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On March 31, 2020, the Central Board of Direct Taxes (CBDT) issued some new provisions related to Tax Deducted at Source (TDS) and TCS collections and other related works. The provisions were introduced because of the outbreak of COVID-91 in the country. The provisions were issued related to the issue of certificates of the lower […]
On March 28th, 2020, the Prime Minister’s Office released a notification asking the people of the country and abroad to generously donate to the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ to help the government in controlling the spread of coronavirus, COVID-19. The virus has been spread to the […]
TDS Section 194J is getting attention again after Finance Bill 2020, which brings some revisions to Section 194J. The same will come into effect from 1/04/2020. TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared this article to […]
Introduction of Traces New Form 26AS (Annual Statement) The Income Tax Department of India is required to upload annual statements in new form 26AS containing the details of Tax Credits in the account of a taxpayer as per the records of the department. It is mandatory to prepare traces of Form 26AS under Rule 114I […]
While explaining the Income Tax Appellate Tribunal’s (ITAT) controls under area 254(2) of the Income Tax Act, 1961, the Mumbai bench of the Tribunal has held that such powers can’t be invoked in cases where the decision was rendered on a debatable issue. As indicated by the two-judge bench, the Tribunal can’t re-adjudicate such issues […]
The Income Tax Department is sending notices to the Directors of the private limited companies owing to the company’s tax dues. As far as tax issues are concerned, the director is now the face of the company for the tax department. Such notices are sent to the Directors based on the law u/s 179 of […]
Recently, the senior officials for the Finance Ministry of India have announced that hacking the government GST database and its associated infrastructure present on the GST Network (GSTN) can lead to an imprisonment of 10 years. The finance ministry declared the GST database and its associated architecture as “protected systems” under the Income Tax Act. […]
Income Tax Return Forms – ITR 1 (Sahaj) and ITR 4 (Sugam) for the Assessment Year 2020 – 21 have been notified by the Central Board of Direct Taxes ( CBDT ) in the first week of January 2020. The ITR 1 Sahaj is an ITR form Get to know easy guide to file ITR […]
TDS returns must be filed by respective organizations or taxpayers according to a predefined schedule. In this post, we have guided some of the important questions and their solution about the TDS return filing. Tax Deducted at Source (TDS) is a type of direct tax introduced by the income tax department of India that requires […]
