All cases which are pending under Black Money Act with jurisdictional Income Tax authority shall get transferred to respective Central Charges. However, cases pending with ADIT(Inv.)/DDIT(Inv.) shall remain in their jurisdiction only.
Following are the amendments proposals in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following condition: senior citizens must have only Interest Income apart from pension Income. Tax has been deducted under section 194P on such interest Income by the bank. The bank where interest income credited should be the same where pension is credited into the senior citizen’s Account.
The Finance Minister has presented the Budget for the financial year 2020-21, on 1st of February 2021. Here are Extractions of amendments in Indirect Taxes of the Union Budget.
Vide Finance Act, 2020, Ministry of Finance amended the provisions related to Equalisation levy and has extended the scope of same to cover non-resident e-commerce operators operating in India without having any permanent establishment in India such as Zoom, netflix, ebay etc. The amendment was given effect from 1st April, 2020.
Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.
Vide press release dated 24th October, 2020, CBIC has extended the due date of filing of GST Annual return (GSTR-9/GSTR-9A) and Reconciliation Statement (GSTR-9C) for FY 2018-19 from 31st October, 2019 to 31st December, 2019.
As per Faceless Assessment scheme procedure under Income Tax Act, National e-Assessment Center (NeAC) which shall act as the major managing authority and it will act as a mediator between Assessment Unit, Assessee and other parties.
Under Section 206C, Sub-section (1H) has been inserted vide Finance Act, 2020. As per sub-section (1H), every seller of goods, who receives consideration or aggregate of consideration for sale of goods exceeding INR 50 Lacs in any year, shall collect TCS @ 0.1% of sales consideration from buyer for amount exceeding INR 50 Lacs.
This tax liability reduction practise, either through legitimate or illegitimate options, is known as “Tax Avoidance”, “Tax Evasion” and “Tax Planning. Although the words “Tax avoidance” and “Tax evasion” and “Tax planning” sound similar but in practical scenarios they are radically different.
For the purpose of Income tax return filing, mere uploading a return file is not sufficient. Post uploading of return, sending a signed copy of acknowledgment (ITR-V) was prerequisite to verify the ITR and complete the filing process. ITR is considered as not filed till it ITR verified and the signed copy of ITR-V is not received at Central Processing Cell (CPC), Bangalore.
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