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The Government revised the Income-tax rules and with this amendment, the authorities can now try to resolve the Mutual Agreement Procedure (MAP) disputes within the 24 months. This step has been taken for faster resolution of cases related to multinational corporations who have opted to the alternative process for resolution of the tax-related disputes. The […]
The constant demand from the public has made BBMP extend the deadlines for availing a 5% rebate on property tax from earlier April 30 to current May 31, 2020. New due dates were announced nearly a month after the Directorate of Municipal Administration gave a similar extension to all the urban local bodies, excluding the […]
A group of officials of the Indian Revenue Service (IRS) had suggested the Central Board of Direct Taxes (CBDT) that the department should increase the Income Tax Rates Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates are provided such as Individual/HUF, Companies, Partnership Firms. Read more on the super-rich […]
If you think you have made a mistake while selecting between the new and old tax regimes, then here is the way to switch back to the scheme you desire. Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees, are allowed to choose […]
The IT department is working on a new format of ITR filing forms in order to make sure that the taxpayers are able to avail of the benefits of provisional changes made by the government due to the COVID-19 lockdown in India. ITR forms are amended by CBDT in-line with the provisional tax benefits the […]
The Government of Kerala has launched an Amnesty Scheme 2020 to settle the liabilities of the tax arrears arising during Pre GST (Goods and Services Tax). The government has introduced the scheme for the purpose of settlement of tax liabilities of arrear assessees before the introduction of GST to clear the backlog of taxes. The […]
Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars on the government portal for your reference. Introduction of Income Tax Income Tax is the tax levied by the government […]
As directed by the Finance Ministry, the employer is liable to deduct the TDS from the salaries of their employees according to the new lower tax regime if opted by the employee. A new tax regime with lower rates was rolled out by the government on a voluntary basis to facilitate the taxpayers. Though the […]
Goods and Service Tax (GST) is applicable to the salaries of the individuals posted as directors in the company, says Authority of Advance Ruling (AAR). Directors being the employees of the company have TDS and PF deductions from their salaries as per the laws applicable to their services. In the application filed by a Clay […]
