CA Abhay Agrawal & Associates

05/12/2020

CBDT issues the second set of FAQs containing clarifications on the Scheme 2020, vide Circular No. 21/2020 dated 04th December, 2020, in continuation of the earlier Circular No. 9/2020 dated 22nd April, 2020.
The Circular is available on:
incometaxindia.gov.in/communications…

“CBDT issues the second set of FAQs containing clarifications on the Scheme 2020, vide Circular No. 21/2020 dated 04th December, 2020, in continuation of the earlier Circular No. 9/2020 dated 22nd April, 2020. The Circular is available on: https://t.co/ajCBaSsdjN”

27/10/2020

Direct-tax update:

1.Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020;
2.Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.

24/10/2020

07/10/2020

Don't forget to fill following e-forms (mandatory) if, wish to exercise option under new tax regime before due date of filing return of income:

AY 2020-21
1.Section 115BAA - Form 10-IC (notified earlier)
2.Section 115BAB - Form 10-ID (notified earlier)

AY 2021-22 onwards
3.Section 115BAC - Form 10-ID (notified on 01/10/2020)
4.Section 115BAD - Form 10-IE (notified on 01/10/2020)

An individual is required to exercise the option of choosing a new tax regime at the time of filing income tax return. However, it was not clear how such an option has to be exercised by an individual. To resolve this issue, CBDT has notified this form.

25/09/2020

CBDT issues Press Release launching the Faceless Income Tax Appeals today 25/09/2020:

1.States that all Income Tax appeals except appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act will be covered under the Faceless Appeals;

2.The entire process of appeals i.e., from e-allocation of income tax appeal, e-communication of notice/ questionnaire, e-verification/e-enquiry to e-hearing and finally e-communication of the appellate order, will be online, dispensing with the need for any physical interface between the appellant or their counsels and the Department;

3.Explains that the system will include allocation of cases through Data Analytics and AI under the ‘dynamic jurisdiction’ (with draft order prepared in one city and reviewed in another city) with central issuance of notices which would be having Document Identification Number (DIN); Highlights that about 88 % of the total appeals with the Commissioner (Appeals) will be covered the scheme and almost 85% of the present strength of Commissioners (Appeals) shall be utilised for disposing off the cases.

17/09/2020

Taxpayers should take benefit and get past years (AY 2015-16 to AY 2019-20) income-tax returns regularized, if returns remained to be e-verified or ITR-V was not sent/received by CPC.

A return may be verified either by sending a signed copy of ITR-V to CPC, Bangalore through speed post/ordinary post or by e-verification through OTP.

19/07/2020

Recent CBDT press releases on e-compliance & faceless handholding for benefit of taxpayers.

Revenue is leveraging on data integration and analytics. Beneficial for honest taxpayers & deterrence for tax evaders.

09/07/2020

The Budget 2020, has further expanded the scope of section 194N of the Income-tax Act, 1961 to provide different tax rates for two different class of persons and two threshold limits to deduct tax on withdrawal of cash from any savings or current account.

19/06/2020

Important Direct Tax update:

Impact of amendment to first proviso to section 254(2A) of Income-tax Act, vide Finance Act 2020 concerning powers of ITAT to grant stay (i.e subject to pre-condition of depositing 20% of tax, interest, fee, penalty, or any other sum payable or furnishing of security of equal amount in respect thereof) referred to Larger Bench of ITAT

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.

02/06/2020

This is a welcome step and was much needed.

India’s Income Tax Appellate Tribunal said Monday it will launch an e-filing portal in light of the coronavirus pandemic.

30/05/2020

Form 26AS contains details of tax deducted, tax paid and tax deposited along with some other taxable income, like interest on FD etc, on which tax has not been deducted.

18/05/2020

Happy to share an Article authored by me!

Section 50C of the Income-tax Act, 1961 is a speci.... Click here to view the full Article