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In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020.

Extension of due dates for TDS/TCS related compliances https://contents.tdscpc.gov.in/docs/Extension%20of%20due%20date.jpeg

The Central Board of Direct Taxes (“CBDT” or “Department”), issued a  circular No. 3/2020 on 13 th  July 2020  for all the taxpayers regarding the verification of pending ITRs. CBDT announced a one-time relaxation for the taxpayers for the verification of pending Income tax-returns for AY 2015-16 onwards. This relaxation is given for ITRs which are pending for processing and further action due to non-verification of the same by the taxpayer. 1. Rationale behind the decision of relaxation for verification of Income Tax return This massive step by the CBDT is being considered as a big relief for the taxpayers, given that many taxpayers will now be able to save their ITRs from being declared as  Non-est .  Moreover, the whole ITR process can now be completed with proper verification of ITR-V form. According to the ministry of finance it has been brought to their notice that many ITR returns are marked pending with CPC over non-=filing of signed copy of ITR-V or incomplete verification of

GST and Income Tax to share data with each other Ministry of Finance released a Press Release on 21st July, 2020 informing the public about the new MoU (Memorandum of Understanding) signed between CBIC (Central Board of Indirect Taxes and Customs) and CBDT (Central Board of Direct Taxes) to facilitate smoother bilateral exchange of Data. The MoU was signed on 21st July, 2020 by Shri Promod Chandra Mody, Chairperson of CBDT and Shri M Ajit Kumar, Chairperson CBIC. The agreements on the MoU signed took over the MoU signed by CBIT and CBEC in 2015. There have been a lot of changes in the finance sector since 2015 like introduction and incorporation of GST, note ban and introduction of new notes, change in the name of CBIC ( Central Board Indirect taxes an Customs) from CBEC (Central Board of Excise and Customs). Therefore, newly drafted MOU was log due; and has marked the new era of co-operation between CBDT and CBIC. According to the MOU signed, both the parties will share the data and i

CBDT’s Notification on due dates: Decrypting all hidden spots The CBDT vide Notification No. 35 /2020, dated 24-06-2020 has further extended the due dates of various compliances required to be made for the Previous Years 2019-20 and 2020-21. The legally analysed CBDT’s notification and enumerated the impact on various due dates of compliances under the Income-tax Act, 1961 are attached here with.

New Form 26AS is the Faceless hand-holding of the Taxpayers The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories.    It is stated that the information being received by the Income Tax Department from the filers of these specified SFTs is now being shown in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns so that the same can be used by the taxpayer to file her or his income tax return (ITR) by calculating the correct tax liability in a feel-good environment. This would also bring in further transparency and accountability in the tax administration. The earlier Form 26AS used to give information regarding tax deducted at source and ta

Have your Company defaulted in filing statutory returns and other documents and you wish to file but could not do so because of the very high late fee? Well, now you can file them without paying a late fee/additional fee because MCA came up with a Scheme for the Defaulting Companies.    Purpose of the Scheme The government observed that several companies defaulted in the filing of Statutory Returns and were not able to file momentarily due to heavy late fees, as it may cause a financial burden on the entity. On this ground, many representations were received by the government, seeking a waiver of fee/Con-donation of Delay/relaxation in Additional Fee. This is another step of Government inline to its efforts while promoting ease of doing business, under which  ONE-TIME RELAXATION IN ADDITIONAL FEE/ONE-TIME CON-DONATION OF DELAY IN FILLING STATUTORILY REQUIRED DOCUMENTS WITH REGISTRAR  is provided to the defaulter Companies through which they can make their default good.   Important Date

Check List and procedure for Registration under  U/S. 12A  &  80G  of  Income Tax Act, 1961 Section 10(23C ),  inter alia , exempts income received by any person on  behalf of  university, or  other educational institution or any hospital.  Section 11  provides exemption in respect of income derived from property held under trust wholly for charitable or religious purposes. The prior requirement for getting registration under  section 80G  is obtained registration under  Section 12A PROCEDURE FOR REGISTRATION:- Step-1 :       Dully filled-in application will be submitted to the exemption section of the Income Tax Department. Step-2 :       TRUST/INSTITUTION/NGO will receive notice for clarifications from Income Tax Department in reasonable time after applying. Step-3 :       Reply of notice will be submitted by the assessee/ authorized representative along with all relevant desired documents to the Income Tax Departments. Step-4:         the assessee/ authorized representative will