Income Tax
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme
"Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021," said an official statement. Necessary notification to this effect shall be issued shortly, it said.
IT raids Maha steel producer, detects Rs 175 cr black income
The series of simultaneous raids started on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations are still on with the recovery of incriminating documents and digital evidences. The seizures effected so far include unaccounted investments in property, cash of Rs 3 crore, jewellery worth Rs 5.20 crore, silver articles of 194 kgs worth around Rs 1.34 crore, said the ITD.
Reduced taxes, higher borrowing will haunt us: Revenue Secy
Addressing the 61st SIAM Annual Convention here, Revenue Secretary Tarun Bajaj said that the Centre can not reduce taxes without knowing if the reduction will lead to a corresponding increase in automobile sales. Citing the strained financial condition due to Covid-19 pandemic, he said that the Centre has borrowed Rs 12 lakh crore in 2020-21 and a similar amount will be borrowed this fiscal as well.
Energy efficiency must be basis for determining taxation: Kirloskar
"To realise India's goals of energy security and countering climate change, we must lay equal emphasis on enhancing energy efficiency as we do for fossil fuel substitution. "This will help us address the entire value chain as well as for efforts to reduce, reuse and recycle materials," he said at the 61st SIAM Annual Convention held here. Kirloskar called for adopting a merit-based taxation structure.
FinMin summons Infosys CEO over glitches in IT e-filing portal
In a tweet, the Income Tax Department also said that the portal is not available since Saturday, August 21. "Ministry of Finance has summoned Sh Salil Parekh, MD & CEO @Infosys on 23/08/2021 to explain to hon'ble FM as to why even after 2.5 months since launch of new e-filing portal, glitches in the portal have not been resolved. In fact, since 21/08/2021 the portal itself is not available," the department said.
Resolution professionals can now verify tax returns of bankrupt companies
The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on Wednesday also made it the obligation of the resolution professional to follow the rules meant for tax return preparers of certain assessees. Under clause (c) and (cd) of section 140 of the IT Act, enables any other person, as may be prescribed by the board, to verify the return of income in the cases of a company and a limited liability partnership.
I-T Dept to refund excess interest, late fee for FY21 return filing
In a tweet, the department said that the income tax return filing software was rectified on August 1, 2021 to remove the error due to incorrect computation of interest u/s 234A and late fee u/s 234F. "Taxpayers have been advised to use the latest version of the ITR preparation software or file online," it said. The department tweeted in response to a news report.
Govt introduces bill to nullify contentious retrospective taxation
The Bill proposes to amend the Income Tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 - when the finance bill was passed by Parliament in 2012. Further, as per the bill, the amount paid in these cases would be refunded without any interest thereon.
CBIC launches portal with info on customs proceedures, rules
CIP is yet another facilitation tool developed by the CBIC to empower businesses as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports, a statement said.
CBDT extends due dates for electronic filing of various forms
The Income Tax Department had mandated electronic filing of certain forms under the provisions of the Income Tax Act, 1961, read with Income Tax Rules, 1962 by taxpayers. But with the electronic system still giving trouble and making it difficult to file returns, the extension has been granted till further improvements are made in the system.
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