18.01.2022 : CBDT Says ‘No’ To Physical Filing Of ITR, Audit Reports
“Even on 10th of February, just 5 days before the deadline (for ITR, Audit reports filing), if problems are still faced then we will extend the deadline. There will be an issuance of the writ, which will have its effect across the country” : Says Gujarat HC. Read more
12.01.2022 : Infosys working very closely with I-T Dept on tax portal: Salil Parekh
Infosys CEO Salil Parekh on Wednesday said the company is working closely with the Income Tax Department on the next set of areas related to the I-T portal as new modules will be added to it. Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. Read more
06.01.2022 : Legal notice to Income tax dept for not extending ITR filing deadline
The All Odisha Tax Advocates Association (AOTAA) has issued a legal notice to the Central Board of Direct Taxes (CBDT) for not extending ITR filing deadline of filing returns of assessees of Odisha for the Assessment Year 2021-2022 and imposing late filing fee under section 234F of the Income Tax Act, 1961, in spite of many technical glitches in the new portal of the Income Tax Department. (ET Wealth online has a copy of the legal notice.) Read more
31.12.2021 : There is no proposal to extend the date for income tax return filing
There is no proposal to extend the date for income tax return filing: Revenue Secretary Tarun Bajaj, Govt of India.
25.12.2021 : Plea to extend filing deadline due income tax portal glitches
The last date for filing returns for assessment year 2021-22 is December 31. Persistent glitches at the new income tax portal have prompted tax professionals to urge union finance minister Nirmala Sitharaman to extend the income tax filing deadline to February 28, 2022. Direct Tax Professionals’ Association has listed several problems with the new income tax portal, which was inaugurated in June but has since faced flak on account of multiple technical glitches. According to the DTPA, the income tax portal is not allowing the filing of Form 10-IE, which allows taxpayers to exercise/withdraw the option on the new income tax regime. Read more
15.12.2021 : Delhi HC quashes 1,353 reassessment notices issued by Income Tax Dept
In a major relief for about 1.33 lakh taxpayers, who had got notices for the reassessment of their returns from FY14 till date, Delhi High Court on Wednesday quashed 1,353 such notices issued by the Income Tax Department issued under Section 148. Read more
13.12.2021 : Income Tax urges taxpayers to file ITR before December 31 deadline
In an attempt to make filing income tax returns (ITR) more taxpayer-friendly, the government launched an e-filing portal this year. While announcing that the deadline for filing the income tax returns (ITR) for assessment year 2021-22 is 31 December, the Income Tax department has urged taxpayers to file their returns soon using their e-filing portal. Read more
07.12.2021 : The union government has no plans to abolish long term capital gains (LTCG)
The union government has no plans to abolish long term capital gains (LTCG) tax on equities and mutual funds, ministry of finance told Parliament on Tuesday in reply to a question raised in the House. The government has also said it has no plan to increase the period of LTCG from one year to two years for mutual funds and equities. Read more
05.12.2021 : Use GST data to raise direct tax revenue
The spurt in both goods and services tax (GST) collections and issuance of e-way bills in November reaffirm economic recovery. GST revenues stood at over Rs 1.3 lakh crore, about 24% higher than those for November 2020, but trailed the April collections of Rs 1.40 lakh crore. A record 7.35 crore e-way bills were generated. However, the government is a long way from achieving the full potential of GST to raise taxes, in particular, direct taxes. This requires completing the GST chain, diligently… Read more
05.12.2021 : Restructuring GST rates: Available options for the GST Council
In the 45th meeting of the GST Council held on September 17, 2021, the Council constituted a Group of Ministers (GoM) Committee to examine matters related to rationalisation of GST rates. The objective of the group is to simplify the rate structure of GST to reduce classification related disputes and enhance GST revenues. The specific objectives of the GoM on Rate Rationalization are the following: – review the exempted supply of goods and services under GST with an objective to expand the tax base as well as elimination of breaking of ITC chain, review the current tax rates of GST and recommend changes to generate required revenue, review the current rate structure of GST and recommend rationalization measures (including merger of tax slabs for simplification) and review the instances of inverted duty structure and recommend suitable rates to eliminate the same. Read more
04.12.2021 : Tax department sends reassessment notices to global fund houses
The Income Tax Department has reopened old assessments of at least a dozen global fund houses and private equity funds alleging under-reporting of income through the misuse of tax treaties. The department has asked them to explain irregularities in computation of income for the assessment years 2013-14, 2014-15 and 2015-16, the official said. Read more
03.12.2021 : Income Tax Department conducts search operations in Madhya Pradesh
The Income Tax Department initiated search and seizure operations on two major business groups of Indore on 25.11.2021. The first group is engaged in the business of mining, media and providing cable TV services and the second group is running a coaching academy. The search action has covered more than 70 premises in Madhya Pradesh and 5 other states. Read more
15.11.2021 : Income Tax Department conducts searches in Gurugram
The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram. Total cash amounting to Rs. 3.54 crore and Jewellery valued at Rs. 5.15 crore have been seized. In total, 18 bank lockers have been placed under restraint. The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs. 600 crore. Read more
27.10.2021 : CBDT issues refunds of over Rs.1,02,952/- crore to more than…
CBDT issues refunds of over Rs.1,02,952 crore to more than 77.92 lakh taxpayers from 1st April, 2021 to 25th October, 2021. Income tax refunds of Rs.27,965 crore have been issued in 76,21,956 cases & corporate tax refunds of Rs.74,987 crore have been issued in 1,07,424 cases (1/2).
25.10.2021 : Rickshaw puller approaches cops after receiving IT notice asking him to pay over Rs 3 crore
A rickshaw puller applied for a PAN card at the Jan Suvidha Kendra in Bakalpur. He got a coloured photocopy of the PAN card from one person of Bakalpur.. He could not differentiate between an original PAN card and a coloured photocopy of the same. He said he got a call from IT officials on October 19 and was served a notice, asking him to pay Rs 3,47,54,896. He said the officials told him that someone had impersonated him and obtained a GST number on his name for running a business and the turnover of the trader for 2018-19 was Rs 43,44,36,201. Read more
21.10.2021 : Income Tax crackdown on cycle manufacturers in Ludhiana
Income Tax Department conducted raids on the factories and residences of several bicycle and its parts manufacturers at around 5 am today. The officials of the department are tight-lipped on the raids. Till the filing of the report, the surveys-cum-raids were on. Well-placed sources inform that around 25-30 teams are conducting the raids. It is learnt that the raids are being conducted under the supervision of a woman official and the members of the teams are from Panchkula too. Read more
26.08.2021 : Top tax payers may get flexibity to exist faceless assessment scheme
The Centre is looking at modifying the ambitious Faceless Assessment Scheme (FAS) meant to cut down the physical interface between a taxpayer and the Income Tax Department. Among other things, the change could offer flexibility to the top rung of taxpayers whose income exceeds Rs 200 crore. Read more
23.08.2021 : Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department even after two and half months since its launch, which was also delayed. Smt. Sitharaman sought an explanation from Infosys for the repeated issues faced by taxpayers. The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal. Read more
22.08.2021 : Infosys MD and CEO Salil Parekh has been summoned by the Finance Ministry
Finance Ministry has summoned Infosys managing director and chief executive over troubles with the new income tax e-filing portal. Managing Director has been called to appear before the Ministry of Finance on August 23, Monday, to explain to Finance Minister Nirmala Sitharaman as to why even after 2.5 months since launch of new e-filing portal, glitches in the portal have not been resolved, Read more
17.08.2021 : Income Tax Department conducts searches in NCR
The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a foreign subsidiary company in India. The search revealed that the purchases of the assessee company were entirely from its holding company. Examination of import bills vis-à-vis sale bills show that there is huge gross profit (approximately 30%) on trading of these items, however, the company has been booking huge losses over the years. Read more
16.08.2021 : New Income Tax Portal glitches to be fixed in next few days : FM Niramala Sitaraman
With glitches still haunting the new income tax portal, Union Finance Minister Nirmala Sitharaman on Monday said the Infosys-developed website will be fixed entirely in the next few days. Read more
30.07.2021 : More number of Income-tax returns are being filed on the new income-tax portal every day since July 24
Tax department sources said that more than 1,00,000 income tax returns are being filed on new income-tax portal every day since July 24 and the number is still rising. Between July 13 and July 28 more than 550,000 forms were filed. Read more
30.07.2021 : The Income Tax Department has detected unaccounted transactions of more than Rs 400 crore
CBDT said that the Income Tax Department has raided a north India-based ‘pan masala’ manufacturing group and thereby detected unaccounted transactions of more than Rs. 400 crore. Read more
30.07.2021 : CBDT issues refunds of over Rs. 43,991 crore to more than 21.03 lakh taxpayers
Income Tax India has twitted today that CBDT issues refunds of over Rs. 43,991 crore to more than 21.03 lakh taxpayers between 01.04.2021 to 26.07.2021. Income tax refunds of Rs. 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs. 30,651 crore have been issued in 1,12,567 cases. Read more
28.07.2021 : FM says that Income Tax Portal issued will be resolved soon
Finance Minister Nirmala Sitharaman on Wednesday said that she wished the Infosys-developed website did not have such a launch but hoped issues will be sorted out soon.
“Infosys is quite closely working with the Institute of Chartered Accountants of India (ICAI) and the ministry and rapidly, at least from what I hear from chartered accountants and income tax professionals, there is definitely a lot of improvement,” she added. Read more
26.07.2021 : The government paid Rs 164.5 crore to Infosys to build the new Income Tax e-filing Portal
Parliament was informed on Monday that Rs.164.5 crore was paid to Infosys to build the new Income Tax e-filing portal during the period between January 2019 and June 2021. After the portal was launched tax professional found technical glitches and based on which Infosys has mitigated those issues. Govt is in touch with Infosys and getting all the issues reported by taxpayers, tax professionals solved. Read more.
24.07.2021 : Income Tax Officials speaks at a Webinar organised by IT Department on Saturday
Additional Commissioner of Income Tax, Tamil Nadu and Puducherry said that widening of the tax base and international taxation and transfer pricing would be of greater focus for the Department going forward. Another Officer says that IT Department was the first to embrace technology and make it easier for the taxpayers. Read more.
22.07.2021 : Finance Ministry is expecting that tech issues of the new Income Tax (I-T) portal will be resolved soon
Finance Ministry is expecting that tech issues of the new Income Tax (I-T) portal will be resolved soon and the website will function normally by the first week of August, Income Tax Department had launched its new e-filing portal– http://www.incometax.gov.in — on June 7, 2021. Since then, technical glitches continue to mar the functioning of the new income tax portal as certain key utilities like e-proceedings and digital signature certificates are not yet functional. Read more
19.07.2021 : There is an increase of 17223 number of new Companies incorporated in quarter April, 2021 – June 2021
The new Companies incorporated under the Companies Act, 2013 is 36,191 as compared to 18,968 number of new companies in the corresponding period of last year which is an increase of 17,223 number of new Companies. Read more
19.07.2021 : Tax Exemption on amount received toward medical treatment from an employer or from any person
The income tax exemption shall be allowed on amount received from an employer without any limit and the limit shall be Rs.10 lakh in aggregate for the amount received from any other persons. Read more.
16.07.2021 : Income Tax Portal continues to have glitches hampering portal functioning
President and Vice President of the Direct Taxation Bar Association said that the validation errors in the I-T return facility utility are not being resolved. The speed of uploading replies/submissions at e-proceeding portal is also slow. Also, the department has still not issued Schema i.e. electronic forms of the I-T return including ITR-2, ITR-3, ITR-5, ITR-6, ITR-Y even after the beginning of new financial year. Read more.
12.07.2021 : High Court stays TDS collection u/s 194N of Income Tax Act till 30.09.2021
The petitioner M/s. Apeejay Tea Ltd had challenged the constitutional validity of the provision u/s 194N of Income Tax Act, stating that levy should be on an income and not on withdrawal. An interim stay was imposed on the respondent authorities restraining them from deducting tax at source till 30.09.2021. Read more.
12.07.2021 : About 40,000 ITRs are being filed daily on the new I-T portal
CBDT said users are reporting some issues related to ITR filing, e-verification or logging in into the portal and non-availability of some forms. All have been corrected. The department is continuously engaged with Infosys to expedite the error rectification. It said about 10 lac people are logging into the portal and on an average 40,000 IT returns are been filed every day. Read more.
09.07.2021 : Delhi bench of the ITAT passed an order mentioning that no tax on foreign account if Indian is not a beneficiary owner of that account
- Delhi bench of the ITAT passed an order mentioning that mere mention of person’s name in the account-opening form of an overseas bank does not mean that such an individual is the beneficiary owner. Read more
07.07.2021 : The Finance Ministry has initiated a time-bound survey of the on going faceless assessment regime
The finance ministry has started an internal survey of the faceless assessment concept brought in taxation due to pandemic. The purpose of the survey is to find out its pros and cons both on the tax department and taxpayers. The survey will focus on video conferencing, as well. The final report of the survey is targeted to be submitted in August. Read more
01.02.2021 : The Finance Budget 2021-22 is presented by Finance Minister today
- The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today.
- The budget proposes exemption of income tax return filing for senior citizen having only pension and interest income.
- The time limit for Income tax reassessment has been reduced to 3 years from 6 years.
- PIB has published the Summary of the Budget 2021-22. Read more.
24.01.2021 : Income tax slab is likely to be kept same in the upcoming Finance budget
- In the upcoming Union Finance Budget to be presented by Finance Minister on 01.02.2021 the Income Tax slab is likely to remain same for FY 2021-22.
- However, the finance ministry may think of giving tax exemption to encourage savings to the taxpayers.
- Currently, the tax slab is – up to 2.5 lacs, no tax on income; above 2.5 lacs and up to 5 lacs, 5%; above 5 lacs and up to 10 lacs, 20%; above 10 lacs, 30%.
- Experts demand that the tax slab be increased to 5 lacs. Read more.
25.01.2021 : Nine Income Tax Offices run on rented premises in Himachal Pradesh would be closed
- The IT dept. has switched over to faceless assessment. The change in method of assessment was mainly to avoid the victimisation of the tax payers.
- But this has left with no work at most of the IT offices. The Govt has thus decided to close down the offices which are run on a rented premises.
- The offices which are owned by Govt would continue and there is no threat for its closure