Tag: Cbdt

New Delhi: Clarifying on the shift from current to the new corporate tax regime, the tax department on Wednesday said that companies opting to pay for lower tax rate of 22 per cent would not be allowed to avail Minimum Alternate Tax (MAT) credit. These companies would also not be able to carry forward the […]

New Delhi: The income tax department on Sunday said it is revising the IT return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak. The new income tax returns forms for the financial year 2019-20 will be notified by the […]

Mumbai/ New Delhi: A group of tax officers has suggested hiking super-rich tax to 40 per cent, imposing a cess and other measures to increase revenues amid the coronavirus pandemic, prompting the tax department to clarify that the proposals do not reflect its official views in any manner. The Central Board of Direct Taxes (CBDT) […]

New Delhi: The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Forms for the Assessment Year 2020-21 or the financial year 2019-20. The modifications come in the backdrop of the coronavirus pandemic. In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and […]

New Delhi: In a bid to prevent suppression of information by taxpayers, the income tax department will provide full details of their financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills in the form of a statement in the new Form 26AS. #BREAKING New form 26AS […]

New Delhi: The Central Board of Direct Taxes dashed hopes of all taxpayers waiting for further extension of due dates for filing tax returns rejecting all representation in this regard, citing that the process cannot be delayed ‘indefinitely’ and hamper the functioning of the tax department and welfare programmes of the government. The decision means […]