CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021

The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President). Read more

Central Government relaxes provisions of TDS u/s 194A (Interest other than Interest on securities) of the Income-tax Act, 1961

 No deduction of tax (TDS-Tax Deducted at Source) shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) located in a specified area to a member of Scheduled Tribe  (hereinafter the ‘receiver’) residing in any specified area as referred to in s.10(26) (Refer Note 1) of the Act, subject to the following conditions:

  • The payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in section 10(26) of the Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;
  • The payer reports the above payment in the statements of deduction of tax as referred to in sub-section (3) of section 200 of the Act;
  • The payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.
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    Government extends certain timelines to ease compliances

  • Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022.
  • The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2022.
  • Further, the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has also been extended to 31st March, 2022.
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    Charitable or Religious Trust Re-Register if not!!

    All institutions, funds etc covered under

    1. Clause (i) and (iv) of first proviso to section 10(23C),
    2. Fifth proviso to section 35(1),
    3. Clause (i) and (iv) of first proviso to section 80G(5) and
    4. Sub-clause (i) and (vi) of section 12A(1)(ac) of the Income Tax Act-1961

    are required to re-register a fresh by using modified form-10A. Form-10A is also to be used for fresh registration under any of the above sections.

    Click here for Official Notification:- Read more