The Central Board of Direct Taxes (CBDT) (ITA-II Division) vide its F.No.225/61/2021/ITA-11 dated 10th June 2021 issue the guidelines for compulsory selection of returns for Complete scrutiny during the financial year 2021-22 and conduct of assessment proceeding in such cases. F.No.225/61/2021/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes
The scheme of Advance Rulings was introduced in the Income Tax Act, 1961 by the Finance Act, 1993. Chapter XIX-B of the Income-tax Act, which deals with advance rulings, came into force with effect from 01st June 1993. Under this scheme, the power of giving advance rulings has been delegated to an independent adjudicatory body
The Central Board of Direct Taxes (CBDT) vide its Notification No 71/2021 dated 08th June 2021 notify the Income Tax (17th Amendment) Rules 2021 relating to TDS/TCS. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th June, 2021 (INCOME-TAX) G.S.R. 395(E).— In exercise of the powers conferred by
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 68/2021 dated 24th May 2021 notify the Rule 11UAE for computation of fair market value of capital assets for the purposes of section 50B of the Income Tax Act 1961. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of
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
