Category: Direct Tax Laws

The provision of section 269ST, states that no person shall receive an amount of Rs. 2 Lakhs from a person in a day; or in respect of transactions relating to one event or occasion from …

Read More "CBDT eases Income Tax norms for cash received by hospitals providing covid treatment."

CBDT has clarified that if the amount received by or due to an individual, as per the terms of his employment, from his employer in relation to himself and member of his family, in connection …

Read More "The Income-tax (15th Amendment), Rules, 2021."

The Bombay HC Judgement on the writ petition filed by Vrinda Sharad Bal has clarified that Income tax (I-T) officers cannot adjust the refunds due to taxpayers against outstanding demands in excess of the limit …

Read More "Bombay HC clarifies that IT officers cannot adjust the refunds due to taxpayers against outstanding demands in excess of the prescribed limit"

The provisions of section 139A (Permanent Account Number) shall not apply to a non-resident, being an eligible foreign investor, who has made transaction only in a capital asset which are listed on a recognised stock …

Read More "The Income-tax (14th Amendment) Rules, 2021."

As per the new rule, for the thresholds “the amount of aggregate of payments arising from transaction or transactions in respect of any goods, services or property carried out by a non-resident with any person …

Read More "CBDT notifies Income-tax (13th Amendment) Rules, 2021."

The Central Board of Direct Taxes has extended time lines for compliances related to adjudication under the Income-tax Act 1961 in view of increased Covid-19 cases and lockdown restrictions.

As per the new rule, the exercise of the option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB and it shall be verified …

Read More "CBDT notifies Income-tax (12th Amendment) Rules, 2021."

Due to the demand for oxygen-related equipment has been increasing in the wake of the second wave of COVID-19 pandemic, the ministry has reduced the Integrated GST (IGST) on import of Oxygen Concentrators to 12%.

Any order for assessment or reassessment under the Income-tax Act, any assessment order as per directions of dispute resolution panel, issue of notice when assessment officer comes to possession of material evidence against the assessee …

Read More "CBDT extends time for assessing officer to issue orders and intimations"

The timelimit for making payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020 by two months till 30th June 2021 due to COVID pandemic.