Page 14 - Latest Updates on Income tax
Govt extends deadline for filing income tax returns for FY19 till Sept 30
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year
 "Govt extends deadline for filing income tax returns for FY19 till Sept 30")
From NHAI negligence to 'PE' clarified again, here're the key court orders
The Supreme Court dismissed the appeal of the tax authorities observing the two-men unit in Mumbai was only auxiliary office doing no core business
 "From NHAI negligence to 'PE' clarified again, here're the key court orders")
Govt's endeavour has been to further simplify direct tax laws: Sitharaman
PC Mody, Chairman, CBDT, reiterated the commitment towards further improving the compliance experience for taxpayers
 "Govt's endeavour has been to further simplify direct tax laws: Sitharaman")
Economic activity reviving; GST collections good sign: CBDT chief Mody
He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.
 "Economic activity reviving; GST collections good sign: CBDT chief Mody")
I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs
The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020
Tax dept to launch e-campaign on voluntary compliance from next week
The income-tax department will start an e-campaign from July 20 on voluntary compliance for the convenience of taxpayers
 "Tax dept to launch e-campaign on voluntary compliance from next week")
I-T dept to crack the whip on tax evaders, resume probe in pending cases
The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.
 "I-T dept to crack the whip on tax evaders, resume probe in pending cases")
Yum Restaurant India unit V-P's services not taxable, rules Delhi ITAT
The case pertains to the agreement between the Yum Restaurants (Asia), the assessee and its Indian counterpart, where Vinod Mehboobani was deputed to India as the vice president (VP).
ITR filing for AY 2020-21: Know what has changed in the New 26AS form
You will now have to include real estate, share transaction details in your 26AS form while filing returns
I-T raids on premises linked to two Congress leaders in Rajasthan
The raids come at a time when Rajasthan is witnessing an intense power tussle between Chief Minister Ashok Gehlot and his deputy Sachin Pilot.
 "I-T raids on premises linked to two Congress leaders in Rajasthan")
Banks, Post Offices can now check TDS rate on high value withdrawals
Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash
 "Banks, Post Offices can now check TDS rate on high value withdrawals")
Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues
The Meghalaya Cabinet has approved an amnesty scheme for taxpayers to pay their outstanding dues to the state government
Sovereign wealth funds to get tax relief on infrastructure bets: CBDT
CBDT notifies changes that will also apply to pension funds
Income Tax dept amends TDS form, makes it more comprehensive
As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore
Last date for filing Income Tax Returns extended till November 30
Last month, the government had extended the date for linking Aadhaar with PAN to March 31, 2021
 "Last date for filing Income Tax Returns extended till November 30")
Awaiting Form 16 to file ITR? Here's why your wait may be longer this year
Form 16 from the employer is needed to file income-tax returns as it contains details of the salary received by an employee and tax deducted on it
How to claim income tax deduction for investments made in April - July 2020
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
 "How to claim income tax deduction for investments made in April - July 2020")
Income Tax department extends five new deadlines for Indian taxpayers
The estimation poses some practical challenges and also makes it difficult to assess tax liability
 "Income Tax department extends five new deadlines for Indian taxpayers")
Govt allows I-T exemption on conveyance allowance under new tax regime
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees
Income tax exemptions to lower tax assessee for certain allowances
The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions
