FY2021 ITR and Tax Audit Due dates extended to 31Dec and 15Jan…

Audit, Income Tax
The CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-221. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction…
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IPad is not a computer for depreciation purposes: ITAT Amritsar

Income Tax
IPad is not a computer for depreciation purposes: ITAT AmritsarM/s Kohinoor Indian (129 taxmann. com 396 (Amritsar - Trib.)[16-08-2021])Facts:1. The issue before the ITAT was whether the iPad falls in the definition of computer or mobile phone. 2. If an iPad falls in the definition of computer then a high rate of depreciation ie 40% is allowable however if it falls within the definition of mobile phone then the lower rate of depreciation is allowable ie 15%.The ITAT held as below:1. Depreciation at lower rate is applicable on iPad as it is not a computer. Predominate purpose of iPad is communication and not use as a computing device as its main features are email, whatsapp, Facetime calls, calls, music, films etc. Though iPad may discharge some functions of computers, it…
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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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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 www.incometax.gov.in. 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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Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021

Income Tax
Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021 Circular No. 08/2021, dated 30-04-2021The Central Board of Direct Taxes (CBDT) has granted relief to taxpayer by extending due dates of certain compliances under the Income-tax Act. In view of severe pandemic, the board has provided that due date for completion of following Income-tax compliances by the taxpayers shall be 31-05-2021:1) Filing of appeal to CIT(Appeals). However, if the last date allowed by section 249 for filing of appeal before CIT(A) falls beyond 31-05-2021 then such later date shall be taken into consideration.2) Filing of objections to Dispute Resolution Panel (DRP) under section 144C. However, if the last date allowed by section 144C for filing of objections falls beyond 31-05-2021 then such later date…
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Union Cabinet approves Amendments to the Finance Act, 2021

Budget, Income Tax
Union Cabinet approves Amendments to the Finance Act, 2021 As per Press Release, dated 20-04-2021, The Union Cabinet has given ex-post facto approval for the Government amendments to the Finance Bill, 2021 which is enacted on 28-03-2021 as the Finance Act, 2021. These amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill, 2021.Amendments to the Finance Act, 2021 are tax proposals that shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers
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Revalidation of 12A/12AA and 80G for Trusts and NGO

Income Tax
Revalidation of 12A/12AA and 80G for Trusts and NGO The Central Board of Direct Taxes, on the 26th of March 2021, notified the much-awaited forms, procedures, and required list of documents for organisation who are holding registration under section 12A/12AA/10(23)/35/80G(5).The Income-tax (6th Amendment) Rules, 2021 shall come into force from 1st April 2021.For Who: NGOs already registered under section 12A or 12AA or 10(23) and have an 80G certificate must file form 10A. This form shall be furnished electronically and verified using a digital signature or through an EVC as applicable.Forms: The person who’s authorised to verify the income tax returns shall verify the Form 10A.By when:Organisations with existing registrations under section 12A/12AA shall file the application within three months from the 1st day of April 2021. (i.e. before 30th…
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Major Income Tax Proposals in Budget 2021

Budget, Income Tax
Major Income Tax Proposals in Budget 2021 1. No Income tax returns for senior citizen of 75 year or above age where the total income consist only of pension and interest income 2. Income tax returns will have prefill data of capital gains from listed securities, post office interest, Interest income, Salary etc,. 3. Increase in tax audit limit from Rs. 5 crore to Rs. 10 crore if more than 90% transactions are made digital mode and increase in tax Audit Exemption Limit for NRIs who carry out 95% of their transaction digitally, to Rs. 10 crores 4. Introduction of Faceless for Income tax appellate tribunal. A National Faceless Income Tax Appellate Tribunal Center to be constituted, wherein all communication between the Tribunal and the Appellant shall be electronic. Where…
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