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News Direct Tax-Income Tax

  • Jun 17, 2021
  • I-T dept notifies cost inflation index for FY22 for computing long-term capital gains

    The income tax department has notified the cost inflation index for current fiscal beginning April 2021 for calculating long-term capital gains arising from sale of immovable property, securities and jewellery.

    The cost inflation index (CII) is used by taxpayer to compute gains arising out of sale of capital assets after adjusting inflation.

    The Central Board of Direct Taxes (CBDT) on June 15 notified the cost inflation index for the current fiscal (2021-22).

    "The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317," the Central Board of Direct Taxes said while notifying the CII number.

  • Jun 17, 2021
  • Net direct tax mop up doubles to more than Rs 1.85 lakh cr so far this fiscal

    In signs of economy reflating after a devastating second wave of Covid-19, net income and corporate tax collections so far this fiscal doubled to over Rs 1.85 lakh crore buoyed by advance tax and TDS payments.

    Mop up of net direct tax (which is arrived at after deducting refunds from gross collection) between April 1-June 15 was at Rs 1,85,871 crore, a 100.4 per cent growth over Rs 92,762 crore collected in the same period last fiscal, the Central Board of Direct Taxes (CBDT) said in a statement.
    Refunds amounting to Rs 30,731 crore have been issued in the current fiscal.

    The gross direct tax collection so far this fiscal stands at over Rs 2.16 lakh crore, a 57 per cent growth over Rs 1.37 lakh crore mopped up in the corresponding period of the preceding year.

  • Jun 16, 2021
  • Direct tax collections in Q1 FY 21-22 jumps 66% from that of FY 19-20

    Notwithstanding the devastating second wave of the Covid-19 pandemic, direct tax collection for the first quarter of the current financial year has surpassed the mop-up in the corresponding period of FY19-20.

    Income tax data accessed by The Indian Express shows the total direct tax collection for FY 21-22 as on June 14 stood at Rs 1.68 lakh crore up by 66 per cent from Rs 1.01 lakh crore in FY19-20, the year before the Covid-19 pandemic. This number is likely to increase as the advance tax payment will end only by midnight today, said sources.

    The collection this year is also 85 per cent higher than the year ago figure of Rs 91,160 crore but the numbers are not comparable because India had imposed the world’s strictest lockdown in April and May 2020. As on June 14, the tax department has achieved about 15 per cent of the total budget estimates of Rs 11.08 lakh crore this financial year.

  • Jun 16, 2021
  • Centre to meet Infosys to discuss issues in new I-T portal

    The ministry of finance on Tuesday informed that senior officials will hold an interactive meeting with IT major Infosys regarding glitches in the new Income Tax (I-T) portal.
    "Senior officials of the ministry will hold an interactive meeting with the vendor and team of the new I-T portal that is Infosys, on June 22 between 11 am and 1 pm," the Central Board of Direct Taxes (CBDT) said in an official statement.
    Other stakeholders including members from Institute of Chartered Accountants of India (ICAI), auditors, consultants and taxpayers will also be a part of the interaction.
    "Written representations on the problems/difficulties faced in the portal have also been invited from the stakeholders. Representatives from Infosys team will be present to answer queries, clarify issues and receive inputs on the working of the portal and sort out issues faced by the taxpayers," the CBDT circular added.

  • Jun 14, 2021
  • Users stuck as glitches plague new I-T portal

    The new income-tax (I-T) portal launched on June 7, which promised to be a gamechanger, continues to be plagued by glitches. Taxpayers and tax professionals find that they are unable to log in, or if at all they do manage to log in, they are unable to carry out transactions—be it uploading a relevant form or replying to a notice from the I-T department.
    A day after the launch, finance minister Nirmala Sitharaman took cognisance of the various grievances pouring out on social media and passed on the message to Infosys, the tech service provider. However, as of now, taxpayers find themselves in troubled waters.
    One of the most common and immediate complaints is that overseas remittances are held up because Forms 15CA and 15CB cannot be uploaded. The former is a declaration made by the remitter that tax has been deducted at source on payments made to the non-resident.

  • Jun 11, 2021
  • New Income Tax Site: Ill-timed launch of heavy, data guzzling site frustrates return filers

    In order to file his Income Tax Return (ITR), Amit (name changed) opened the e-filing site on June 9, 2021. While typing the URL, the browser auto filled the address of the old income tax site. Instead of redirecting to the new e-filing site, the homepage of the old site opened. However, on clicking the “Login Here” button, the message – “Please visit the new e-filing portal ‘incometax.gov.in’ appeared on the screen.

    So, he opened the new e-filing site by carefully typing the URL. Curious about the newsite, he glanced through the home page to know the new features and view the guided tour of the new portal video.
    wever, when he tried to log in, after taking much time, the login page failed to open. Amit was using the WiFi Hotspot of his mobile having a quota of 1.5GB per day, which he usually finds sufficient to meet his requirement for Work From Home (WFH) and using social media sites. To his dismay, however, Amit got a message that 50 per cent of his high-speed quota of 1.5GB data was used up within a few minutes of opening the new e-filing site.

    Amit not only failed to login and file his ITR, but his quest to file ITR also hit his WFH hard.

    Expressing his opinion, CA Karan Batra, Founder and CEO CharteredClub.com, said, “Such a heavy site being made live in the peak season with so many bugs and errors is not something which the taxpayers will appreciate.”

  • Jun 10, 2021
  • Expect system to stabilise this week: Infosys on I-T portal glitch

    A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department’s new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its Chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department’s new e-filing website, after users flooded her Twitter timeline with complaints. “Our teams are making progress to address the technical issues. We expect the system to stabilize in the course of this week,” Infosys said in a tweet on Wednesday.
    Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live on Monday evening.

    While Sitharaman took to Twitter to announce the launch of the new portal on Tuesday morning, her timeline was soon flooded with user complaints.

    “I see in my TL grievances and glitches. Hope @Infosys & @NandanNilekani will not let down our taxpayers in the quality of service being provided,” she had tweeted later. TL here stands for timeline.

    In a late evening reply to Sitharaman’s tweet, Nilekani said some technical issues were observed on day one, and Infosys is working to resolve them.

  • Jun 09, 2021
  • FM asks Infosys to fix tech glitches in new income tax e-filing portal

    Technical issues marred the first day of the new income tax e-filing portal as several taxpayers were unable to log in or use it without glitches and took to Twitter to express their dismay.

    Some users said that they were unable to log into both existing as well as the new portal, literally shutting them out of the system where they can access income tax returns, tax filing utilities that can be used offline besides other tools.

    Finance Minister Nirmala Sitharaman pulled up Infosys, the technology provider for the new portal, asking the company and its co-founder Nandan Nilekani to not let taxpayers down.
    “The much awaited e-filing portal 2.0 was launched last night 20:45hrs. I see in my TL grievances and glitches. Hope @Infosys & @NandanNilekani will not let down our taxpayers in the quality of service being provided,” Sitharaman said in a Twitter post.

    “Ease in compliance for the taxpayer should be our priority,” she highlighted.

    Till nearly 5 pm in the evening, the taxpayers continued experiencing issues. While some were getting logged out despite logging in, others who who were able to log in to the new IT portal after several attempts pointed to unavailability of 26AS downloads and poor navigation.

  • Jun 08, 2021
  • New Income Tax e-filing website: ITR e-filing 2.0 portal launched; check link, features, benefits

    The Income Tax Department launched its new e-filing portal www.incometax.gov.in today (7th June, 2021). It will provide convenience and a “modern, seamless experience” to taxpayers. “Dear taxpayer, The Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in on 7th June 2021,” the Tax Department said in messages sent to taxpayers.

    “We are as excited about the new portal as our users! We are at the final stages in the roll-out of the new portal and it will be available shortly. We appreciate your patience as we work towards making it operational soon,” the tax department tweeted at 9 am.

    Along with the launch of the new e-filing portal, the Income Tax Department will also provide free of cost ITR preparation software for Forms ITR-1, ITR-2 and 4. In a statement earlier, the Ministry of Finance had said, “Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly.”

  • Jun 08, 2021
  • Salaried employee working from home? Check Income Tax rules for e-filing ITR on new portal

    Income Tax Return (ITR) filing for salaried employees during work from home 2021: The Income Tax filing season has started. This year, the government has launched a new e-filing portal to make tax filing easy for all categories of taxpayers. In normal times, the due date for ITR filing for salaried taxpayers remains 31st July of every year. However, due to the Covid pandemic, the due date has been extended to 30th September 2021 this year.

    Amid lockdowns, a large number of salaried employees are working from home. For such salaried taxpayers, there are some necessary rules they should be aware of. Take a look:
    Form No. 16 and Income Tax Return (ITR)
    Sujit Bangar, Founder Taxbuddy.com, said if the income of a salaried employee crosses Rs 2, 50,000, he needs to pay tax on the income above this limit. Therefore, your employer deducts income tax (TDS) from salary and deposits with Government. The details of such taxable income, deductions and TDS are provided by the employer to an employee in a specific form which is known as Form 16.

    Bangar said that this year, employer is required to issue Form 16 to employees before 15th July. “It should be kept in mind that this is not an ITR. You may use this form for filing your ITR. The details mentioned in this Form as per those you have submitted to your employer. Your taxable income may be more or lesser than that in Form 16 provided you have documentary proofs against your claims.”

  • Jun 07, 2021
  • New Income Tax e-filing website Live: ITR e-filing 2.0 portal link, features, benefits top be operational soon

    New e-filing website (www.incometax.gov.in) launch: The Income Tax Department will launch its new e-filing portal www.incometax.gov.in today (7th June, 2021). It will provide convenience and a “modern, seamless experience” to taxpayers. “Dear taxpayer, The Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in on 7th June 2021,” the Tax Department said in messages sent to taxpayers.

    However, the new e-filing website link was not opening till 11.30 am today. “We are as excited about the new portal as our users! We are at the final stages in the roll-out of the new portal and it will be available shortly. We appreciate your patience as we work towards making it operational soon,” the tax department tweeted at 9 am.

    Along with the launch of the new e-filing portal, the Income Tax Department will also provide free of cost ITR preparation software for Forms ITR-1, ITR-2 and 4. In a statement earlier, the Ministry of Finance had said, “Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly.”

  • Jun 07, 2021
  • EXPLAINER- What is a global minimum tax and what will it mean?

    Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what U.S. Treasury Secretary Janet Yellen has called a “30-year race to the bottom on corporate tax rates” as countries compete to lure multinationals.

    WHY A GLOBAL MINIMUM TAX?
    Major economies are aiming to discourage multinationals from shifting profits – and tax revenues – to low-tax countries regardless of where their sales are made. Increasingly, income from intangible sources such as drug patents, software and royalties on intellectual property has migrated to these jurisdictions, allowing companies to avoid paying higher taxes in their traditional home countries.
    WHERE ARE THE TALKS AT?
    The G7 accord feeds into a much broader, existing effort. The Organization for Economic Cooperation and Development has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax.The OECD and G20 countries aim to reach consensus on both by mid-year, but the talks on a global corporate minimum are technically simpler and less contentious. If a broad consensus is reached, it will be extremely hard for any low-tax country to try and block an agreement.The minimum is expected to make up the bulk of the $50 billion-$80 billion in extra tax that the OECD estimates firms will end up paying globally under deals on both fronts.

  • Jun 05, 2021
  • Income Tax department issues refunds worth Rs 26,276 crore in two months of FY22

    The income tax department on Thursday said it has issued Rs 26,276 crore refunds to more than 15.47 lakh taxpayers in two months of the current fiscal. Of this, personal income tax refunds worth Rs 7,538 crore have been issued in over 15.02 lakh cases.

    Corporate tax refunds of Rs 18,738 crore have been issued to 44,531 taxpayers.

    "CBDT issues refunds of over Rs 26,276 crore to more than 15.47 lakh taxpayers between 1st April, 2021 to 31st May, 2021," the income tax department tweeted.

    The I-T department did not specify for which financial year the refunds pertained to. However, it is believed that the refunds were for tax returns filed for the 2019-20 fiscal.

  • Jun 04, 2021
  • Google Tax: Expect global pact soon, says Commerce secretary

    A day after the US deferred its plan to slap punitive tariffs on six countries, including India, by six months for imposing a digital services tax (DST) on e-commerce companies, India’s commerce secretary Anup Wadhawan expected a global understanding on the levy soon.

    Asked about the US move, Wadhawan told reporters that a global agreement on the taxation matter relating to e-commerce is important, as it “doesn’t just concern India but many others”. The OECD has already taken an initiative to hammer out an international agreement on such taxations, he added.
    In a report in January, the USTR office had claimed the DST imposed by India, Italy and Turkey discriminated against American companies and were inconsistent with international tax principles. India had strongly refuted the USTR claims and asserted that its equalisation levy or the so-called ‘Google tax’ was “non-discriminatory”, had only prospective application and didn’t specifically target American companies.

  • Jun 04, 2021
  • Charges allocated among new CBDT members

    CBDT chairman J B Mohapatra will hold the charge of member investigations in the newly-formed board that frames policy and is the administrative body for the Income Tax Department, an official order said on Thursday.

    The Central Board of Direct Taxes (CBDT), under the Union finance ministry, has two vacancies at present.

    According to the order, Mohapatra, holding the additional charge of CBDT chairman, will have the "substantive" charge of member investigations, which has superintendence over the country-wide probe wings, intelligence and criminal investigation directorates of the tax department.

    Former CBDT chief P C Mody and his predecessor Sushil Chandra also held the charge in an additional capacity during their tenures.

  • Jun 04, 2021
  • ITR due date extension: Will you get interest relief on payment of tax during the extended period?

    Due to the disruption in economic and financial activities after the lockdowns and other restrictions imposed to counter the second Covid wave, the government has announced extension in the various tax related compliance dates, including the due date of filing Income Tax Return (ITR).

    Instead of July 31, 2021, the due date for filing ITR for the Assessment Year (AY) 2021-22 will now be September 30, 2021.
    “The Government has vide Circular No. 9 of 2021 F. NO.225/49/2021-ITA-II dated 20th May 2021 provided relaxation with regards to due dates of filing of Income Tax returns considering the ongoing severe pandemic situation in the country. In accordance with the same, the due date for furnishing of Income Tax return for AY 2021-22 by persons (other than company) not subject to any audit has been extended from July 31, 2021 to September 30, 2021.

  • Jun 03, 2021
  • Income Tax Return: Taxpayers Should Not Miss this Important Deadline In June

    The Central Board of Direct Taxes (CBDT) has extended the deadlines to file income tax returns for the financial year 2021. The last date of filing Tax Deducted at Source (TDS) for the fourth quarter of financial year 2020-21 has been extended to June 30, according to the circular. Earlier, the due of filing the TDS was May 31. “This is a major relief for the TDS deductors since these returns involve lot of records and data to be reported correctly," Sujit Bangar, founder, Taxbuddy.com mentioned.

    Accordingly, the due date of issuance of Form 16 has also been extended to July 15 from June 15.

    Key things to remember while filing TDS returns

    1) In the latest TDS return filing forms, one more column has been added for those employees who want to opt for the new tax regime. Accordingly, at the time of filing the TDS return, the employer (deductor) has to select the option for those who are going to opt for the new tax regime, said Abhishek Soni, co-founder and chief executive officer, Tax2win.

  • Jun 02, 2021
  • Income Tax Return: From mobile app to new payment options – know benefits of new e-filing site

    The Income Tax Return (ITR) filing process is paused for six days after scrapping of the e-filing site – incometaxindiaefiling.gov.in – from the midnight of May 31, 2021. The filing process will resume from June 7, 2021, a day after launch of the new e-filing site – incometax.gov.in – on June 6, 2021.

    “Considering the overhaul and migration or transition of existing e-filing portal to a completely different platform, a blackout period for usage of the existing portal has been announced by the Government from 1 June 2021 to 6 June 2021 during which the existing income tax portal would not be available for usage to the taxpayers. In order to avoid any inconvenience to taxpayers, the Revenue Department has issued directions to fix any hearing of cases or compliance only from 10 June, 2021 onward.

  • Jun 01, 2021
  • CBDT chairman PC Mody retires, CBDT member Jagannath Mohapatra to discharge duties of chairman for 3 months

    Central Board of Direct Taxes member Jagannath Mohapatra will officiate as the chairman of the Board for three months or till the time a new chairman is appointed, the finance ministry said in a notification Monday.

    Present chairman Prakash Chandra Mody, a 1982-batch Indian revenue services officer, will retire today. Mody was appointed chairman in February 2019. He was reappointed as chairman last year and was given a three-month extension in March this year, which ended today.

    “Consequent upon completion of tenure of Shri Pramod Chandra Mody, Chairman, Central Board of Direct Taxes (CBDT) on 31.05.2021, it has been decided with the approval of the competent authority that Shri Jagannath Bidyadhar Mohapatra, Member, CBDT shall discharge the duties and responsibilities of the post of Chairman, CBDT in addition to his own duties for a period of three months or till appointment of a regular Chairman, whichever is earlier,” the notification said.

    Mohapatra, a 1984 batch Indian revenue services officer was appointed as member in the Board last week, along with Rashmi Saxena Sahni and Anuja Sarangi, filling up vacant positions.

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