Residential Status under Income Tax Act, 1961:- Section 6 of the Income Tax Act, 1961 deals with the residential status of the assesse. Why the determination of residential status is mandatory:- By determining residential status of any person we conclude that whether a person is a resident of India or a non-resident of India. If
The Central Board of Direct Taxes (CBDT) vide its Press Release dated 01st November 2021 rolls out the new Annual Information Statement (AIS). Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 1st November, 2021 PRESS RELEASE Roll out of the new Annual Information Statement (AIS) Income Tax
The Central Board of Direct Taxes (CBDT) vide its Notification No 129/2021 [S.O. 4584(E)] dated 01st November 2021 notifies the e-Settlement Scheme 2021 to settle the pending applications in respect of which the applicant has not exercised the option under sub-section (1) of section 245M of the Act and which has been allotted or transferred
The Central Board of Direct Taxes (CBDT) vide its Notification No 119/2021 [S.O. 4207(E)] dated 11th October 2021 exempts the certain person from the requirement of furnishing a return of incomeunder section 139(1) of the Income Tax Act, 1961 from assessment year 2021-2022 onwards. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the
The Central Board of Direct Taxes (CBDT) vide its Notification No 118/2021 [G.S.R. 713(E)] dated 1st October, 2021 notifies the rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021. MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES), New Delhi G.S.R. 713(E).—In exercise of the powers conferred by clause
The Central Board of Direct Taxes (CBDT) vide its Notification No 117/2021 [G.S.R. 661(E)] dated 24th September 2021 amends the Rule 10TD of Income Tax Rules, 1962 to extend the validity of safe harbour rules for AY 2021-22. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th September,
The Central Board of Direct Taxes (CBDT) vide its Notification No 110/2021 [S.O. 3815(E)] dated 17th September 2021 notifies that no deduction of tax under section 194A of the Income Tax Act, 1961 on payment of interest by a scheduled bank located in a specified area to a member of Scheduled Tribe located in specified
The Central Board of Direct Taxes (CBDT) vide its Notification No 105/2021 [G.S.R. 623(E)] dated 10th September 2021 amends the Rule 11UAC. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th September, 2021 INCOME-TAX G.S.R. 623(E).—In exercise of the powers conferred by clause (XI) of the proviso to
The Central Board of Direct Taxes (CBDT) vide its Circular No 17/2021 dated 9th September 2021 further extends the due date for filing of income tax returns and various reports of audit for the assessment year 2021-22. Circular No. 17/2021 F. No. 225/49/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of