Tag: Income Tax

Income Tax Dept Refunds Rs 127000 Cr Through Digital Refund System: Finance Secretary
InFocus, Banking & Finance

Income Tax Dept Refunds Rs 127000 Cr Through Digital Refund System: Finance Secretary

SMEStreet Edit Desk- October 31, 2020

"This is a quick refunds payment system which is fully automated and completely transparent. The Income Tax Department has created a DBT (Direct Benefit Transfer) ... Read More

Extension of Due Date of Income Tax Returns and Audit Reports
Taxation, Banking & Finance

Extension of Due Date of Income Tax Returns and Audit Reports

SMEStreet Edit Desk- October 24, 2020

The Government issued a Notification on 24thJune, 2020 under the Ordinance which, inter alia, extended the  due date for all Income Tax Returns for the ... Read More

I-T Refunds Worth Rs 1.18 Lakh Cr Issued to 33.54 Lakh Taxpayers
News, Banking & Finance

I-T Refunds Worth Rs 1.18 Lakh Cr Issued to 33.54 Lakh Taxpayers

SMEStreet Edit Desk- October 1, 2020

This includes personal income tax (PIT) refunds amounting to Rs 32,230 crore issued to 31.75 lakh taxpayers, and corporate tax refunds amounting to Rs 86,094 ... Read More

Faceless Income Tax Appeals Launched by CBDT
News

Faceless Income Tax Appeals Launched by CBDT

SMEStreet Edit Desk- September 25, 2020

It may be noted that Hon’ble PM on 13th August, 2020 while launching the Faceless Assessment and Taxpayers’ Charter as part of “Transparent Taxation - Honoring the ... Read More

Banks To Track Non-Tax Payers Through ITR Filing Compliance Check Tool
News, Analysis

Banks To Track Non-Tax Payers Through ITR Filing Compliance Check Tool

SMEStreet Desk- September 3, 2020

CBDT said that the Principal Director General of Income Tax (Systems) has notified the procedure and format for providing notified information to the scheduled commercial ... Read More

I-T Dept Refunds Rs 98.6K Cr to 26 Lakh Taxpayers Amid COVID
Taxation, Banking & Finance

I-T Dept Refunds Rs 98.6K Cr to 26 Lakh Taxpayers Amid COVID

SMEStreet Desk- September 3, 2020

The Income Tax Department has worked at breakneck speed to process the refund claims. It issued tax refunds at a speed of 76 cases per ... Read More

TDS Form Amended Become More Comprehensive: Income Tax Dept
Finance, InFocus

TDS Form Amended Become More Comprehensive: Income Tax Dept

SMEStreet Desk- July 6, 2020

As per the amended form, banks will also have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore. Through a ... Read More