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Income Tax India

@IncomeTaxIndia

24 Oct 20

In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5)

The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021 (2/5)

The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December, 2020 (3/5)

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Income Tax India

@IncomeTaxIndia

21 Oct 20

CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period.

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Income Tax India

@IncomeTaxIndia

19 Mar 20

(1/9) Pursuant to the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS)on 17.3.2020, the Direct Tax Vivad se Vishwas Rules, 2020 alongwith Forms-1 to 5 have been notified on 18.3.2020 vide notification No.18 of 2020.

(2/9) The Forms are required to be filed by the declarant electronically only. No paper form shall be accepted. The Designated Authority shall also issue the certificate and order electronically only.

(3/9) The declarant shall be required to file declaration under the VSVS in Form-1 and relevant schedules.

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Income Tax India

@IncomeTaxIndia

13 Feb 20

Certain misinformation is being circulated in Social Media pertaining to individual return filers.
CBDT clarifies:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19..1/6

Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh.
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh..2/6

The Finance Act, 2019 has exempted individual tax payers having income up to Rs 5 lakh. Therefore, these 4.32 crore individual tax payers having income up to Rs 5 lakh shall not be liable to pay tax for the current financial year 2019-20 and subsequent years...3/6

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