The Central Board of Direct Taxes (CBDT) vide its Circular 10/2021 dated 25th May 2021 clarifies that if different relaxation are available to the taxpayers for particular compliance, the taxpayer is entitled to the relaxation which is more beneficial to him. The full text of the Circular is as follows:- Circular No. 10/2021 F .NO.225/49/2021/ITA-1I Government
The Central Board of Direct Taxes (CBDT) vide its Notification No 56/2021 dated 07th May 2021 exempted the provisions of Section 269ST of Income Tax Act, 1961 for Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities providing Covid treatment to patients, on obtaining the PAN or AADHAAR of the patient and
The Central Board of Direct Taxes (CBDT) vide its Notification No 50/2021 dated 05th May 2021 exempted the cash allowances received from the employer in lieu of any travel concession or assistance maximum up to Rs 36,000/- or one-third of the specified expenditure, whichever is less, under the second proviso to clause (5) of section
The Central Board of Direct Tax (CBDT) has vide its Notification No 40/2021 dated 03rd May 2021 inserted the Rule 11UD in the Income Tax Rules 1962 related to thresholds for the purposes of significant economic presence in India under Section 9(1) of the Income Tax Act, 1961. The full text of the notification is
In this article, we have summarised the frequently asked question by the senior citizens with respect to Income Tax compliances. Q 1. What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? Ans.: Senior citizens and very senior citizen are granted a higher exemption limit as compared
The Central Board of Direct Taxes (CBDT) vide its Notification No 37/2021 dated 26th April 2021 further amend the Rule 2DB of the Income Tax Rules 1962 and Form 10BBA of the Income Tax Act, 1961. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT
The Directorate of Income Tax (System), CBDT has vide its Notification No 1 of 2021 and Notification No 2 of 2021 dated 20th April 2021 notify the format, procedure, and guidelines for submission of Statement of Financial Transactions (SFT) under Section 285BA of the Income Tax Act, 1961 in respect of Dividend and Interest Income
CBDT has vide its Notification No 32/2021 dated 15th April 2021 notifies the amendment in Rule 2DB, 2DC, and Form 10BBA. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th April, 2021 INCOME-TAX G.S.R. 274(E).—In exercise of the powers
Frequently Asked Questions on Form 10A for Charitable Trust Q 1: A charitable trust has obtained registration under Section 12A of the Income-tax Act, 1961. Now, it wants to obtain registration under Section 80G of the relevant act. Is it required to file a new application in Form 10A? Ans.: Yes. For each unique section
Frequently Asked Questions on Unique Document Identification Number (UDIN) Q 1. What is Unique Document Identification Number (UDIN)? Ans.: The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique
