CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings
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 the taxpayers in the Income-tax Department’s portal shall be deemed to have been […]
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on […]
TDS u/s 194Q @ 0.01% on Purchase of Goods
From 1st July 2021, Buyer of Goods has to deduct TDS @ 0.01% u/s 194Q if his turnover exceeds Rs. 10 Crores in the preceding previous year and purchases from the Resident Seller exceeds Rs. 50Lakhs. A higher rate of TDS @5% will be applicable if the Seller fails to furnish PAN to the buyer. […]
Tax deduction at higher rate in case of certain non-filers (specified persons)
Tax deduction under section 206AB or tax collection section 206CCA at higher rate in case of certain non-filers (specified persons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, 194LBC and 194N) and tax collections. The higher rate is twice the prescribed rate or 5%, whichever is higher. A specified person […]
Recent Updates & Compliance Calendar – Direct and Indirect Tax
DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]