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income tax commissioner mumbai 2020

As per indicative advertise published in rojgar samachar, there are approx 20750 numbers of vacancies will be released in the latest Income Tax Recruitment 2021 Notification to appoint young Indian Nationals. The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the Government of India.It functions under the Department of Revenue of the Ministry of Finance. Sources said that the Budget 2020-21 may take the sops announced earlier under the Atmanirbhar Bharat package to help people in their fight against the Covid-19 pandemic further, by raising the basic tax exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh at present to enhance net disposable income in their hands. Income Tax Refund in Special Cases In an unprecedented move, the Mumbai bench of the income tax appellate tribunal (ITAT) has retracted the critical remarks it made on Cyrus Mistry in its recent order that restored the tax-exempt status of the three key Tata Trusts. Realtors' apex body Credai has suggested the government to increase tax exemptions in the upcoming Budget to boost housing demand and enhance limit of deduction under section 80C of income tax for principal repayment on home loans. India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the Covid-19 carnage on incomes. New Delhi: India Inc has sought reintroduction of the single structure of income tax, instead of the dual structure at present that gives two options to taxpayers, as compliance on withholding tax has become a complex process for employers, leading to higher cost and tax leakages.. The Centre may propose amendment in the tax laws to allow Indian corporates to apply tax treaty rates while withholding tax on dividends and interest to be paid to foreign portfolio investors (FPIs). The tax department has alleged that online food delivery giant Swiggy and Walmartbacked Flipkart’s logistics arm Instakart relied on fake manpower supply to utilise input tax credit (ITC) and evade GST, senior government sources said. Last month, the government had extended the income tax return (ITR) filing deadline for individuals till January 10, and for companies till February 15. Recent Amendment in income Tax Rules & forms:-Meanwhile income Tax Rules and Forms vide income-tax (22nd Amendment) Rules, 2020 Dt. 1st Oct, 2020, has been amended. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. 3rd Dec., 2020 4 03-11-2020 Circular No. Tax litigation: The government must prescribe a definite timeline for disposal of appeals by the commissioner (appeals) under the Income Tax Act. Income tax officials are conducting a search and survey at offices of media firm Zee Group for alleged tax evasion, an official of the tax department said. ​​The government netted a record GST collection of Rs 1.15 lakh crore in December 2020, helped by the action against tax evaders alongside pick up in the economy. Thus, for AY 2019-20, the last date to claim an income tax refund is 31 st March 2020, the last date for delayed filing of ITR for FY 2018-19. While the assessment officer added the unrealised rent to the total income of the tax payer, the commissioner of income tax (appeals) upheld the AO’s order when the tax payer appealed against it. Similarly, the monetary threshold for filing of appeals by the tax department must be raised to Rs 1 crore for the Income Tax Appellate Tribunal, 2 crore for high court and 5 crore for the Supreme Court. The government on Wednesday further extended the deadline to file income tax returns for the financial year 2019-20 (assessment year 2020-21) for individual taxpayers by 10 days till Jan 10, 2021, in wake of the ongoing Covid-19. For reprint rights: Times Syndication Service, Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved.For reprint rights: Times Syndication Service, Deadline to file income tax returns for FY20 is today: All you need to know, Budget 2021 income tax: Standard deduction from salary income needs to be hiked; here's why, Budget 2021: FPIs may be allowed to get tax treaty benefits on dividend income, Tax refunds worth Rs 1.73 lakh crore issued so far this fiscal: I-T dept, Income tax department conducts searches at Zee Group offices, Dubai-based executive has to pay ESOP-tax in India, Govt crackdown on 7,000 GST evaders, 185 arrested, CBDT launches e-portal for filing complaints regarding tax evasion, benami properties, Government rejects demand for further extension of returns filing date beyond February 15, Tax tribunal upholds tax-exempt status of Tata Trusts; censures Mistry, India's tax pie gets altered because of pandemic; share of direct taxes drops, Budget 2021: Covid-19 treatment may qualify for tax deduction benefits, Budget 2021: Middle class may gain from higher tax deductions, About 4.37 crore ITRs for FY20 filed till December 28, Deadline to file ITR extended till January 10, RoDTEP benefits subject to conditions, restriction, fulfilment of procedural requirements: Finance ministry, Capital gains relief rule on flat sales given retro effect, 3.97 crore ITRs filed for 2019-20 fiscal till December 24, I-T department conducts searches in Assam, I-T returns rise 6% to 5.9 crore for FY20, Budget 2021: 'Reduce slabs under new tax regime; raise Section 80C limit', Professionals urge finance minister to extend ITRs, tax audit and AGM timeframe, I-T dept raids 28 properties of TN evangelist Paul Dhinakaran, Tata-Mistry row: Tax tribunal suo moto junks negative remarks on Mistry, ITAT: Taxpayer entitled to credit for taxes paid on remuneration income in UK, Income Tax Dept allows revision of declarations filed under 'Vivad Se Vishwas' scheme, I-T department detects over Rs 700 crore tax evasion after raids against Chennai's Chettinad Group, Government extends deadline to file I-T returns by 10 days, I-T department detects Rs 700 crore black income after raids on TN contractor group, Tax dept says Swiggy, Instakart evaded GST, Budget 2021: Stockbrokers seek rationalisation of tax structure for capital market, No further extension in I-T filing due dates, holds Gujarat HC, Union Budget 2021: Naredco suggests tax rationalisation for realty sector, I-T refunds worth Rs 1.45 lakh crore issued to 89 lakh taxpayers, Union Budget 2021: Credai seeks tax sops to boost housing demand, Centre announces income tax relief on sale of housing units, Finance ministry notifies extended deadline for 2019-20 ITR filing, Centre urged to establish Income Tax Appellate Tribunal bench in Madurai, Robert Vadra terms questioning by Income Tax Department ‘a political vendetta’, Income tax department unearths Rs 1,000 crore unaccounted income of Chennai-based company, Tata Trusts can enjoy tax exemption: ITAT, CBDT issues refunds of over Rs 1,29,190 crore to more than 39.49 lakh taxpayers since April, EC orders FIR against Rahul Gandhi for TV interview on Gujarat poll eve, File that could solve Bose’s death mystery ‘closed for 100 years’, Somnath temple visit: Rahul Gandhi listed as 'non-Hindu', Terms of Use and Grievance Redressal Policy. This ruling in favour of the taxpayer was recently pronounced by the Delhi bench of the Income-tax Appellate Tribunal (ITAT). "Chief Commissioner of Income Tax Central", Learn how and when to remove this template message, Investigation Division of the Central Board of Direct Taxes, Uttar Pradesh Provincial Armed Constabulary, Dadra and Nagar Haveli and Daman and Diu Police, Bureau of Police Research and Development (BPR&D), Directorate of Revenue Intelligence (DRI), National Technical Research Organisation (NTRO), Directorate General of Income Tax Investigation, Bhubaneswar–Cuttack Police Commissionerate, https://en.wikipedia.org/w/index.php?title=Chief_Commissioner_of_Income_Tax_Central&oldid=968834919, Articles lacking sources from December 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 21 July 2020, at 20:08. One measure to reduce income inequalities that is seeing a resurgence across the world is the wealth tax. The income tax Department has detected black income of about Rs 700 crore after it raided a Tamil Nadu-based group that undertakes civil government contracts, the CBDT said on Thursday. Its main job is to assess and provide valuable inputs to the intelligence wings of the government related to tax evasion. After intense lobbying by chartered accountants and tax professionals, the government has granted a fresh extension to those who have not filed their returns, citing Covid-19 as the reason. The Gujarat high court declined to interfere and issue a ‘writ of mandamus’ to the Central Board of Direct Taxes (CBDT) for further extending the time limits to file the tax audit report and the Income-tax (I-T) returns up to March 31. As many as 3.97 crore taxpayers have already filed their income tax returns (ITRs) for assessment year (AY) 2020-21 (fiscal year 2019-20) till December 24, the Income Tax … The Income Tax Appellate Tribunal's (ITAT) Mumabi bench passed three separate orders upholding the tax-exempt status of Ratan Tata Trust, JRD Tata Trust and Dorabji Tata Trust, which hold about 66% in Tata Sons. 50 dead, over 1,000 hospitalised: Maharashtra farmers’ brave battle against Swiss pesticide giant, From polio to mumps: Adverse events common with vaccines, Explained: The Maharashtra-Karnataka border dispute, They have 5 hours to prepare White House for Biden, Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The income tax department searched five locations in Chennai and Madurai on November 4 in a case pertaining to an IT infrastructure group based in Chennai. Continuing with its pandemic relief initiatives, the government may extend income tax deduction benefits for Covid-19 treatment to individuals not covered under any health insurance. The finance ministry has notified the extended due date for filing income tax returns (ITR) for the 2019-20 fiscal. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. The department also seized Rs 21 crore "unaccounted cash" during the searches. Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The Chief Commissioner of Income Tax Central, abbreviated as CCIT-C, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India which assesses tax evasion. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021. 20/2020 : Income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961 3 December 2020 / GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENTOFREVENU~ CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE­ INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE The Tribunal said the March 2019 revision order of the I-T department that sought to cancel tax exemption to the three trusts was "devoid of any legally sustainable merits". Dhinakaran over alleged tax evasion just upload your form 16, claim your deductions and get your acknowledgment online. 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