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The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
The Central Board of Direct Taxes (CBDT) has started an e-campaign for voluntary compliance of Income Tax rules on Monday, 20th July 2020. The campaign will be ending on 31st July 2020, after 11 days. The campaign has been started by the department for the convenience of the assesses and will be focused on the […]
Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land. TDS will […]
The Income Tax Appellate Tribunal (ITAT), Kolkata, has ruled that proceeds from a holiday home, owned by a co-operative credit society, will be taxable under Income from Other Sources head of the Income Tax Act 1961Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics […]
The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction of a house to claim deductions under capital gains under section 54F of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 […]
The Income Tax Appellate Tribunal (ITAT) recently come up with an order and allowed income tax deduction on payment to Employees come under the voluntary Retirement Scheme (VRS). This order has come in a case where a company Foseco India Limited is the appellant and it is in the business of manufacturing and sale of […]
The Income Tax Department has extended the last date for tax-saving investments and payments for the previous year 2019-20, till 31st July 2020 for all the assessees. The decision will be very beneficial for the assessees amid the Coronavirus outbreak. The extension was announced by the department through a tweet saying that the payments and […]
The Central Board of Direct Taxes (CBDT) released a notification recently and made some changes in Income Tax rules to provide some exemptions that can be availed by the employees. The new rules due the amendments permitted individuals to claim exemptions for allowance to manage the cost of travel, daily expenses on transfer, and tour […]
The Financial Year 2019-20 has not ended well, the last dates of some tax compliance Check out the compliance calendar of Income-tax and GST for Feb to May 2020 with brief details. Also, we attached the latest notification of Income-tax and GST. Read more have been extended till 30th June but not the Financial year. […]
