Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revised Form 26AS . Apart from the TDS / TCS details, revised....
2. Keeping in view of the Faceless Assessment Scheme,2020 implemented by the Department and the difficulties being faced amid COVID-19 pandemic, the parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2020-21 and conduct of assessment proceedings in such cases are prescribed as under: 3. Without prejudice to the above, the cases....
There are various kinds of audit being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per....
List of Ineligible Items on which ITC is not allowed under GST Laws – Updated as on 8th September, 2020 For a taxpayer, it is essential to determine whether the tax paid on the inward supplies is eligible as Input Tax Credit (ITC) or shall fall within the ambit of ineligible ITC. Section 17(5) of CGST Act....
Delhi : There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Minister of State for Finance Anurag Singh Thakur said on Tuesday. Income tax assessments are being done in a faceless manner except in certain conditions and till March 10,....
Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 24th April, 2021 PRESS RELEASE Government extends certain timelines in light of the raging pandemic In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of....
On Account of the surge in COVID cases, the following dates have been extended by the CBDT i) Due date for filing return of income for AY 2021-22 extended to 30th September, 2021 from 31st July, 2021 – Regular Assessees ii) Due date of Filing Return of Income for Tax Audit Assessee – Extended to....
