In view of the challenges faced by the taxpayers in meeting the statutory and regulatory compliance requirements due to the outbreak of COVID-19, the Government in continuation with the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2 of 2020 dated 31st March, 2020 and Aatmanirbhar Package, had come up with the further extensions vide Notification on Taxation and Other Laws dated 24th June, 2020....

Read Time: 2 minutes

CBDT on July 13, 2020 notified the one-time relaxation for verification of ITR for 5 years i.e. Financial Year 2014-15 to 2018-19 relevant to the Assessment Year 2015-16 to 2019-20, which are pending due to non-filing of ITR- V form or e-verification of ITR - V and processing of such returns. Such verification process must be completed by 30.09.2020 so that ITR can be processed....

Read Time: 2 minutes

The due date for filing of ITRs for FY 2019-20 has been extended to November 30, 2020 for all the taxpayers due to the pandemic. The forms for filing ITR for FY 2019-20 have been notified. The notified forms contain comprehensive details of the taxpayers. In this TaxAlert, we have impressed about the applicability of each ITR to the taxpayer and further brought out the key highlights of the new forms....

Read Time: 2 minutes

'The Indian Income-tax World, as we know it today, has changed forever - Anon' The Hon'ble Prime Minister, Shri Narendra Modi launched the platform for "Transparent Taxation - Honoring the Honest" on August 13, 2020 via Video Conferencing. While launching the platform, three major milestone announcements were made, which are faceless assessments, faceless appeals and tax payer's charter. The focus behind this is on making the tax system people-centric and public friendly. In this TaxAlert, we seek to declutter these high-impact and foundational changes and explain the salient features of these developments in a lucid manner. We trust that you will find the same to be a useful read....