Income Tax Updates

Amendment in the manner of furnishing the report | Income tax (9th amendment) Rules, 2021

rules, hand, write

The CBDT vide Notification No. 31/2021-Income-tax, dated April 5, 2021, has issued the ‘Income-tax (9th Amendment) Rules, 2021’ to further amend the Income-tax Rules, 1962 (“Income-tax Rules”), w.e.f. April 1, 2021, in the following manner: Rule 10DA(2) of the Income-tax Rules: “10DA. Maintenance and furnishing of information and document by certain person under section 92D (2) The …

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Are you an Equity Trader? | Read this before filing your Income Tax Return

rules, hand, write

Who will report your income in pre-filled ITR? As you might already know that, Income Tax returns will be pre-filled from this Assessment Year onwards, and for this purpose a Statement of Financial Transaction u/s 285BA of the Income Tax Act, relating to YOUR capital gains on transfer of listed securities or units of Mutual …

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What is your residential status? | Is your Residential Status affected due to COVID Pandemic?

Section 6 of Income Tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to the determination of residency of a person. The status of an individual, as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on the period for which the …

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Exemption from Income Tax on “Specified Income” of Haryana State Pollution Control Board

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 The Central Government has notified ‘Haryana State Pollution Control Board’, in respect of the following specified income, namely:- (a) Grant from Central Government; (b) Grant from State Government; and (c) Consent fee for permission for setting up industry …

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