Income Tax Dept. introduces JSON utility (ITR Offline Utility) for AY 2021-22 ITR 1 and 4 and discontinues Excel/Java
CBDT notifies new Income tax return forms for the AY 2021-22. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year’s ITR Forms. Only the bare minimum changes aligning them with the changes made in the Finance Act, 2020 has been made.
CBDT vide notification dated March 26, 2021 notifies new Income Tax Rules & Forms for approval of Fund or Trust or Institutions and application for registration & re-registration of charitable or religious trusts, which is going to be applicable from April 01, 2021.
Now, there will be completely new system of online registration.
Even old trusts have to apply afresh.
CA Parivaar in association with Tax Law Educare Society has prepared a book on Union Budget 2021 written by CA (Dr.) Girish Ahuja, CA (Dr.) Ravi Gupta, CA (Dr.) Sanjeev Singhal, CA Ashok Batra.
Your complimentary copy is attached in the enclosed file.
Click the link below to access the soft copy of the book:
CBDT has relaxed the requirement of remunerating fund managers of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section9A.
The CBDT has stated that for financial years 2019-20 and 2020-21 in cases where the remuneration paid to the fund manager is lower than the amount of remuneration prescribed under sub-rule (12) of Rule 10V, but is at arm’s length, there is no need to take CBDT nod for that lower amount to be the amount of remuneration
CBDT has notified Faceless Penalty Scheme, 2021 under which national and regional centres will be set up to facilitate the conduct of faceless penalty proceedings in income tax cases. As per the scheme, the National Faceless Penalty Centre will facilitate the conduct of faceless penalty proceedings in a centralised manner and has been vested with the jurisdiction to impose penalty.
Income tax department has issued e-calendar for the year 2021 which highlights all the due dates falling under Income Tax Act, 1961 during the year.
CBDT has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign undisclosed assets as well as complaints regarding benami properties. The public can now file a Tax Evasion Petition through a link on the e-filing website of the Department.
CBDT vide Press Release dated December 30, 2020 extended the due dates of various filing has been as follows:
- Income Tax Returns Last Date for Non Tax Audit Assessees – 10th January, 2021
- Tax Audit Report Last Date – 15th January, 2021
- Vivad Se Viswas Last Date – 31st January, 2021
- Income Tax Returns Last Date for Tax Audit Assessees – 15th February, 2021
- GSTR-9/9C 2019-20 – 28th Feb, 2021
CBDT vide circular dated december 04, 2020 has issued clarifications on provisions of the Direct tax Vivad se Vishwas act by issuing 34 FAQs on scope, eligibility, computation, consequences and procedures.