The co (CBDT) issued clarification in respect of direct tax under Vivad se Vishwas Act, 2020, wherein the Board has extended the timeline for making payment without additional amount till March 31, 2021. The Vivad...
The Central Board of Direct Taxes (CBDT) notified the Income-tax (23rd Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962. The amendment will come into effect from 1 April, 2021. In the Income-tax Rules,...
The Central Board of Direct Taxes ( CBDT ) has extended the due date of furnishing of Income Tax Returns and Audit Reports 31st January, 2021. In view of the challenges faced by taxpayers in...
The Central Board of Direct Taxes (CBDT) issued the instructions for filing of Income-tax Return (ITR) forms for Assessment Year 2020-21. The instructions issued by the Board are the guidelines to help the taxpayers for...
The Central Board of Direct Taxes (CBDT) issued the directions for exercising the power of the survey under Section 133A of Income Tax Act, 1961. The Board in pursuance of the Taxation and Other Laws...
The Central Board of Direct Taxes (CBDT) notified the tolerance limit of 1% for wholesale traders and 3% for others under transfer pricing for Assessment Year 2020-21. The Central Government hereby notifies that where the...
The income tax law mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, tax audit shall be...
The Central Board of Direct Taxes and Customs (CBDT) notified the order under section 119 of the Income-tax Act, 1961 for exercising power of intrusive or coercive action for recovery of tax demand by Assessing...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that TDS cannot be deducted on the rent if the accommodation services were taken on a casual basis. The assessee, Dadiba kali Pundole Esplanade House is...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that PCIT rightly directed the Bank of India’s case to the Transfer Pricing Officer (TPO) under section 92CA for determination of arm’s length price (ALP) in...
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench allows the dispute to be withdrawn in respect of the grounds challenging the Transfer Pricing (TP) addition due to Unilateral Advance Pricing Arrangement (APA). The assessee, M/s....
The Bombay High Court set aside the respondent authority’s order rejecting the application of the petitioner for issuance of a certificate. The petitioner, Vijaykumar Satramdas Lakhani is a partner in M/s. Lakhani Realty LLP. During...
The Central Board of Direct Taxes (CBDT) has extended the time limit for compulsory selection of returns for Complete Scrutiny of cases during the Financial Year 2020-21 from September 30, 2020, to October 31, 2020....
The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Return (ITR) for Assessment Year 2019-20. The date has been extended from September 30, 2020 to 30th November,2020. The...
The Central Board of Direct Taxes (CBDT) authorized the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) to Upload GST Return Information in Form 26AS. “In exercise of powers conferred under...
The Central Board of Direct Taxes (CBDT) has issued the guidelines for TDS on Payment by e-commerce operator, under section 194-O with effect from October 1, 2020. The guidelines issued by the Boards deals with...
The Central Board of Direct Taxes (CBDT) authorized the Assistant Commissioner/Deputy Commissioner of Income-tax (National e-Assessment Centre, NEAC) for the purpose of issuance of notice under sub-section (2) of section 143 of the Income Tax...
The Central Board of Direct Taxes (CBDT) notified the setting up of the National Faceless Appeal Centre (NFAC) and Regional Faceless Appeal Centres (RFAC) under Faceless Appellate Scheme, 2020. The NFAC and of the RFAC...
The cap( CBDT ) has clarified that, No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares. There was a report in a certain section of media that...
The Bombay High court while quashing the notices issued under Section 148 of the Income Tax Act to State Bank of India (SBI) held that no notice of reassessment can be issued after 4 years...
The Comptroller and Auditor General (CAG) in its report recommended the Central Board of Direct Taxes (CBDT) put in place a mechanism so as to ensure that Appraisal Report along with seized material be handed...
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