,

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