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Owing to the technical glitches on the income tax portal, assessses are being allowed u/s 142(1)/148/153A/153C to file certain income tax returns by EVC. However, as per the income tax law, such returns are to be verified through DSC. Allowing such facility to taxpayers would lead to these returns being treated as null and void […]
CBDT has vide circular no.16 of 2021 dated 29.08.2021, granted relief to taxpayers by extending the due dates in certain cases. The move has been made in the light of difficulties being faced by people in filing the relevant forms on the Income tax portal. Analysis of the circular has been given below for reference.
CBDT has granted further extension for manual submission of Form 15CA/ 15CB till 15.08.2021 owing to difficulties in electronic filing of these forms on the income tax portal. Now the taxpayers can furnish the same to authorized dealers in manual format till the aforementioned date. Analysis of the notification has been given below for reference […]
New provision namely Section 206AB has been added by Finance Act 2021 which shall come into force from 1 July, 2021. The said section provides that if any amount is being paid to the specified person, then tax shall be deducted at higher of the following rates: At twice the rate specified in the relevant provision of […]
Section 194Q has been introduced by Finance Act 2021,which will come into effect from 1 July 2021. According to this section, where any buyer is purchasing any goods of value exceeding 50 Lakhs (Aggregate value for whole year to be considered) in a previous year, shall deduct TDS at the rate of 0.1% of sum […]
The Finance Act, 2021 brought certain amendments with respect to taxation of Provident Fund Interest Income. The very purpose behind such amendment was to tax interest income earned against the employee contribution, considering the fact that the rate of interest offered in the case of Provident Funds is relatively higher and the same induced people […]