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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 […]
The IT department has commanded the field officers to scrutinize the financial transactions of the entities/businesses that come under the surveillance of ‘tax haven’ countries and jurisdiction. The Central Board of Direct Taxes These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, […]
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 […]
The government is coming up with ways to smoothen the difficulties faced by the population because of the spread of coronavirus in the country. Both economic and health-related measures are being taken to control the situation. The outbreak of COVID-19 has put the people under a lot of stress as firstly the situation is not […]
The whole country is trying to fight the outbreak of COVID-91 in its own way. The government is also taking the necessary decisions to control the further spread of coronavirus. Lockdown is imposed by the government for the same. The whole country will be locked down till 14th April, 2020, but some changes will be […]
It is expected that the Income Tax Department will be losing approx 10% of the total income tax collections due to the outbreak of Covid-19. The department is expected to recover INR 10 lakh crores to INR 10.5 lakh crores against its actual target of INR 11.6 lakh crores. The department has already collected a […]
As you know, normally, the last date of the financial year is March 31. But this time means in the financial year 2019-2020 If you have not made an investment or a deposit to avail of the exemptions under the Income Tax Act for the FY20 yet, then there is nothing to worry about because […]
