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Latest News & Amendments

CBDT further extends the deadline to file Revised & Belated ITRs for AY 2019-20 (FY 2018-19) to 30th November 2020....

On consideration of genuine difficulties faced by taxpayers due to outbreak of COVID 19 pandemic, CBDT further extended the last date to file belated and revised Income Tax Return for Assessment Year 2019-20 (ie. financial year ending on 31st March 2019) from 30th september 2020 to 30th November 2020.

Dated: 30th Novemeber 2020

Source:  CBDT Notification

Launch of Faceless Assessment Scheme - a platform for "Transparent Taxation-Honoring the Honest"....

Aiming to make the tax system seamless, painless & faceless, Prime Minister Sri Narendra Modi launched the platform for "Transparent Taxation-Honoring the Honest". The Faceless assessment eliminates human interaction and brings in digital handling of assessment & scrutiny cases.

This scheme of faceless assessment is to be implemented from 25th September 2020. Taxpayers Charter is  however launched  on the same day and lists out the rights and duties of tax payers as well as services expected from tax department.

Dated: 13th August 2020
CBDT allows one time verification window to past e-filed Income Tax Returns till 30th September 2020....

To resolve the grievances of tax payers who had e-filed their Income Tax Returns on time but for any reason did not e-verify or send signed ITR V to CPC, CBDT provides one time relaxation and allows verification either through e-verification or by sending signed ITRV to CPC Bangalore, of valid IT returns for Assessment Years 2015-16, 20116-17, 2017-18, 2018-19 & 2019-20 till 30th September 2020.

Source: CBDT Circular
Dated: 13th July 2020

How to E-verify your Income Tax Return
Last date for various tax saving investmnets for FY 2019-20 further extended till 31st July 2020........

In view of COVID 19 outbreak and consequently to challanges faced by taxpayers in meeting the deadlines for various compliances, last date for various investments for Tax Savings for Financial Year 2019-20 was earlier extended till 30th June 2020 and now its extended further till 31st July 2020.

Read in detail about various savings for which dead line is relaxed and what is the impact of it

Dated: 30th June 2020
Mutual fund Investments will now be subject to Stamp Duty from 1st July 2020....

From 1st july 2020, all mutual fund investments will be charged with a Stamp Duty of 0.005 % on purchase of Mutual Fund and 0.015 % in case of transfer of Mutual Funds.

There is no Stamp Duty on redemption of Mutual Funds.

Stamp Duty on Mutual Funds-how will it impact investors?

Dated: 30th June 2020

Cost Inflation Index has been notified by CBDT for Financial Year 2020-21....

CBDT has notified the Cost Inflation Index (CII) for Financial Year (FY) 2020-21 as 301.

This index has a very important role while calculating the Long Term Capital Gains on sale of Assets like property, Gold etc.

Purchase cost of Long Term Capital Assets are indexed using Cost Inflation Index of the year purchase and of the year of Sale. Sale price is reduced by the indexed cost of acquisition to arrive at the Long Term Capital Gain/Loss.

CII for FY 2019-20 was 289.

Complete List of Cost Inflation Index

Dated: 12th June 2020
Source: CBDT Notification 32/2020

Income Tax return Forms - ITR 1 & ITR 4 are now available for e-filing for AY 2020-21....

Income Tax Return Forms - ITR 1 & ITR 4 are now available for e-filing.

Other Income Tax Return Forms will also be availbe for filing very soon.

Start collecting your documents & informations and don't miss to file your Income Tax Return before the due date.
 

Dated: 5th June 2020
RBI extends  the EMI Moratorium on Term Loans by further three months ie. till 31st  August 2020....

Finance Minister had earlier announced the EMI Moratorium for three months ie from March, April & May 2020.
The moratorium period is now extended by further three months. In total now EMI moratorium can be availed for six months ending on 31st August 2020.

So if there is a financial crises one may seek the EMI moratorium ie. postponement of EMI payment for upto six months.

Dated: 22nd May 2020
Source: RBI Press Conference

Due date for filing IT returns for FY 2019-20 extended to 30th November 2020....

When whole world is fighting with the Corona Virus, to make it possible for everyone to file Income Tax Returns on time for Assessment Year 2020-21, last date for filing Income Tax Returns for Assessment Year 2020-21 has been extended to 30th November 2020.

Last date for issuing Form 16 has also been extended to 30th June 2020.
 

Dated: 13th May 2020

Time limit for various tax savings for FY 2019-20 extended to 30th June 2020....

In view of COVID 19 outbreak and consequently to challanges faced by taxpayers in meeting the deadlines for various compliances, last date for various investments for Tax Savings for Financial Year 2019-20 is extended till 30th June 2020.

Last date for filing original as well as revised return for FY 2018-19 (AY 2019-20) is also extended till 30th June 2020.

Read in detail about various savings for which dead line is relaxed and what is the impact of it

Dated: 23rd March 2020
Source: Finance Minister's Announcement

Final update : April 1st 2020
Source: Ordinance by Finance Ministry

For Audit cases due date for filing IT returns extended till 31st October 2019....

Income Tax Department Tweeted that on cosideration of representations from across the country CBDT has decided to extend the date for filing ITRs & Tax Audit Reports from 30th September 2019 to 31st October 2019.

Due to various technical & practical difficulties faced by Chartered Accountants across the country, ICAI had requested CBDT to extend the deadline for filing Income Tax Returns for Audit Cases.

Dated: 26th September 2019
Source: Tweet by Income Tax India


Cost Inflation Index for financial year 2019-20 notified by Finance Ministry....

Finance Ministry notified the Cost Inflation Index  for the Financial Year 2019-20.

Index for Financial Year 2019-20 is 289.

To calculate the Capital Gain/loss on sale of Long Term Capital Asset being sold in financial year 2019-20, the index  to be used will be 289.


Click Here for the complete list of cost inflation index

Dated: 13th September 2019
Source: CBDT-Notification No. 63/2019

Quoting of AADHAR is now been made mandatory for filing Income Tax return....

CBDT has made it mandatory to quote AADHAR in Income Tax Return from 1st April 2019 unless otherwise specifically exempted. Now from 1st April 2019 Income Tax return can not be filed either in paper mode or electronically without quoting your AADHAR number.

Last date for linking of AADHAR with PAN is however extended till 30th September 2019.

Dated: 31st March 2019
Source: CBDT-Notification No. 31/2019



CBDT brings in some changes to PAN Rules apllicable from 5th December 2018....

PAN mandatory for any entity entering into financial transaction of Rs. 250000

Any entity not being an individual must have PAN if they are entering in financial transaction of Rs. 250000 or more in a financial year.

PAN can be applied only with Mothers name

Now in case of mothers being single parent, the child can apply for PAN with filling only mothers name in the application form.

Dated 19th November 2018 & applicable from 5th December 2018



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