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Lastest income tax mews updates.We decode and simplify all the income tax notifications regularly and its related information here:
|Notification number & date||Description|
|Press release for extension of ITR filing due dates for FY 2020-21|| |
CBDT extends the due date for filing ITR and audit report considering the difficulties faced by the taxpayers.
|Press release regarding guidelines under section 194Q||The income tax department issued a circular dated 30th June 2021 laying down the guidelines for TDS deduction under section 194Q. These guidelines are given to remove this section’s difficulties and related sections 194-O and 206(1H). |
Click here to read more about the circular.
|Press release for extension of time limits in the view of severe pandemic||Taxpayers are facing multiple challenges in meeting certain tax compliances due to the resurgence of COVID-19. To make it easy for them, the government announced relief measures by extending compliance timelines and providing tax exemptions in some instances. |
Click here to read more about the circular.
|Press release regarding the use of functionality under section 206AB and 206CCA|| |
To help the tax deductor or the collector comply with two new sections, 206AB and 206CCA of the Income Tax Act, the income tax department developed a compliance check functionality. The CBDT released a circular dated 21st June 2021 introducing and specifying the use of the new functionality.
Click here to read more about the circular
|Press release for clarification regarding the limitation time for filing appeals before CIT (appeals)||The CBDT clarifies that for the purpose of counting the period(s) of limitation for filing of appeals before the CIT(Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and hence the said limitation stands extended till further orders as ordered by the Hon’ble Supreme Court in Suo Motu Writ Petition (Civil) NO.3 of 2020 vide order dated 2yth April 2021.|
|Press release of Launch of new e-filing Portal of the Income Tax Department dated 20th May 21||The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021. The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers|
|Press release-Government extends certain timelines in light of severe pandemic dated 20th May 21|| |
CBDT has issued a circular extending the timelines for direct tax compliances for AY 2021-22. The due date for filing ITR by taxpayers (other than audit) has been extended from 31st July 21 to 31st December 2021. The due date to furnish the audit report under Income Tax Act is extended to 31st Oct 2021 and audit report for transfer pricing cases is extended to 30th Nov 2021. The ITR filing for Tax audit cases is extended to 30th Nov 2021 and for Transfer Pricing cases, it is extended to 31st December. The due date to file a Belated or Revised Return has also been extended by 1 month to 31st Jan 2022.
|Press release-Government extends timelines of certain compliances in light of the severe pandemic dated 1st may 21||CBDT has provided relaxation under section 119 of the Income Tax Act by extending timelines of certain compliance from , like appeal to Commissioner (appeals), objections to DRP , due date of ITR in response to notice under section 148, due date of filing belated or revised return for FY 19-20, payment of TDS deducted and |
filing of challan cum statement u/s 194-IA, 194-IB, and 194M, furnishing of statement in Form No. 61.
|Press release-Government extends certain timelines in light of the raging pandemic dated 24th April 21||In order to address the hardship being faced by various stakeholders due to pandemic, the government has decided to extend the time limits of passing assessment or reassessment order u/s 153 and 153B, time limit for order consequent to the direction of DRP, issue of notice u/s 148, and a time limit of processing of equalization levy under section 168, tax payable under Vivaad see Vishwaas scheme – to 30th June 2021 from 30th, April 2021|
|Press release-CBDT notified new ITR forms dated 1st April 21|| The CBDT has notified ITR Forms for the AY 2021-22 vide notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. |
Keeping in view the ongoing crisis due to the COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year’s ITR Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.
|Press release-CBDT issues refund of more than Rs.2.62 lakh crore dated 1st April 21||CBDT issues refunds of more than Rs. 2.62 lakh crore up to 31.03.2021 . Accordingly, the Central Board of Direct Taxes(CBDT) has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April 2020 to 31st March 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%.|
|Press release-Due date extension of linking Aadhaar with PAN|| The Central Government has issued a notification today extending the last date of linking the Aadhaar number with PAN to 30th June 2021 from 31st March 21.|
The issue of notice under section 148, passing of a consequential order for direction issued by Dispute resolution scheme (DRP) and processing of equalisation levy statements extended to 30th April 2021.
|Press release dated 3rd March 21|| The (CBDT) has received various representations requesting for relaxation in the determination of residential status for the previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to the suspension of international flights. |
In this context, Circular No. 2 of 2021 has been issued by CBDT.Any individual is facing double taxation even after taking into account the relief provided by the relevant DTAA, he/she may furnish the specified information by 31st March, 2021 in Form –NR annexed to the said Circular. This form is to be submitted electronically to the Principal Chief Commissioner of Income-tax (International Taxation)
|Press release dated 30th December 2020||a. Due date for ITR filing for taxpayers, whose accounts are not subject to audit, has been extended from 31st December 20 to 10th January 2021. The due date for ITR filing for taxpayers whose accounts need to be audited extended from 31st Jan 2021 to 15th Feb 2021|
b. Due date of Income Tax Audit report and Transfer Pricing Audit report extended from 31st Dec 2020 to 15th Jan 2021
c. Declaration under ‘Vivaad se Vishwas’ scheme extended from 31st Dec 2020 to 31st Jan 2021
d. The date of passing of orders under ‘Vivaad se Vishwas’ scheme is 31st January 2021.
e. The date of passing orders or issuance of notice by the authorities under the direct taxes & Benami Acts has been extended to 31st March 2021. Due date of ITR filing for individuals whose accounts need not be audited extended from 31 Dec 2020 to 10th Jan 2021
|Notification no. S.O. 2033(E) dated 24 June 2020||(a) The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 31 July 2020. The extension applies to the filing of original return and revised returns.|
(b) The last date for completion of assessments which are getting time-barred on 31 December 2020 stands extended to 31 March 2021. In the case of assessments which get time-barred on 31 March 2021, the time stands extended to 30 September 2021.
(c) The due date for furnishing TDS and TCS returns due for the Quarter 4 of FY 2019-20 stands extended to 31 July 2020, for non-government deductor. The extension also applies to TDS and TCS return due for the month of February 2020 and March 2020 in the case of sale of immovable property etc. In case of government deductors, the extended due date is 15 July 2020.
(d) The due date to issue Form 16 for FY 2019-20 stands extended to 15 August 2020.
(e) Taxpayers can make tax-saving investments for FY 2019-20 such as payment of LIC premium, deposit to NSC, PPF, SSY and so on until 31 July 2020. Similarly, medical insurance premium, donations, interest on education loan paid until 30 July 2020 will also be eligible for a tax deduction for FY 2019-20.
(f) Taxpayers can also make investments in the new house property, bonds and so on until 30 September 2020 to claim capital gains exemption. Such investment or purchase made until 30 September 2020 can be claimed as capital gains exemption for FY 2019-20.
(g) Taxpayers having a self-assessment tax liability up to Rs 1 lakh can pay the same by 30 November 2020 without incurring penal interest liability.
(h) The last date of making payment under Vivaad se Vishwas Scheme without additional amount stands extended to 31 March 2021
(i) The last date for Aadhaar PAN linking is extended to 31 March 2021.
|Notification no. G.S.R. 338(E) dated 29 May 2020||The CBDT notifies the income tax return forms for AY 2020-21. The Forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for filing by the due date 30 November 2020.|
|Press release dated 13 May 2020||(a) The due date to file income tax returns for AY 2020-21 stands extended from 31 July to 30 November 2020. The due date for tax audit stands extended from 30 September 2020 to 31 October 2020. Similarly, the income tax returns filed upon a tax audit are now due by 30 November 2020. |
(b) Reduction in TDS and TCS rates by 25% of the present rates, for payments from 14 May till 31 March 2021.
(c) All pending income-tax refunds to be released to non-corporate entities immediately.
(d) The last date for completion of assessments which are getting time-barred on 30 September 2020 stands extended to 31 December 2020. In the case of assessments which get time-barred on 31 March 2021, the time stands extended to 30 September 2021.
(e) The last date of making payment under Vivaad se Vishwas Scheme without additional amount stands extended to 31 December 2020.
|Press release dated 8 April 2020||All pending income-tax refunds up to Rs 5 lakh will be released immediately to all taxpayers, including individuals and business entities.|
|Ordinance dated 31 March 2020||The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 30 June 2020. The extension applies to the filing of original return and revised returns.|
|Ordinance dated 31 March 2020||Taxpayers can make tax-saving investments for FY 2019-20 such as payment of LIC premium, deposit to NSC, PPF, SSY and so on until 30 June 2020. Similarly, medical insurance premium, donations, interest on education loan paid until 30 June 2020 will also be eligible for a tax deduction for FY 2019-20.|
|Ordinance dated 31 March 2020||Taxpayers can also make investments in the new house property, bonds and so on until 30 June 2020 to claim capital gains exemption. Such investment or purchase made until 30 June 2020 can be claimed as capital gains exemption for FY 2019-20.|
|Ordinance dated 31 March 2020||The date for commencement of operation for SEZ units (claiming deduction under section 10AA) has been extended to 30 June 2020, for units which have received approval by 31 March 2020.|
|Ordinance dated 31 March 2020||The time for passing income tax orders or issuing income tax notices has been extended from 31 March 2020 to 30 June 2020.|
|Ordinance dated 31 March 2020||The interest on delayed payment of taxes has been reduced to 9% p.a. for any delayed payment of TDS, TCS, advance tax, equalization levy, Commodities Transaction tax (CTT) or Securities Transaction Tax (STT), which fall due for payment from 20 March 2020 to 29 June 2020, but paid by 30 June 2020.|
|Ordinance dated 31 March 2020||The last date for Aadhaar PAN linking is extended to 30 June 2020.|
|Ordinance dated 31 March 2020||Donations made to PM CARES Fund will be eligible for 100% deduction under section 80G. The donation made from 1 April 2020 to 30 June 2020 can be claimed as a tax deduction for the FY 2019-20. In case a taxpayer wants to claim the tax deduction for FY 2020-21, the deduction is allowed both under the old regime and new optional tax regime.|
|Ordinance dated 31 March 2020||The time for declaration and payment under the Vivad se Vishwas Scheme has been extended to 30 June 2020.|
|11/2020 dated 13th of February 2020||According to the income tax provisions, every individual will have to link their aadhaar and PAN by the 31st of March 2020 otherwise their PAN will become inoperative immediately after the said date. The income tax department has notified the manner in which the PAN will become inoperative if not linked to aadhaar within the specified due date. If the PAN becomes inoperative, it will be deemed that the PAN was not furnished or intimated wherever required and all the consequences of non-furnishing of PAN will be applicable to the individual. The PAN will become operative only after the date of intimation of aadhaar number.|
|10/2020 dated 12th of February 2020||Section 115BAA was inserted by the Income Tax Act 1961 which provided for a reduced corporate tax rate of 22% from FY 2019-21 onwards for such domestic companies adhere to certain specified conditions. The income tax department has notified Form no. 10-IC which will be furnished by the specified domestic companies under section 115BAA to avail the benefit of lower taxes from FY 2019-20 and onwards. |
The form will be furnished electronically and verified with the digital signature or EVC. Similarly, Section 115BAB was inserted offering a reduced tax rate of 15% to the new domestic manufacturing companies. With this notification, a new Form no. 10-ID has been introduced. The specified companies under section 115BAB will have to furnish this form to avail the lower tax rates from FY 2019-20 and onwards. The form will be electronically verified using a digital signature or an EVC. Refer the link to know the format of Form 10-IC and 10-ID.
|09/2020 dated 12th of February 2020||The courts of the Chief Judicial Magistrates of the union territory of Jammu and Kashmir are designated as Special Courts for the income tax purposes within their respective territorial jurisdictions by the Central Government.|
|08/2020 dated 29th of January 2020||CBDT has amended Rule 6DD to reduce the limit of the cash expense made on a particular day to Rs 10,000 and also inserted rule 6BBA that includes new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961. These changes will be effective from the 1st of September 2019. Here is the list of other electronic modes specified in the rule 6BBA:Credit/debit card|
BHIM Aadhaar pay
The various sections that will be affected by this change are as follows:Section 35AD
The eligible modes of payment provided in the aforementioned sections will include an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as prescribed in rule 6ABBA with effect from the 1st of September 2019.
|07/2020 dated 28th of January 2020||Institute of Pesticide Formulation Technology, Gurugram (PAN:- AAATI0389Q) has been approved by the Central Government for the purpose of section 35(1)(ii) of the income tax act from AY 2019-20 and onwards under the category of “Research Association”.|
|03/2020 dated 6th of January 2020||Finance (No. 2) Act, 2019 amended Section 92D of the Income Tax Act, 1961 to provide clarification that a constituent entity of an international group shall be required to maintain and furnish the master file even when it doesn’t enter into any international transaction during the financial year. Now, the CBDT has correspondingly made amendments in Rule 10DA and Rule 10DB of the Income-tax Rules, 1962. Some of the key changes to the rules are as follows:The information and documents to be furnished by the constituent entity of an international group as specified under Rule 10DA shall be furnished to the joint commissioner in Form 3CEAA on or before the due date of filing income tax returns. Earlier, Form 3CEAA was required to be furnished to the Director General of Income-tax (Risk assessment).|
Under rule 10DB, now every parent entity or the alternate reporting entity, which is resident in India, shall, for every reporting financial year, furnish the report in Form No. 3CEAD to Joint Commissioner as may be designated by the Director General of Income-tax (Risk Assessment).
|02/2020 dated 3rd of January 2020||Indian Institute of Technology (Indian School of Mines), Dhanbad has been added to the category of “University, college or other institution” under section 35(1)(ii/iii) from AY 2019-20 and onwards.|
|01/2020 dated 3rd of January 2020||CBDT has notified the ITR forms ITR-1 and ITR-4 for the AY 2020-21. Here are some of the changes made to the ITR forms:An individual with a brought forward/carry forward loss under the head ‘Income from house property’ can no longer use ITR-1 & ITR-4 to file his income tax returns.|
For rented property, the individual will have to provide the name and PAN or aadhaar of the tenant in ITR-4.
Read all the changes here.