Gift cards, vouchers, mileage points, reward points, and loyalty cards were used to be categorized as (Virtual Digital Assets) VDAs. But a recent notification issued by the Central Board of Direct Taxes (CBDT) stated that the above will stop being…
The Statement of TDS (TDS Return) for quarter four of the Financial Year 2020-21, required to be furnished on or before 30th June 2021 may be furnished on or before 15th July 2021. The CBDT, through Notifications nos. 74/2021 & 75/2021 dated 25th June…
The Last date to issue Form 16 is 31st July. Form 16, required to be furnished on or before 15th June 2021 may be furnished on or before 31st July 2021. Form 16 is a certificate of deduction of tax at source…
The CBDT (Central Board of Direct Taxes), via finance Act, 2021, has introduced new sections under the Income-tax Act, which contains provisions related to the TDS & TCS for non-filers of the income-tax returns and TDS on payment of a…
To ease compliances to be made by taxpayers during the Covid-19 pandemic, CBDT has extended the date of meeting certain tax compliances. Relief has also been given in filing the response to various notices. During the pandemic period, the government…
The CBDT (Central Board of Direct Taxes) has issued a functionality to verify whether the Vendors have filed a tax return for compliance of Section 206AB and Section 206CCA. Section 206AB & section 206CCA inserted in the Income-tax Act, 1961…
The Income-tax department has come up with a new e-Filing portal (ITR e-filing 2.0) which is effective from 7th Jun, 2021. Under the new Income tax portal, downloading Form 26AS has also been simplified. The New Income-tax e-Filing portal will be taxpayer-friendly integrated with immediate processing of Income Tax Returns (ITRs) so…
Section 206AB & section 206CCA inserted in the Income-tax Act, 1961 via Finance bill, 2021 will be effective from the 1st day of July, 2021. Section 206AB & section 206CCA of the Income-tax Act, 1961 imposes a higher rate of…
As per the provisions of Income Tax Act 1961, Banks are required to deduct TDS @ 2% from the aggregate cash withdrawals exceeding Rs 1 Crore made during a Financial Year (FY), from one or more accounts, maintained by a customer under the same PAN.…
The Income Tax Department has amended the TDS rules 1962, making it more detailed and mandatory on the deductors side to state the reason for Non-deduction or less deduction of Income tax. In the budget 2019-20, the Central government had…
