Latest Updates

Latest Updates

1. The deadline to issue Form 16 has been extended to July 31, 2021, from the previous deadline of July 15, 2021.

2. MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.

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3. Finance Minister in a Press Conference has announced the economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons.

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4. Income Tax Assessing Officer cannot issue consolidated notices for different Assessment Years. Case Name: Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi). Appeal Number: ITA Nos.3201/Del/201 And ITA No. 6783/DEL/2013

ITR Doesn’t Indicate Savings Bank Interest? Income Tax will send you an SMS to remind you to revise your returns and check your compliance status.

Income Tax Dept- Focus on Savings Bank Interest  & Fixed Deposit Intt. 

Since yesterday, March 28, 2021, many taxpayers have received the following SMS from the Internal Revenue Service:

IT Dept. asks tax payers to revise the returns for omission of Savings Bank & FD Interest as messages are sent over the weekend to comply and complete the response on IT portal.

Pay close attention. NISHIL CHAUHAN XXXX (XXXXX19XX12X), The Internal Revenue Service has found high-value data that does not seem to be compatible with the Income Tax Return for Assessment Year 2020-21. (relating to FY 2019-20). Please revise your ITR and request an online response through the Compliance Portal’s e-Campaign page (CP). Login in to the e-filing portal and select the ‘Compliance Portal’ connection from the ‘My Account’ or ‘Compliance’ tab – ITD is an acronym for “Intelligent

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Since the banks are closed until Tuesday, many taxpayers will be unable to confirm their interest income. The deadline for revising returns is March 31, 2021, which is just two days after receiving notice. We should assume or hope that the Internal Revenue Service can allow us more time to file Revise returns.

SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

In addition, the 26AS Statement does not include interest income, which is included in the Compliance Portal. Every taxpayer must reconcile all interest income from Fixed Deposits and Savings Accounts from all banks. This will take more time, and filing updated returns in two days is virtually impossible.

To access the Compliance Portal, go to the IRS e-filing website and select Compliance and Confirm from the drop-down menu.
  • This section is for submitting your response to the High-Value Transactions listed for Assessment Year 2020-21 based on an overview of your income tax return and details obtained from various sources (relating to FY 2019-20).
  • Depending on the nature of the details, submitting a response could take up to 10 minutes.
  • The information displayed could change in the future, depending on the department’s revision of the data obtained from the Reporting Entities.
  • In the future, you will have the choice to amend your answer.
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Direct tax proposals highlights- 2021

1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2. Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3. Dispute resolution committee: it will be faceless:  anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

 4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

direct tax

 5. Tax Audits: digital transactions from 5 cr to 10 cr

 6. Advance tax liability on dividend will arise only after declaration of dividend

 7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

 8. 80IBA: extended 31.3.2022

 9. Tax incentive of affordable renting housing project

10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

 11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12. Late deposit of employee contribution of PF will now be not allowed as deduction.

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