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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 […]
Recently the finance ministry stated that all the information and talks over the merging of Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, GST, Sales Tax, VAT, Custom Duty and Octroi Tax and Customs( […]
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 […]
As per the information gathered from various sources, The Government collected INR 92,681 crore through the net direct tax collections as of June 15. The said amount is 7.03% of the full-year target which is INR 13.19 lakh crore. The data represents a 32.3% fall in the year to year collection because in the last […]
Due to ongoing Coronavirus pandemic situations across the globe, almost all the countries are going through a very rough phase. The global economic recession has brought every country to their knees and made them think about an urgent economic revival strategy. Here in India, prime minister Shri Narendra Modi has come up with a much […]
As per the recently released Government reports and statements a 13% drop has been reported in Gross Direct Tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection in this year up to May […]
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. […]
The Delhi High Court on Tuesday 5th May asked the IT department to go through the applications of the pensioners whose pension account has been attached by the Department. The petition was filed by Lalita Aggarwal for amendment in the attachment of the Petitioner’s bank account, to provide a permit for the cash withdrawal (Pension) […]
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 […]
