A. E-Filing Portal of ITAT Launched
👉Day Before Yesterday E-Filing Portal for ITAT named E-Dwar Launched. Cases of ITAT will also be Integrated with National Judicial Data Grid.
👉The Portal Would have the Facility to File Appeals, Misc Applications, Documents and Paper Book etc Electronically.
B. The following activities are enabled on New Income Tax portal
👉 Downloading of Income Tax Returns and Forms started at Portal.
👉Filling of E- TDS Returns through Digital Signature also started
👉e-verification also started.
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Income Tax Return Form Brief Description
Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers.
👉 The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2021-22 (i.e., financial year 2020-21) are as follows:
ITR - 1
👉Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).
ITR - 2
👉It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”
ITR - 3
👉It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
ITR - 4
👉Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.
ITR - 5
👉This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)
ITR - 6
👉It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7
👉It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).
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⚫With massive investment plans, steel leads India Inc's capacity expansion. Several top co's, led by steel majors ArcelorMittal Nippon Steel India, JSW Steel, Tata Steel and Hindalco, are planning to expand capacity in the next few quarters
⚫Govt's Rs 50K-cr Fund of Funds scheme for small businesses hits SEBI hurdle. The move will help such small businesses get listed on the domestic bourses as well.
⚫A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles.The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth $27 billion)
⚫India recorded 46,643 cases in the last 24 hours, lowest since March 24. India also recorded a spike in new deaths with 981 fatalities being reported yesterday.
⚫Domestic traders' body CAIT urged the govt not to dilute the draft of e-commerce rules under any pressure of foreign funded online firms.
⚫Ind-Ra lowers FY22 GDP growth forecast to 9.6% due to scale of Covid 2.0.
⚫The Centre told the Supreme Court that a total of 51.6 crore Covid vaccine doses would be made available by July 31 of which 35.6 crore have already been provided.
⚫Chief Justice of India has written to Telecom Minister requesting to strengthen the network and connectivity beyond major urban centres, as he said the digital divide is adversely impacting the functioning of the Courts in the wake of pandemic.
⚫The Finance Ministry said that no order relating to the payment of increments in dearness allowance for central govt employees and dearness relief for pensioners has been issued.
⚫A day after the Delhi govt came under fire for purportedly inflating the city's needs for oxygen, families of people who lost their lives due to shortage of the life saving gas have demanded a fair probe into it.
⚫India and China have agreed on the need to find an early resolution to remaining issues along the Line of Actual Control in the Western Sector of border areas.
⚫SBI expects its loan book to grow 9% in FY22 and is intensifying efforts in recovering stressed assets.
⚫The Govt announced extension of several tax compliance deadlines
▪️The last date for PAN Aadhar linkage extended till Sept 30.
▪️The payment deadline for Vivad Se Vishwas extended till August 31. Taxpayers can make payments till October 31 with additional amount of interest.
▪️The deadline for employers to furnish TDS certificate in Form 16 to employees has been extended till July 31.
▪️The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, may be made on or before 31st August.
▪️Time Limit for passing ass order/penalty order extended to 30th Sept, 2021.
⚫Maharashtra tightens Covid-19 restrictions on fears of third wave.
⚫Mumbai remains most expensive city in India, 78th in the world.
⚫With domestic retail fuel prices jumping to record high on rising international oil rates, India pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.
⚫RIL announced yet another game changing move, a mega entry into green energy. The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.
⚫$32 mn World Bank loan for improving healthcare services in Mizoram.
⚫RBI tightens dividend payout norms for NBFCs, links them to bad debt.
⚫SEBI is planning to come out with framework on special purpose acquisition co's, which will enable listing of startups on domestic stock exchanges.
⚫Microsoft Corp showed Windows 11, which will hit markets toward the end of this year and is the first major revamp of its Windows operating system since 2015.
⚫India administered more than 300 million doses of the Covid-19 vaccine so far, though the daily pace in the last three days has slowed down slightly after touching a record on Monday.
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ITAT Agra pronounced that Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases.
Finance Minister asked Infosys to fix all issues on the new Income Tax portal immediately, while the software major said at least five technical glitches, including viewing past ITRs and e-proceedings, are expected to be resolved within a week.
Virtual inauguration of e-Filing Portal of Income Tax Appellate Tribunal by Hon'ble Shri Ravi Shankar Prasad, Union Minister of Law & Justice, Communications, Electronics & Information Technology, Government of India on 25/6/21.
Time: 16:00 hours Link: https://www.youtube.com/channel/UCNc4BAZmRMnnLnimJ-ZevlQ
30.6.21 is last date to file Return of Deposits for 20-21 in DPT-3 by Cos & to update/confirm IEC details for 21-22 to avoid deactivation of IEC code.
MCA has notified the accounting standards for small and medium companies that revise the turnover and borrowing limits as well as help in making disclosure requirements less onerous. Besides, the definition of Small and Medium Sized Companies (SMCs) under the standards has been revised.
MCA has issued General Circular 10/2021 on 23rd June 2021 for the extension of timeline for allowing Companies to hold their Extraordinary General Meetings through Video Conferencing/ Other Audio Visual Means upto 31st Dec,2021.
GST Circular No. 156 has been issued by the CBIC: Applicability w.e.f. 01-Jul-2021
Invoice issued to UIN shall be considered as B2C supply.
If UPI ID linked to Bank, then separate details of bank accounts and IFSC many not provided in the Dynamic QR Code.
In cases, payment is collected by some person on behalf of supplier (ECO), ten UPI ID of such person may be provided.
If Invoice is issued for supply of services, where recipient is outside India, POS is in India, then Dynamic QR code is not require.
OTC Sales, the Unique Order/Sales Reference no. may be provided.
When Part Payment is already received or adjusted, then the Dynamic QR Code only for the remaining amount.
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🌎 Government grants further extension in timelines of
compliances.
And Also announces tax exemption for expenditure on
COVID-19 treatment and ex-gratia received on death
due to COVID-19
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Extension under Income Tax Act.
No extension so for issuing notice under section 148.
No extension so for issuing 143(2) notice for assessment year 2020-21 ( Returns filed by 31st March,2021 )
1. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.
2. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.
3. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.
4. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
5. Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
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B. Extension of Timelines
In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:
Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of theIncome-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.
The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31 A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.
The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.
The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31St August, 2021.
The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.
The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.
The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31St July, 2021.
The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June, 2021, may be furnished on or before 31st July, 2021.
Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.
Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July,2021.
Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.
Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.
Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
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