Financeseva Blogs

Provisions of Rule 10VA would apply if application is made seeking approval for lower fund manager remuneration

Admin 11-Mar-2021

Notification No. 13/2021, dated 09-03-2021 Section 9A(3)(m) of the Income-tax Act, 1961 provides that payment of remuneration by an eligible investment fund to an eligible fund manager in re...

Undisclosed income of more than Rs. 1,000 crore discovered during search of two Chennai based group: CBDT

Admin 09-Mar-2021

Press Release, dated 07-03-2021 The Income-tax Department has carried out search actions on 04-03-2021 in the case of two Chennai based groups. One is a leading bullion trader in Tamil Nadu ...

CBDT prescribes manner to compute annual accretion related to excess contribution made by employer to welfare funds

Admin 08-Mar-2021

Notification No. 11 /2021, 05-03-2021 Under the provisions of the Income-tax Act, the contribution by the employer to the account of an employee in a recognized provident fund is chargeable ...

Benefit of exemption from penalty is available if intention to evade tax doesn’t appear at any stage of proceeding

Admin 03-Mar-2021

Jitendra Sharma v. JCIT - [2021] (Indore - Trib.) Assessee, along with two persons entered into an agreement for purchase of immovable property valuing Rs. 75 lakhs. The transaction was carr...

Last date to opt for & making payment without additional charge under ‘Vivad se Vishwas’ extended by one month

Admin 01-Mar-2021

Notification no. 09/2021 The Central Board of Direct Taxes (CBDT) has extended the last date to opt for and making payment without any additional charges under the Vivad se Vishwas Act, 2020 by a...

CBDT transfers pending cases under Black Money Act to Central Charges; issues guidelines for smooth transfer

Admin 26-Feb-2021

Notification F. No.225/24/2021fITA-II, dated 23-02-2021 The Central Board of Direct Taxes (CBDT) has decided to transfer all cases under Black Money (Undisclosed Foreign Income and Assets) and Im...

Haryana State Pollution Control Board notified for the purpose of section 10(46) exemption

Admin 24-Feb-2021

Notification No. 8/2021, dated 22-01-2021 The Central Board of Direct Taxes (CBDT) has notified ‘Haryana State Pollution Control Board’, a Board constituted by the State Government of Haryana...

Tax Dept. conducts search & seizure operation in Pune & Bhopal

Admin 24-Feb-2021

Press Release, dated 22-01-2021 The Income-tax Department has carried out search and seizure operation on 17-02-2021 on a group based in Sangamner, Pune at 34 different locations across Maharasht...

Tax Dept. conducts search & seizure operation on Multi-specialty Hospital in Srinagar

Admin 23-Feb-2021

Press Release, dated 21-02-21 The Income Tax Department has carried out search and seizure operation on a group running the biggest private Multi-specialty Hospital in Srinagar with mor...

CBDT amends ‘Faceless Assessment Scheme, 2019’ to bring provisions at par with Section 144B

Admin 19-Feb-2021

Notification S.O. 741(E) & 742(E), dated 17-02-2021 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has inserted a new Section 144B to the Income-tax&nb...

RBI tightens investment norms in NBFC from FATF non-compliant jurisdictions

Admin 16-Feb-2021

Circular No. DOR.CO.LIC.CC No.119/03.10.001/2020-21, Dated February 12, 2021 In order to curb money laundering, the Reserve Bank of India has come up with a circular wherein it has been cla...

CBDT extends due date for opting of Vivad se Vishwas scheme to February 28, 2021

Admin 03-Feb-2021

The Central Board of Direct Taxes (CBDT) has further extended the late date for filing declaration to opt for Vivad se Vishswas Scheme. The final date for filing statement is extended from Janua...

Govt. launched “Startup India Seed Fund Scheme” to provide funding to technology-driven start-ups

Admin 30-Jan-2021

The Central Government has affirmed the 'Startup India Seed Fund Scheme (SISFS)' to give monetary help to new companies to verification of idea, model turn of events, item preliminaries, market passag...

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