Tax Audit Criteria for FY 2020-2021

Audit, Income Tax
Introduction Section 44AB of the income tax act, 1961 lays down the conditions for applicability of tax audit. Tax Audit has been an important tool to increase the efficiency of tax administration and curb the menace of tax evasion. However, recently the government has taken many steps towards relaxing the compliance burden of small taxpayers and has been committed to increase the ‘ease of doing business’ .The provisions of applicability of tax audit have undergone major amendments vide Finance Act 2016 and 2020. Albeit the provisions were made to reduce the compliance burden, they have increased the confusion among the taxpayers regarding applicability of tax audit. The author tries to analyze the various provisions relating to applicability of tax audit so as to provide clarity on the subject. 1. Tax…
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Sections 206AB and 206CC – Steps for downloading Compliance Check report

Finance Act, 2021 has introduced Section 206AB and 206CCA to the Income-tax Act which has been made applicable from 1st July, 2021. The said section provides that while making payment to a ‘specified person’, TDC/TCS has to be deducted/collected at the rates specified in section 206AB and 206CCA of the Act respectively. To ease the compliance on the Deductor/ Collector, the Income-tax Department has introduced a functionality on the e-filing portal, wherein the deductors/collectors can check whether a person is a ‘specified person’ under the Act by way of a ‘Compliance Check report’. The process to download the Compliance Check Report is attached herein for your ease of reference.   Compliance-Check Report Check-for-Section-206AB-206CCA-QRG-1Download
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Forms 15CA/15CB can be filed manually till 15-08-2021: CBDT

Income Tax
In view of difficulties faced by taxpayers in electronic filing of Forms 15CA/15CB on The CBDT has decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30, 2021. Said date was extended to July 15, 2021. Now, the board has given further relaxation and allowed manual filing of Forms till August 15, 2021. Source: 20 Jul 2021 | PRESS RELEASE | Income Tax
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