Service Tax
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.
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.
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 to resume E-way bill blocking for non-compliant taxpayers
E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by the Goods and Service Tax Network (GSTN).
CBIC reduces compliance burden by abolishing renewals of licences and registrations
This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit numerous documents to renew their licences/registrations. The net effect of the amendments carried out to the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, is that the existing licenses/registration would have a lifetime validity.
Quess Corp counters IT Dept, denies 'concealing' income
Quess Corp has said that the Income Tax Department conducted a survey under Sec 133A of the Income Tax Act, 1961 at its Registered Office, and at that of its subsidiary Terrier Security Services, during July 8-10, 2021. "We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date," it said in a regulatory filing.
VCFs in tax net as service rendered to investors liable to pay service tax
The Bengaluru bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), in the case of a taxpayer, has confirmed service tax demand in the hands of the VCFs as they manage investor money. The tribunal, in its ruling, said that service tax demand is confirmed on the portion of earnings that are retained by debiting expense from the value of the investments made in the VCFs.
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