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Oct 17, 2020

Clarifications on provisions of the Direct tax Vivad Se Viswas Bill, 2020

<!-- wp:paragraph --> <p>Income tax vide Circular No. 7/2020 dated 4<sup>th</sup> March 2020 provides a FAQ(Frequently Asked Questions) list for a simple understanding of the applicability of vivad se viswas scheme for the existing appeals of taxpayers under several authorities and also many other questions regarding the scheme. Follow the link for the whole circular. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/circular/circular_no_7_2020.pdf">https://www.incometaxindia.gov.in/communications/circular/circular_no_7_2020.pdf</a>.....

Oct 17, 2020

Condonation of delay in filing Return of Income by the Charitable Institutions

<!-- wp:paragraph --> <p>Income tax vide Circular No. 06/2020 the CBDT has decided that the Commissioners of income tax are authorized to accept the condonation of delay in filing Return of Income for the A.Ys 2016-17, 2017-18 and 2018-19 by the Charitable Institutions. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/circular/circular_no_6_2020.pdf">https://www.incometaxindia.gov.in/communications/circular/circular_no_6_2020.pdf</a></p> <!-- /wp:paragraph -->.....

Oct 17, 2020

Clarification of option under section 115BAC of the income tax act, 1961

<!-- wp:paragraph --> <p>Income tax vide Circular No. C1/2020 dated 13<sup>th</sup> April 2020 issues clarifications raised regarding exercising of Section 115BAC of the income tax act, 1961. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Section 115BAC of the income tax act, 1961 provides that a person, being an individual or a Hindu undivided family having income other than income from business or profession, may exercise an option in respect of a previous year to be taxed under the said section 115BAC</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>for each year at the concessio.....

Oct 17, 2020

Abeyance of certain clauses in Form-3CD (tax audit report).

<!-- wp:paragraph --> <p>Income tax vide Circular No. 10/2020 dated 24<sup>th</sup> April 2020 it has been decided that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Clause 30C of Tax Audit Report deals with the impermissible avoidance arrangements entered by the assessee during the previous year.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Clause 44 of the Tax Audit Report deals with the Break-up of the total expenditure of entities registered or not registered .....

Oct 17, 2020

Clarification in respect of residency under section 6 of the Income-tax Act, 1961.

<!-- wp:paragraph --> <p>Income tax vide Circular No. 11/2020 dated 8<sup>th</sup> May 2020 the CBDT has decided that the for the purpose of determining the residential status under section 6 of the Act during the previous year 2019-20 in respect of an individual who has come to India on a visit before 22nd March 2020 and:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>has been unable to leave India on or before 31st March 2020, his period of stay in India from 22nd March 2020 to 31st March, 2020 shall not be taken into account, or</li><li>has been quarantined in India on account of Nove.....

Oct 17, 2020

Clarification in respect of prescribed electronic modes under section 269SU of the income tax act, 1961.

<!-- wp:paragraph --> <p>Income tax vide Circular No. 12/2020 dated 20<sup>th</sup> May 2020 it is hereby clarified that the provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of the aggregate of all amounts received during the previous year, including the amount received for sales, turnover or gross receipts, are by any mode other than cash. Section 269SU section requires every person carrying on business and having sales/turnover/gross receipts from the business .....

Oct 17, 2020

One Time relaxation for Verification of tax-returns for the assessment years 2015-16, 2016-17, 2017-18, 2018-19 anf 2019-20 which are pending due to non filing of ITV-V form and processing of such returns.

<!-- wp:paragraph --> <p>Income tax vide Circular No. 13/2020 dated 13<sup>th</sup> July, 2020 issues one time relaxation for verification of tax returns for the assessment years as mentioned above which are pending due to non-filing of ITR-V form and processing of such returns.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>In respect of an Income-tax Return (ITR) which is filed electronically without a digital signature, the taxpayer is required to verify it using any one of the following modes within the time limit of 120 days from date of uploading the ITR:<ul><li>Through Aadhaar OTP.....

Oct 17, 2020

CBDT provides ITR filing compliance check functionality for scheduled commercial banks

<!-- wp:paragraph --> <p>Income tax vide Notification no. 71/2020 dated 31-08-2020 issues orders to scheduled commercial banks for furnishing information about IT return filing status.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>As the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, 1961 to lower the t.....

Oct 17, 2020

Acceptance of payment through prescribed electronic modes – Imposition of charge on the prescribed electronic modes

<!-- wp:paragraph --> <p>Income tax vide Circular No. 16/2020 dated 30-08-2020 issues orders to immediately refund the charges collected, if any, on or after 1st January, 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the Income Tax Act and not to impose charges on any future transactions carried through the said prescribed modes.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Government in order to encourage digital transactions and move towards a less-cash economy, the Finance (No. 2) Act 2019 inserted a new provision namely section 269SU .....

Mar 19, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Notification No.<br> 04/2021 dated 31st January, 2021 has<br> notified the last date for declaration<br> to designated authority about the tax<br> arrears under Direct Tax Vivad se<br> Vishwas Act, 2020. The new date shall<br> be 28th February, 2021 in place of 31st<br> January, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/co mmunications/notification/notification_0 4_2021.pdf">https://www.incometaxindia.gov.in/co mmunications/notification/notification_0 4_2021.pdf</a></p> <!-- /wp:paragraph -->.....

Mar 19, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Notification No.<br> 09/2021 dated 31st March, 2021 has<br> notified the last date for declaration<br> to designated authority about the tax<br> arrears under Direct Tax Vivad se<br> Vishwas Act, 2020. The new date shall<br> be 31st March, 2021 in place of 28th<br> February,2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/co mmunications/notification/notification_9 _2021.pdf">https://www.incometaxindia.gov.in/co mmunications/notification/notification_9 _2021.pdf</a></p> <!-- /wp:paragraph -->.....

Mar 19, 2021

Residential status of certain individuals under Income-tax Act, 1961

<!-- wp:paragraph --> <p>Income Tax vide Circular No. 2/2021<br> dated 3rd March, 2021 has issued guidelines w.r.t Residential Status under Section 6 of the Income Tax Act, 1961.<br> The guidelines relating to Residential Status for previous years 2019-20 and 2020-21 can be accessed from the following link:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://incometaxindia.gov.in/communications/circular/residency-circular-02-of-2021.pdf">https://incometaxindia.gov.in/communications/circular/residency-circular-02-of-2021.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance

<!-- wp:paragraph --> <p>Income tax vide Circular No. 05/2021 dated 25th March, 2021 has notified that the reporting under clause 30C and clause 44 of the tax audit report which relates to impermissible avoidance arrangement and Break up of total expenditure of entities registered or not registered under the GST shall be kept in abeyance till 31st March,2022.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/circular/circular_no_5_2021.pdf">https://www.incometaxindia.gov.in/communications/circular/circular_no_5_2021.pdf</a></p> <!-- .....

Sep 15, 2021

Applicability of Forms 3CEAC, 3CEAD and 3CEAE

<!-- wp:paragraph --> <p>Income Tax vide Notification No. 31/2021 dated 5th April, 2021 has notified the limit for the consolidated group revenue of the international group in Rule 10DB(6).<br> Furnishing report in respect on the international group is not applicable if consolidated group revenue in the preceding accounting year doesn’t exceed six thousand four hundred crore rupees.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_31_2021.pdf">https://www.incometaxindia.gov.in/communications/notification/.....

Sep 15, 2021

Extension of timelines related to certain compliances by the Taxpayers under the Income-tax Act 1961

<!-- wp:paragraph --> <p>Income tax vide Circular No. 08/2021 dated 30<sup>th</sup> April, 2021 has notified extension of various timelines under the Income-tax Act, 1961.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Filing of belated return under Section 139(4) and revised return under Section 139(5) of the Income-tax Act,1961 for Assessment Year 2020-21, which was required to be filed on or before 31 " March 2021 should be filed on or before 31" May 2021.</li><li>Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income-tax Act, 1961 and filing of ch.....

Sep 15, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Notification No.39/2021 dated 27<sup>th</sup> April, 2021 has to designated authority about the tax arrears under Direct Tax Vivad see Vishwas Act, 2020. The new date shall be 30<sup>th</sup> June, 2021 in place of 30<sup>th </sup>April, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://incometaxindia.gov.in/communications/notification/notification_39_2021.pdf">https://incometaxindia.gov.in/communications/notification/notification_39_2021.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Applicability of Mode of Undertaking Transactions under Section 269ST of Income Tax Act, 1961

<!-- wp:paragraph --> <p> Income tax vide Notification No. 56/2021 dated 7<sup>th</sup> May, 2021 has notified Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities providing Covid treatment to patients in the proviso to Section 269ST of the Income-tax Act,1961 for payment received in cash during 01.04.2021 to 31.05.2021 </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://incometaxindia.gov.in/communications/notification/notification_56_2021.pdf">https://incometaxindia.gov.in/communications/notification/notification_56_2021.pdf</a></p.....

Sep 16, 2021

Extension of time lines related to compliances by the Taxpayers under the Income-tax Act 1961

<!-- wp:paragraph --> <p>Income tax vide Circular No. 09/2021 dated 20<sup>th</sup> May, 2021 has notified extension of various timelines under the Income-tax Act, 1961.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The due date of furnishing of Return of Income for AY 2021-22, which is 31<sup>st</sup> July 2021 under Section 139(1) of the Act, is extended to 30th September 2021.</li><li>The due date of furnishing of Audit Report under the Act for PY 2020-21, which is 30th September 2021, is extended to 31<sup>st</sup> October 2021</li><li>The due date of furnishing Report from an Accou.....

Sep 16, 2021

Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act

<!-- wp:paragraph --> <p>Income tax vide Notification No.68/2021 dated 24<sup>th</sup> May, 2021 has notified the Computation of Fair Market Value of Capital Assets for the purposes of Section 50B of the Act. Rule 11UAE of Income Tax Rules explains the criteria for computation of Fair market Value of Capital Assets for Slump Sale.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://incometaxindia.gov.in/communications/notification/notification_68_2021.pdf">https://incometaxindia.gov.in/communications/notification/notification_68_2021.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 21, 2021

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

<!-- wp:paragraph --> <p>Income tax vide Circular No. 12/2021 dated 25th June, 2021 has notified extension of various timelines under the Income-tax Act, 1961.<br> (i) Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending on 30lh June, 2021 , which is required to be uploaded on or before 15th July,2021 , may be uploaded by 31st August,2021.<br> (ii) The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10AF, Form No.10AB for registration/Provisional registration/intimation/Approval/provisional approval o.....

Sep 21, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Circular No.<br> 13/2021 dated 30th June, 2021 has<br> notified the last date for declaration<br> to designated authority about the tax<br> arrears under Direct Tax Vivad se<br> Vishwas Act, 2020. The new date shall<br> be 31st August, 2021 in place of 30th<br> June, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_75_2021.pdf">https://www.incometaxindia.gov.in/communications/notification/notification_75_2021.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 21, 2021

Guidelines under section 194Q of the Income-tax Act, 1961

<!-- wp:paragraph --> <p></p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p> <br>Income tax vide Circular No. 75/2021 dated 25th June, 2021 has Issued guidelines under Section 194Q of the Income Tax Act, 1961.<br> i. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from 1st July, 2021. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year.<br> ii. The buyer, at the time of credit of such sum to the account of .....

Sep 21, 2021

Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961

<!-- wp:paragraph --> <p>Income tax vide Notification No. 01/2021 dated 22nd June, 2021 has released a new functionality Compliance Check for Section 206AB &amp; 206CC to facilitate tax deductors/collectors to verify if a person is a "Specified Person" as per section 206AB &amp; 206CCA.<br> Specified person means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be collected, for which the time limit of filing return of income under Section 139(1) has expire.....

Sep 22, 2021

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961

<!-- wp:paragraph --> <p>Income tax vide Circular No. 15/2021<br> dated 3rd August, 2021 has notified<br> extension of various timelines under the<br> Income-tax Act, 1961.<br> i. The Quarterly statement in Form No.<br> 15CC to be furnished by authorized<br> dealer in respect of remittances<br> made for the quarter ending on 30th<br> June, 2021 , required to be furnished<br> on or before 31st July, 2021 may be<br> filed on or before 31st August, 2021.<br> ii. The Equalization Levy Statement in<br> Form No.1 for the Financial Year<br> 2020- 21, which was required to be<br> filed on or before 31.....

Sep 22, 2021

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961

<!-- wp:paragraph --> <p>Income tax vide Circular No. 17/2021<br> dated 9th September, 2021 has notified extension of various timelines under the Income-tax Act, 1961.<br> i. The due date of furnishing of Return of Income for AY 2021-22, which is 31st July 2021 under Section 139(1) of the Act, is further extended to 31st December 2021.<br> ii. The due date of furnishing of Audit Report under the Act for PY 2020-21, which is 30th September 2021, is further extended to 15th January,2022.<br> iii. The due date of furnishing Report from an Accountant by persons entering into international transact.....

Sep 22, 2021

Extension of Due date for Declaration in respect of Tax Arrears- extended till 30th September, 2021

<!-- wp:paragraph --> <p>Income tax vide Circular No.<br> 94/2021 dated 31st August, 2021 has<br> notified the last date for declaration<br> to designated authority about the tax<br> arrears under Direct Tax Vivad se<br> Vishwas Act, 2020. The new date shall<br> be 30th September, 2021 in place of 31st<br> August, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_94_2021.pdf">https://www.incometaxindia.gov.in/communications/notification/notification_94_2021.pdf</a></p> <!-- /wp:paragraph -->.....

Oct 20, 2021

Income-tax (31st Amendment) Rules, 2021- Rule 11UE of the Income Tax Rules, 1962- relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets

<!-- wp:paragraph --> <p>Income tax vide Notification No.118/2021 dated 1st October, 2021 has Notified about the Rule 11UE of the Income Tax Rules, 1962 relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets located in India prior to 28th May 2012.<br>The Rule specifies that no tax demand shall be raised on the basis of an<br> amendment to Section 9 of Income-tax Act, 1961 vide Finance Act, 2012 for any offshore indirect transfer of Indian assets before 28-05-2012, the date when Finance Act, 2012 was enacted.<br> Explanation 5 to Section 9 .....

Oct 20, 2021

Manner of furnishing undertaking under rule 11UE- Rule 11UF of the Income Tax Rules, 1962- relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets

<!-- wp:paragraph --> <p>Income tax vide Notification No.118/2021 dated 1st October, 2021 has<br> Notified about the Rule 11UF of the Income Tax Rules, 1962 relating to Manner of furnishing undertaking under Rule 11UE.<br> i. The undertaking in Form No. 1 under sub-rule (1) of rule 11UE shall be submitted by the declarant to the jurisdictional Principal Commissioner or Commissioner within forty-five days from the date of commencement of the Income-tax (31st Amendment) Rules, 2021.<br> ii. After the undertaking in Form No. 1 under sub- rule (1) of rule 11UE is furnished by the declarant, the ju.....

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