Latest News & Updates

Income Tax Due dates Extended Again

a. Non-Audit tax returns -
December 31, 2021

b. Tax Audit reports -
January 15, 2022

c. TP Report -
January 31, 2022

d. Audit tax returns -
February 15, 2022

e. TP tax returns -
February 28, 2022

f. Belated tax returns -
March 31, 2022

However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021.

SECTION 245 OF THE INCOME-TAX ACT, 1961 - SETTING OFF REFUNDS AGAINST TAX DUE

Condition precedent : Where there was no intimation under section 245 was given to assessee before making an adjustment of refund for relevant assessment year 2019-20 against demand of tax outstanding for assessment years 2007-08 and 2008-09, impugned order was to be set aside - Tata Communications Ltd. v. Union of India - [2021] (Bombay)

SECTION 2(13) OF THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 - LEVY AND COLLECTION OF TAX

Where applicant is supplier of services by way of arranging or facilitating sales of goods for various overseas suppliers, same not being done on his own account, all conditions necessary to be an intermediary as defined in section 2(13) of IGST Act are satisfied and since condition of place of supply being outside India is not satisfied, services of applicant by way of arranging sales of goods shall not be considered as 'export of service' as defined under :- 

Clause (6) of section 2 of the IGST Act, 2017 - Teretex Trading (P.) Ltd., In re - [2021] (AAR-WEST BENGAL)

SETION 28(i) OF THE INCOME-TAX ACT, 1961

BUSINESS LOSS/DEDUCTIONS - ALLOWABLE AS EARNEST MONEY

Where earnest money paid as advance by assessee, engaged in business of real estate, for purchase of lands was forfeited by sellers as assessee failed to pay balance consideration, since said payment of earnest money was made by assessee in course of its business of real estate and, said earnest money was forfeited resulting into business loss of assessee, same was to be allowed under section 28(i) - Assistant Commissioner of Income Tax, Circle-43, Kolkata v. K.B. Developers - [2021] (Kolkata - Trib.)

SECTION 115JB OF THE INCOME-TAX ACT, 1961 - PAYMENT OF MINIMUM ALTERNATE TAX -

Computation provisions :

Where assessee had not reported income received by it from a company in its P&L account, and, hence, it could not be said that its books of account were prepared in accordance with Part II of Schedule - VI to Companies Act, Assessing Officer was justified to re-compute book profit under section 115JB of assessee by making addition towards said income not reported in books of account of assessee - Jayant Packaging (P.) Ltd. v. Deputy Commissioner of Income Tax, Corporate Ward 2(2), Chennai - [2021] (Chennai - Trib.)

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th July, 2021.

It has now been decided to extend the aforesaid date to 15th August, 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th August, 2021. Authorized dealers are advised to accept such Forms till 15th August, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.