CA Syam sundar

 Ministry of Finance *New,Taxpayer-friendly e-filing Portal of the Income Tax Department To Be Launched on 7th June, 2021* 👉Several New Features Introduced 🍊Free of Cost ITR Preparation Interactive Software Also Available ⚾New Call Centre For Taxpayer Assistance *The Income Tax Department is launching its new e-filing portal www.incometax.gov.in on 7th June, 2021.* 🪁 The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed hereunder: 🌲New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers; 🌳All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer; 🌴Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with;  🌱Facility for...

The National Securities Depository Limited (NSDL) released the new features in e-TDS and TCS. The NSDL has revised the e-TDS TCS RPU utility for preparing TDS or TCS returns.  The e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version 7.1 for Financial Year 2010-11 onwards have also been released.  The new column “Whether opting for taxation u/s 115BAC [Yes/No]” is added under Annexure II (Salary details) for Form 24Q-Q4. If user selects ‘Yes’, below mentioned deductions will not be allowed under Annexure II namely Deductions under section 16, Deductions under Chapter VI-A (except for deduction under 80CCD(2)), Travel concession or assistance [section 10(5)] and House Rent Allowance [Section 10(13A)].  Values in the newly added field will be allowed only when the financial year of statement is 2020-21 and Quarter 4 onwards is selected. For rest all prior FYs and quarters, this field is not applicable. Same will be applicable for re...

  Now Assessee can Pay Income Tax from Credit Card The Income Tax Department is going to launch its new e-filing portal  www.incometax.gov.in  on 7thJune, 2021. The new e-filing portal ( www.incometax.gov.in ) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers: 1.  New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers; 2. All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer; 3. Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort; 4.  New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent; 5. All key portal functions on desktop will be available on Mobile A...

  Income Tax Return & TDS Return Filing Due Date Extended amid severe pandemic Circular No 9 of 2021 F. No.225/49/2021-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 20th May, 2021 Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: 1) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021; 2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before ...

  The Income Tax E-Filing Portal to be non-functional during 1st to 6th June, 2021. New income tax e-filing portal www.incometax.gov.in is to be launched on 7th June 2021. The Income Tax Department is going to launch its new E-filing portal on June 7th, 2021.  In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a brief period of 6 days from 1st June to 6th June 2021.  As per the official circular, the Officers in the field including AOS, CIT (A), PCIT interact with taxpayers through E-proceedings over the E-filing portal directly or through the NeAC/NFAC for Issuance of Notices, SCNs and getting a response to various E-Proceedings, Conducting of Video conference or adjournments, Issuing Questionnaires, summons, letters, etc iv. Responding to E-Nivaran or Outstanding Tax demand etc Communicating final orders in Assessment, Appeals, Exemption, Penalties, etc.  ...

The Income Tax Department finalized the Income Tax Business Application (ITBA) Assessment Module for Selection of Scrutiny cases under Computer Assisted Scrutiny Selection (CASS).  The CASS 2020 Cycle for ITRs of A.Y. 2019-20 for the current year has been finalized. The Board has approved the parameters for the selection of cases and cases are visible to the Assessing Officers.  “In the cases pertaining to Faceless Assessment Scheme, notice u/s 143(2) has been issued by the prescribed authority and served by National e-Assessment Centre (NeAC) as per the provisions of Faceless e-assessment scheme, 2019. Subsequently, the cases have been assigned to a specific Assessment Unit in a Regional e-Assessment Centre (ReAC) through an automated allocation system for the purpose of e-assessment,” the Income Tax Directorate while addressing the Principal Chief Commissioner and Principal Commissioner of the  Income-Tax said.  In the cases pertaining to Central Charges & Inte...

  There are various taxpayers who have received notices u/s 148 asking taxpayers to furnish the return u/s 148. It may be noted that income tax authorities are empowered u/s 148 to reopen the case of assessment for earlier years u/s 148. Further, the period of reopening of assessment has been reduced to 3 years in normal case by the Finance Act- 2021 and so income tax authorities have used their earlier power of 4 years or 6 years till 31.03.2021 (Extended to 30/06/2021) for re-opening of the case. The question emerges as to how to respond to the notice u/s 148. Here is a step-wise guide to reply in such cases. By following the steps given below, Assessee could establish a strong trail in case assessee prefer an appeal against the reassessment order. First Step: First and foremost, Assessee has to file ITR online u/s 148 for the respective assessment year for which the notice is received. It may be noted that the entire proceeding for section 148 will be online now and hence so ret...

  The Central Board of Direct Taxes (CBDT) has notified specified persons (reporting persons) that will furnish such information on behalf of individual taxpayers in the pre-filled ITR forms. This would help in easier filing of returns as taxpayers would just have to verify records of income accruing to them from such investments without having to source it individually before filling up the ITR form. The intention of the pre-filled forms was to make filing returns easier as well as encourage more persons to disclose their come. Earlier, linking the Aadhar card, PAN card and bank accounts allowed the tax department to pre-fill the forms for individual taxpayers. The CBDT notification has specified that details of an individual’s capital gains on transfer of listed securities or units of mutual funds will be provided by recognised stock exchange, depository, recognised clearing corporation or registrar to an issue and share transfer agent. These agencies have now been included in ne...

The Central Board of Direct Taxes (CBDT) has notified the amendment in Rule 2B of the Income Tax Rules where the provisions relating to exemption in respect of cash allowance received in lieu of leave travel concession (LTC) has been incorporated. The move would be beneficial to the employees who had not been able to avail of LTC in the block of 2018-21 due to the COVID-19 pandemic and the nationwide lockdown. This will allow them to claim the exemption in respect of cash allowance subject to fulfillment of certain conditions. As per the amended rules, a new provision, specified employees, who avails any cash allowance from his employer in lieu of any travel concession or assistance for himself and the members of his family will get an exemption up to thirty thousand rupees or one-third of the specified expenditure, whichever is less, subject to conditions prescribed. The exemption shall be subject to the following conditions (i) the individual has exercised an option to avail exemptio...

The Central Board of Direct Taxes ( CBDT ) has extended the deadline for various Income Tax Compliances due to COVID-19 Pandemic. In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.  In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers:  a) Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 202...

The Central Government has extended the Time Limit for Income Tax Assessments, Payments under DTVSV can be made till June. In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today. In the light of several representations received(supra) and to address the hardship being faced by various stakeholders, the Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:- 1)...

 T he CBDT has notified that, Audit Report can be revised if disallowance under Section 40 or 43B of the Income Tax Act needs Recalculation.  The Central Board of Direct Taxes (CBDT) notified the Income-tax (eighth Amendment) Rules, 2021 which seeks to amend the Income-tax Rules, 1962.  In the Income-tax Rules, 1962, in rule 6G, after sub-rule (2), the sub-rule shall be inserted, namely, “the report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant , duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report under sub- rule (1) and (2) which necessitates recalculation of disallowance under section 40 or section 43B.”  In Appendix II, in Form 3CD, in Part-A for clause 8A, the clause shall be substituted, namely, “Whether the assessee has opted for taxation under ...

  The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return (ITR) Forms for Assessment Year 2021-22.  The Board notified the Income-tax (7th Amendment) Rules, 2021 which seeks to further amend Income- tax Rules, 1962. In the Income-tax Rules, 1962 , in rule 12, in sub-rule (1),  in the opening portion, for the figure “2020”, the figure “2021” shall be substituted. After sub-clause (vi), the sub-clauses shall be inserted, namely “is a person in whose case tax has been deducted under section 194N; or is a person in whose case payment or deduction of tax has been deferred under sub-section (2) of section 191 or sub-section (1C) of section 192.”  In the principal rules, in Appendix-II, for Forms SAHAJ ITR-1,  ITR-2,  ITR-3,  SUGAM ITR-4,  ITR-5,  ITR-6,  ITR-7 ITR-1 Sahaj Form ITR-1 Sahaj is for the individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Sala...

 *Income Tax Updates* Central Government *extends the last date for linking of Aadhaar number with PAN* from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. https://twitter.com/IncomeTaxIndia/status/1377265588347707398?s=20 *Date for issue of notice under section 148* of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also *extended to 30th April, 2021*. https://twitter.com/IncomeTaxIndia/status/1377265592323907584?s=20

 DIRECT TAXATION: *FAQs - on Seek adjournment* *Q: What is seek adjournment?* A: Seek adjournment is a functionality provided to an assessee to submit a request to extend the response due date of a notice issued by an Income Tax Authority if the assessee is unable to submit response within the notice submission timelines mentioned. *Q: Who can avail seek adjournment facility?* A:  Those taxpayers for whom a hyperlink “Seek” is enabled against a notice, as appearing in the e-Proceeding module under the column “Seek/View adjournment”. *Q: Is there any date limit up to which adjournment request can be sought?* A:  Yes, • If adjournment is sought before the response due date then up to 15 calendar days from notice response due date. • If adjournment is sought after response due date then up to 15 calendar days from the date of seeking adjournment. • However, no adjournment request can be raised for a date falling within 7 days prior to the “Proceeding Limitation Date”.

Finance Act, 2020 came with extensive changes regarding taxation and governance of existing as well as new, Charitable trusts and NGOs.  The new act has brought in a latest procedure for universities, hospitals, charitable trusts, educational institutions etc. The modifications were related to the registration/re-registration procedure of all trusts under section 12AA of the Income-tax Act, 1961, renewal of registration, approval for deduction u/s 80G and issuing a statement of donations received to the Income Tax authorities.  A new section 12AB has come into action which will replace the provisions of registration under section 12A of the IT Act. It ordained all charitable trusts registered under section 12A and 80G to make an application of re-registration from  1st October 2020 to 31st December 2020 but due to the current situation of the pandemic, the date has been postponed to 1st April 2021.  The Income-tax Act grants tax exemptions to institutions involved in...

What Will Happen if PAN become invalid/inoperative 1. Not able to open the D-Mat Account 2. Not able to open Bank account 3. Not able to file the income tax return (means you will not abe to claim refund if you have) 4. If you have FD then higher amount of TDS will be deducred on your interest (7.5% to 20%) 5. Your employer will deduct the TDS@ higher rate i.e 20%. Link your Pan number with Aadhar else penalty may cross Rs.1000.  31.03.2021 is the last date.  Link below for the same https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html   The deadline to link your Aadhaar and your PAN (permanent account number) is March 31. Your PAN will become void if you do not comply.  The government has placed an amendment in the Finance Bill, 2021, approved by the Lok Sabha on Tuesday, under which individuals will be responsible for paying a late fee of up to Rs1,000 if their PAN is not linked to their Aadhaar number.  A new Section 234H of the F...

  TDS u/ s 194 Q has been  introduced by the GOI in Budget 2021 and the same will be applicable from 1 St July 2021. This  is additional Compliance we have to comply w.e.f. 01/07/2021. 206C(1H)- TCS is already implemented  w.e.f 01/10/2020. Please refer the below table for  Difference between 206C(1H) Vs 194Q for easy reference. Section 206C(1H) Vs 194Q      Income Tax Section S.No Particulars 206C(1H) 194Q 1 TCS/TDS Tax to becollected  (TCS) Tax to be deducted  ( TDS) 2 Applicabile to Whom Seller Buyer 3 Opposite Party Resident Buyer Resident seller 4 With Effect From 01-10-2020 01-07-2021 5 Conditions a.Turnover/Gross Receipts/Sales from the business of SELLER sho...