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Our News - Mar 2021
- 2021-03-02 : CBDT extends dates for penalties and assessments
CBDT extended the due date for penalties under the Income Tax Act, 1961 to 30th June 2021. Further, it also extended the deadline for assessments under the Income Tax Act and notices under the Benami Property Transaction Act, 1988 to 30th April 2021. - 2021-02-02 : Income tax won’t be taxed twice for NRIs
Union Budget 2021-2022 proposes to provide relief from double taxation for NRIs on money accrued in foreign retirement accounts by claiming relief on tax deducted on such money in India. Currently, there is a mismatch in the year of taxability of such funds in India and the respective foreign country. - 2021-02-01 : Dispute resolution committee and National faceless income tax appellate tribunal to be set up
FM proposed the setting up of the National faceless income tax appellate tribunal for individual taxpayers. Details of capital gains and interest from banks, post offices, etc will be pre-filled to ease filing of IT returns. Further, a Dispute a resolution committee will be set up for small companies. - 2021-02-01 : Senior citizen exempted from Income Tax filings
FM announced tax exemption for senior citizens in the budget 2021-2022. Senior citizens above the age of 75 years, who only have pension and interest income will be exempted of filing of income tax returns. - 2021-01-12 : CBDT rejected the extension of ITR due date
CBDT rejected further extensions for filing return for cases where audit reports need to be filed. The last date for filing the audit report is January 15. Board stated that sufficient time has already been given to the taxpayers to file their returns.
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