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Taxpayers have the option to make payments till October 31, with an additional amount of interest

Parliament earlier this month had passed The Taxation Laws (Amendment) Bill, 2021, that scrapped all tax demands made before May 28, 2012

The applicability of two sets of laws for the same purpose of issuing notices and reopening assessments has left income tax assessees bewildered and tax practitioners peeved. The procedures related to reassessments or re-computation of income escaping assessment and review of search related cases has undergone a major overhaul. Several sections of the Income Tax Act have been amended with the objective to lower litigation and make it easier for taxpayers.  Advertisement The prominent changes include the lowering of the time limit for issuing notices of reassessment from six years from the en...

Government extends timelines for tax compliance till May 31 Experts said the extension was ‘unrealistic’ given the lockdown and intensity of the pandemic The government on Saturday extended timelines for various income tax compliances, including the filing of belated or revised returns for 2019-20, till May 31. The Central Board of Direct Taxes (CBDT) said it had received representations from various stakeholders for relaxation on compliance requirements because of the ongoing pandemic situatio...

Misgivings over new advance ruling body Lack of balance because of the absence of judicial members in the proposed board The Centre’s move to replace the Authority for Advance Rulings (AAR) with the Board for Advance Rulings comprising revenue department officials has raised qualitative concerns among tax advocates and practitioners. The AAR, which pronounces binding rulings on applications of non-residents and residents, consists of revenue members and members from the judiciary. There are three...