CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

RELEVANT EXTRACT  For easing the process of authentication of electronic records in faceless  assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the  Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended  Rules provides that electronic records submitted through registered account of

Income Tax Department conducts searches in Maharashtra and Goa

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel  manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises  were covered in

Income Tax Department conducts searches in Delhi, Gujarat and Dadra

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips  having corporate office in Delhi and factories at Dadra & Nagar Haveli and Dahej. During the course of the

Press Release : CBDT extends date under section 3 of the Vivad se Vishwas Act

RELEVANT EXTRACT  Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad  se Vishwas Act”), the amount payable by the declarant is stated in the table under section  3 of the Vivad se Vishwas Act. As per the latest notification dated

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961

RELEVANT EXTRACT  On consideration of difficulties reported by the taxpayers and other stakeholders in  electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read  with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided  to further extend the due dates

Press Release : Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department

RELEVANT EXTRACT  The Hon’ble Finance Minister took a meeting with Mr. Salil Parekh, MD & CEO  Infosys on 23.08.2021 to convey the deep disappointment and concerns of the  Government and the taxpayers about the continuing glitches in the e-filing portal of the  Income Tax Department

Press Release : Income Tax Department conducts searches in NCR

RELEVANT EXTRACT  The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign

Income Tax Department conducts searches in NCR

RELEVANT EXTRACT  The Income Tax Department conducted searches on 16.08.2021 on a company  engaged in trading of telecom equipment and installation and servicing of these items for  various telecom players in India. Searches were conducted at 5 premises, including the  corporate office, residence of foreign

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act,1961

RELEVANT EXTRACT  On consideration of difficulties reported by the taxpayers and other stakeholders in  electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read  with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided  to further extend the due dates

Income Tax Department conducts searches in Jharkhand

RELEVANT EXTRACT  Income Tax Department carried out a search operation on 28.07.2021on a  prominent group in Jharkhand dealing in building construction and real estate. The search  began on 28.07.2021 in Ranchi and Kolkata. More than 20 premises were covered. During the search, it was found

Income Tax Department conducts searches in Kanpur

RELEVANT EXTRACT  The Income Tax Department carried out a search action on 29.07.2021on a large  group based in Kanpur and Delhi. The group is in the business of manufacturing Pan  Masala and in real estate. A total of 31 premises were searched spread across Kanpur, 

Income Tax Department conducts searches PAN-India in a prominent group having diversified businesses

RELEVANT EXTRACT  Income Tax Department carried out a search operation under section 132 of the Income - tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles and Real Estate, with a group

Income Tax Department conducts surveys in Bengaluru

RELEVANT EXTRACT  Income Tax Department carried out a survey operation on 08.07.2021 on two  business premises in Bengaluru on one of India’s leading manpower services provider.  The assessee has been claiming huge deduction u/s 80JJAA of Income-tax Act, 1961  which incentivises new employment generation, subject

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

RELEVANT EXTRACT  As per the Income-tax Act, 1961, there is a requirement to furnish Form  15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the  Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing  portal, before submitting the copy to the authorized

Income Tax Department conducts searches in Hyderabad

RELEVANT EXTRACT  Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate, construction, waste management and infrastructure. The activities of waste management are spread across India while real estate activities

Guidelines under section 9B and sub-section (4) of section 45 of the Income-tax act, 1961

RELEVANT EXTRACT Finance Act, 2021 inserted a new section 98 in the Income-tax Act 1961 (hereinafter referred to as "the Act"). This section mandates that whenever a specified person receives any capital asset or stock in trade or both from a specified entity, during the