Income Tax Current Affairs - 2020

FIU to get PAN data from Income Tax Department to check suspicious large transactions

The Financial Intelligence Unit is the nodal agency authorized to obtain cash transaction reports from private and public sector banks. The FIU receives reports every month to analyse suspicious cases. Highlights This time, the Income Tax Department has allowed to share PAN details of individuals to dig deeper into large suspicious accounts. FIU forwards suspicious Read More…

MoMSME and CBDT sign MoU

The Central Board of Direct Taxes (CBDT) and Ministry of Micro, Small and Medium Enterprises (MoMSME) signed Memorandum of Understanding (MoU) to share data. Highlights The Memorandum of Understanding will facilitate sharing of Income Tax Return related information by the Income Tax Department of MoMSME. Nodal officers will be appointed to facilitate the process of Read More…

CBDT launches a new Utility Tool for Banks and Post Offices for Proper Implementation of Finance Act 2020

The Central Board of Direct Taxes (CBDT) has informed on 12th July 2020 that a new Utility Tool has been launched that will facilitate the Banks and Post Offices across the country with the accurate TDS rate (Tax Deduction at Source) applicable on cash withdrawals. The utility tool can be accessed by the Banks and Read More…

Pending Income Tax Refunds of Rs 62,361 crore paid to a total of 20,44,597 Taxpayers from 8th April to 30th June

Not only to health and freedom of movement, but the COVID-19 pandemic has also made a much larger financial impact on the economy for individuals and business entities (including MSMEs) across the world. Between 8th April to 30th June 2020 which had a total of 56 weekdays (Monday to Friday), the Income Tax Department of Read More…

Finance Minister launched instant Aadhaar based E-KYC

On May 27, 2020, the Union Finance Minister Nirmala Sitaraman launched instant Aadhaar based E-KYC. Highlights The facility will be available for PAN applicants that possess valid Aadhaar number. They should also have a mobile number registered with Aadhaar. The process of allotting PAN is paperless and is also free of cost. Union Budget The Read More…