Category: Direct Tax Laws

The amendment allows the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, with the approval of the Board, to specify that any of the Forms, …

Read More "Income-tax (21st Amendment) Rules, 2021"

The amendment provides that where a return of income relates to the assessment year commencing on the 1st day of April, 2020 or any earlier assessment year, it shall be furnished in the appropriate form …

Read More "Income-tax (20th Amendment) Rules, 2021"

The life-long validity of licenses/registrations is expected to provide a major relief to the trade by reducing their compliance burden and promoting the Ease of Doing Business in India.

The Taxpayers can now file form 15CA and Form 15CB manually to the authorized dealers till 15th August, 2021.

The Ministry of Finance has issued tax exemptions to ameliorate stress due to COVID-19 through press release dated 19 July 2021. The press release states that the Government has extended various key tax compliance deadlines …

Read More "Ministry of finance enlists all the tax compliance extensions granted as covid relief measure"

The Government in suppression to its earlier notification dated 20th February 2020 has ordered that the registration fees chargeable in excess of rupees ten thousand on the instrument of transfer of immovable property of micro …

Read More "The government of Rajasthan exempts excess registration fees on transfer of immovable property of MSME manufacturing sector."

The amendment inserts new rule 8AC which provides the manner in, where the goodwill of the business or profession was the only asset or one of the assets in the block of asset “intangible” for …

Read More "The Income tax Amendment (19th Amendment), Rules, 2021"

For the removal of doubt it is further clarified that in case the capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset …

Read More "CBDT Guidelines regarding receipt of any capital asset or stock in trade or both by a specified person from a specified entity"

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing …

Read More "CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB."

The amendment provides that in case of the amount which is chargeable to income-tax as income of specified entity under the head Capital gains, the specified entity shall furnish the details of amount attributed to …

Read More "Income tax Amendment (18th Amendment), Rules, 2021"