Taxserz

11/01/2022

Extension of timelines for filing of Income-tax returns and various
reports of audit for the Assessment Year 2021-22

27/09/2021

The Central Board of Direct Taxes (CBDT) has extended the applicability of rates under safe harbour rules, used as a dispute resolution mechanism for transfer pricing issues, for assessment year 2021-22
https://incometaxindia.gov.in/communications/notification/notification-117-2021.pdf

22/09/2021

Supreme court :: M/s. Mitsubishi Corporation :: Non-resident is not liable to pay interest under Section 234B of the Act, in case tax which was deductible at source has not been deducted for all the assessment year prior to financial year 2012-13

02/06/2020

The income tax department has released the ITR-1 utility (e-form) on its e-filing website. The ITR-1 form is available in Excel and Java formats.

01/04/2020

Govt. extends validity of lower withholding tax orders till June 30, 2020

01/04/2020

Govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts

Some of the important features and time limits which get extended by this Ordinance are as under:-

Direct Taxes
1. Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to 30th June, 2020.
2. Extension of Aadhaar-PAN linking date to 30th June, 2020.
3. The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to 30th June, 2020. Hence the investment/payment can be made up to 30.06.2020 for claiming the deduction under these sections for FY 2019-20.
4. The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to 30th June 2020. Therefore, the investment/ construction/ purchase made up to 30.06.2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20.
5. The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also extended to 30.06.2020 for the units which received necessary approval by 31.03.2020.
6. The date for passing of order or issuance of notice by the authorities under various direct taxes& Benami Law has also been extended to 30.06.2020.
7.It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
8.Under Vivad se Vishwas Scheme, the date has also been extended up to 30.06.2020. Hence, declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment.

01/04/2020

Govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts
Indirect Taxes:

1. Last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to 30th June,2020.

2.Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act, 1944 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020.

3. Wherever the last date for filing of appeal, refund applications etc., under the Customs Act, 1962 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020.

4. Wherever the last date for filing of appeal etc., relating to Service Tax is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020

5. The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to 30th June 2020 thus giving more time to taxpayers to get their dispute resolved.

28/02/2020

Compliance calander for March 2020

COMPLIANCES DUE DATE FORMS Deposit of Tax Deducted/Collected by Non-Government Deductors /Collector for the mont...

23/08/2019

Key highlights of Press conference by Finance minister

1. In order to encourage investment in the capital market, Government has decided to withdraw the enhanced surcharge levied by finance (no2) Act 2019 on long/ Short term Capital gains arising from transfer of equity shares/units referred in section 111A and 112A respectively.

2. To mitigate genuine difficulties of startup and their investors, it has been decided that section 56(2)(viib) of the income tax Act shall not be applicable to a startup registered with DPIIT.

3. It has also been decided to set up a dedicated cell under Member of CBDT for addressing the problems of startups. A startup having income tax issue can approach the cell for quick resolution of the same.

4. In order to address complaints of harassments on account of issue of notices, summons, order etc by certain income-tax authorities
- On or after 1st October all notices, summons, orders etc by the income-tax authorities shall be issued through a centralized computer system and will contain a computer- generated unique Document Identification Number.
- Any communication issued without computer generated unique DIN shall be non est in law.
- All old notices to be decided by 1st October 2019 or uploaded again through the system.
- From 1st October 2019 all notice to be disposed off within 3 months from the date of reply.

5. All pending GST refund due to MSME shall be paid in 30days. In future all GST refunds shall be paid within 60days from the date of application.

10/08/2019

CBDT raises limit for appeals to reduce litigations

10/08/2019

CBDT issues clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20
https://www.incometaxindia.gov.in/communications/circular/circular_18_2019.pdf