Given the skewed finances of the central government owing to the COVID-19 pandemic, there is no elbow room at all to provide any relief to the common taxpayer

The Budget 2021 is much awaited from taxpayers' point of view, who expect COVID-19-linked relief in income tax for the financial year 2020-21. Saraswathi Kasturirangan, Partner, Deloitte India expects the government to announce some tax deductions on expenses that the employees may have incurred during work-from-home such as phone bills or utility costs. Speaking to Business Today's Aprajita Sharma, Kasturirangan also talked about how the tax relief under section 87-A needs a revision, if tweaking the income tax slab structure is not an option. She made a case for offering some tax exemptions under the new tax regime and cautioned a COVID-19 cess, beyond health & education cess, of 4 per cent would not be a great idea. Watch the video for more.

The court stated that CBDT can take a lenient approach in terms of consequences of late filing of tax audit reports; \"We leave it to the better discretion of the CBDT,\" it said

The scheme proposes to set up a National Faceless Appeal Centre (NFAC), Regional Faceless Appeal Centres (RFACs) and Appeal units (AUs) which will allocate a recommendation for penalty made under the faceless assessment programme

Vivek Jalan, a Kolkata-based chartered accountant, told Business Today that going by the Maharashtra government's circular, it seems the states are going against CBIC

Out of the 215 arrests so far, there are 71 masterminds, 81 proprietors, 36 director/managing directors, 15 partners, 3 CEOs, 6 chartered accountants and one each of company secretary, broker, and GST practitioner

ITR filing deadline: The January 10 deadline is for taxpayers whose accounts are not required to be audited and who file their returns using ITR-1 and ITR-4 forms. The due date for taxpayers requiring audit is February 15

The deadline for filing ITRs was initially December 31, 2020, but this was extended for another 10 days till January 10, 2021

ITR filing: As per the latest data by the Income Tax India, more than 5.16 crore ITR for AY 2020-21 have been filed till January 6, 2021. Yesterday alone 8,43,506 ITRs were filed

The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4

I-T Department says over 2.70 crore ITR-1 filed till January 4, which is lower than 3.09 crore filed till September 4, 2019. Over 1.04 crore ITR-4 returns filed till January 4 compared to 1.28 crore filed by September 4, 2019

The revenue department has already started sharing such information among its wings - direct tax, indirect tax and customs departments

Coronavirus impact: Govt extends deadline for income tax filing, GST compliance The government has extended various tax compliance deadlines, including Income Tax Returns, tax audit reports and declaration under 'Vivad Se Vishwas Scheme, in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19 pandemic. Farmers protest: Consensus between unions, govt on 2 issues, next talks on Jan 4 The sixth round of talks between t...

The company allegedly availed various credit limits from a consortium of banks, led by State Bank of India and cheated the banks, without repaying the loan amount

Near Delhi, places such as Kasauli, Manali, Mussoorie, Dehradun are attracting travelers and it is Mahabaleshwar, Lonavala, Nashik, Alibag, Karjat near Mumbai. Goa, of course, remains an evergreen travel destination

Vivo Y20A comes with a 5,000mAh lithium-ion battery, which the company claims to last for more than 17 hours of movie streaming online, and over 10 hours of gaming

The government has decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme

The income tax return (ITR) filing deadline for FY 2019-20 has been further extended to January 10, 2021, for most individual taxpayers, from the earlier deadline of December 31, 2020

Income tax deadline: Multiple associations, trade unions, and professionals have asked for staggered extensions in deadlines. They have requested the deadline to be extended to March 31

More than 4.15 crore Income Tax Returns for AY 2020-21 have already been filed till 26th of December, 2020. Hope you have filed yours too!, Income Tax Department tweeted