Income Tax
Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal
The Indian government has increased the GST on critical components of a solar project such as photovoltaic cells and modules from 5 per cent to 12 per cent, with effect from October 1. This has increased the total taxation on a solar project from 8-9 per cent to 12-13 per cent.
Centre notifies rules to scrap retrospective tax clause
Accordingly, the amendment bill notified on October 1, 2021, will enable the scrapping of the contentious retrospective tax demand provisions. Significantly, the notification of the bill is expected to end the much stretched tax disputes with UK's Cairn Energy, and Vodafone Plc.
Taxpayers still need to pay interest despite extension of filing dates
As per the clarification appended to the Circular extending the dates for filing tax returns, it has been clarified that the extension of the due date shall not be applicable in respect of provision of section 234A. The implication of this will be that despite filing the return in the extended period, the taxpayers shall be required to pay additional interest at the rate of 1 per cent per month from the original due date of filing tax return.
Govt booster for strategic disinvestment, no gift tax on transfer of shares in PSUs
A notification issued by the Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962 to provide that taxability of gift is not applicable on transfer of any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic disinvestment.
Refund for unutilised Input Tax Credit can't be claimed on input services: SC
A bench comprising Justices D.Y. Chandrachud and M.R. Shah upheld the validity of Rule 89(5), overturning a 2020 Gujarat High Court judgment which had held that Rule 89(5) was ultra vires Section 54 (3) of the CGST Act, 2017. Rule 89(5) of the CGST Rules provides for the computation of the refund of ITC on account of an inverted duty structure.
CBDT issues tax refunds worth Rs 70K cr so far in FY22
The I-T Department has tried to smoothen its tax processing systems which is supporting quick assessments and timely generation of refunds. In wake of the pandemic, the department is going the extra mile to complete the procedures so that refunds can be generated quickly and help in ensuring liquidity position of taxpayers.
Deadline for IT return filing extended to Dec 31
The due date of furnishing of returns of income for the assessment year 2021-22, has been extended to December 31, 2021, from September 30. In a statement, the Finance Ministry said that the decision has been on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.
CBDT allows taxpayers another opportunity to file application for tax settlement
It has been decided that such application can now be filed before the Interim Board for Settlement by taxpayers who have a pending case where filings could not be made earlier. The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on January 31, 2021 for the assessment years for which the application is sought to be filed .
As glitches galore I-T portal, can govt's faceless scheme become its face saver
Ever since its June 7 launch, the revamped I-T portal developed by Infosys has which was suppose as to usher taxpayers into a new era of tax administration, has become a system generating heartburns with problems at it each step be it faced in generating passwords, linking data for past returns, and filing of returns.
CBDT extends due dates for e-filing of various Income Tax forms
In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and other stakeholders. The application for registration or intimation or approval under Sections 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No 10A required to be filed on or before June 30, 2021, and extended to August 31, may now be filed on or before March 31, 2022.
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