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As a relief to MSMEs, income tax refunds worth Rs.5,204 crore have been issued by CBDT in the last 10 days to nearly 8.2 lakh small businesses (proprietors, firms, corporate & trusts)since 8th April, 2020 in view of COVID-19, These refunds would help MSMEs to carry on their business activities without pay cuts/layoffs in Covid-19 pandemic situation.Pursuant to Govt's decision of 8.4.2020, ITDeptt has issued nearly 14lakh refunds upto Rs.5lakh each,till dt, to help taxpayers as, & Keeping its focus on providing relief to small businesses in MSME sector, CBDT will further issue refunds of Rs. 7,760 crore at the earliest possible.Taxpayers are requested to provide online responses through their e-filing a/c on https://t.co/EGL31K6szN, wherever required.

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Circular No. 20/2022 : ​Extension of due date for furnishing return of income for the Assessment Year 2022-23

CBDT extends the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022. Circular No. 21 of 2022 dated 27.10.2022 issued.

CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year. Notification No. 100/2022 issued.The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return. The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year.