Direct Tax

Taxpayers can now revise audit reports to claim deductions

Also, spending such as provident fund contribution and leave encashment are allowed as an expenditure only in the year that it is spent.

published on : 5th April 2021

CBDT extends relief from double taxation worries to NRIs stranded by pandemic

CBDT had recently received various representations from across the country requesting a relaxation in the guidelines determining residential status for the fiscal year 2020-21.

published on : 5th March 2021

EC convenes meeting of enforcement agencies dealing with dubious transactions on March 2

The Commission has been adopting various strategies to prevent misuse of money, liquor and drugs during poll campaigning to induce voters.

published on : 24th February 2021

Budget 2021 likely to see hike in indirect taxes

According to a senior official, we can expect hikes in import duties, which will be aligned to the government’s Aatmanirbhar Bharat initiative.

published on : 27th January 2021

Stockbrokers seek rationalisation of tax structure for capital market in Union Budget 2021

ANMI has urged the government to incentivise and encourage equity market investments by streamlining the tax structure applicable for market transactions in the Union Budget for the financial year 2021-22.

published on : 16th January 2021

CBIC introduces liberalised Authorised Economic Operator package for MSMEs

The relaxed requirements allow MSMEs who have filed minimum 10 customs clearance documents in one year and who have a clean compliance record over 2 years to apply for the scheme.

published on : 7th January 2021

Government stares at a revenue shortfall of Rs 4 lakh crore in FY21

Between April and October, overall revenue collections stood lower at Rs 7.34 lakh crore, or 34 per cent of the budgeted amount as against 46.2 per cent last year.

published on : 23rd December 2020

CBIC asks for physical verification of GST-deemed businesses between August 21-November 16

The CBIC has asked taxmen not to grant GST registration on deemed basis in cases where the applicant has not opted for Aadhaar authentication or the authentication has failed.

published on : 29th November 2020

Government extends annual GST return filing date by one month to October 31

Along with compliance on GSTR-9 and 9C, taxpayers were also required to follow e-invoicing regulations.

published on : 30th September 2020

CBDT issues refunds of Rs 1.11 lakh crore

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore in more than 32.07 lakh cases so far, including Rs 79,517 crore of corporate tax refunds. 

published on : 24th September 2020

EC refers false affidavit allegations against Uddhav Thackeray, NCP MP Supriya Sule to CBDT

Till June this year, the EC used to ask complainants to approach courts directly on issues of alleged false affidavits.

published on : 21st September 2020

I-T surveys to be conducted only by investigation wing, TDS directorate: CBDT

'The survey action u/s 133A of the Act being an intrusive action, it is expected that the same should be carried out with utmost responsibility and accountability,' the CBDT said.

published on : 13th August 2020

Net income tax collection rises almost 15 per cent in first quarter

Net direct tax collection grew to Rs 1.42 lakh crore at the end of the first quarter due to a surge in advance tax payments.

published on : 6th July 2017