As many as 3.97 crore taxpayers have already filed their income tax returns (ITRs) for assessment year (AY) 2020-21 (fiscal year 2019-20) till December 24, the Income Tax … Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). Circular No. 3rd Dec., 2020 4 03-11-2020 Circular No. Tax litigation: The government must prescribe a definite timeline for disposal of appeals by the commissioner (appeals) under the Income Tax Act. The raids were carried out on December 14 at 15 premises in Erode and Chennai against the group. It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the administration, assessment, enforcement and prosecution cases of the various direct taxes accruing to the Union Government. Kapil Dev Ranwan, a tax resident of India, who had worked in the UK, was held eligible to claim foreign tax credit, as per the provisions of the India-UK tax treaty. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. The income tax department searched five locations in Chennai and Madurai on November 4 in a case pertaining to an IT infrastructure group based in Chennai. 50 dead, over 1,000 hospitalised: Maharashtra farmers’ brave battle against Swiss pesticide giant, From polio to mumps: Adverse events common with vaccines, Explained: The Maharashtra-Karnataka border dispute, They have 5 hours to prepare White House for Biden, Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. The National Real Estate Development Council (Naredco) has recommended the government take up tax rationalisation measures in the upcoming Union Budget to boost the pandemic-hit real estate sector of the country. The income tax Department has detected black income of about Rs 700 crore after it raided a Tamil Nadu-based group that undertakes civil government contracts, the CBDT said on Thursday. The Central Board of Direct Taxes (CBDT) has launched an automated dedicated online portal to receive and process complaints of tax evasion, foreign undisclosed assets as well as complaints regarding benami properties, said CBDT. Thus, for AY 2019-20, the last date to claim an income tax refund is 31 st March 2020, the last date for delayed filing of ITR for FY 2018-19. India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the Covid-19 carnage on incomes. The Chief Commissioner of Income Tax Central, abbreviated as CCIT-C, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India which assesses tax evasion.It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the administration, assessment, enforcement and prosecution cases of the various direct taxes accruing … 20 of 2020-Income-tax deduction from salaries during the financial year 2020-21 under section 192 of the Income-tax Act, 1961, dt. 3. You must login to keep earning daily check-in points, * TimesPoints expire in 1 year from the day of credit, LAST UPDATED : Jan 20, 2021, 09:29 PM IST. Circular No. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Last month, the government had extended the income tax return (ITR) filing deadline for individuals till January 10, and for companies till February 15. The Income Tax Department is getting ready to update a most awaited job notification for recruiting well qualified & eligible staffs in various vacant posts. The government on Wednesday further extended the deadline to file income tax returns for the financial year 2019-20 (assessment year 2020-21) for individual taxpayers by 10 days till Jan 10, 2021, in wake of the ongoing Covid-19. Entities filing declaration under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can revise them till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable, the Income Tax Department has said.​. Unaccounted income to the tune of Rs 1,000 crore was found, an official release by the income tax department stated. Union finance minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate. 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