Category Archives: Direct Tax

Extension of Certain Due Dates by CBDT on 30th April, 2021

In the light of adverse circumstances arising due to the severe 2nd wave of Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance … Continue reading

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Supreme Court extends Limitation Period as prescribed under any general or special laws for all judicial/quasi-judicial proceedings till further orders

On account of steep rise in the Covid-19 cases which has engulfed the entire nation, the Supreme Court vide order dated 27th April 2021 has restored its erstwhile order dated 23rd March 2020 and in continuation of order dated 8th … Continue reading

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CBDT notifies format, procedure and guidelines for submission of Statement of Financial Transactions (SFT) for interest and dividend income

Earlier, CBDT vide Notification No. 16/2021 dated 12.03.2021 had notified inclusion of reporting of information relating to dividend income, interest income and capital gains on transfer of listed securities or units of mutual funds for the purpose of SFT. In … Continue reading

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Amendments to Finance Bill, 2021

The Lok Sabha & Rajya Sabha have passed the Finance Bill, 2021 with some amendments. Unless otherwise stated, amendments are effective from AY 2022-23. Some of the key amendments are discussed below: 1.Definition of “liable to tax” u/s 2(29A) amended … Continue reading

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CBDT Further Extends Various Time Limits

CBDT has further extended various timelines w.r.t Assessment, Reassessment and Penalty under the Income Tax Act, 1961 and certain actions under the Benami Property Transaction Act, 1988 (vide Notification No.10/2021 dated 27.02.2021). PDF version is attached: Extension of Due Dates by … Continue reading

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