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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.....