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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 […]
The AAR Tamilnadu, ruled that only the transactions related to distribution and transactions of the power utilities sector will be exempt from Goods and Services Tax (GST) Check out the latest official updates under GST (Goods and Services Tax) by the CBIC department. Also, we include notifications & circulars/orders regularly. Read more. All the other […]
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 […]
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 […]
The collection of advance tax has seen a massive decline resulting in more than 30% reduction in the Gross Tax Collections. The dip shows that the businesses have been impacted very harshly by the coronavirus lockdown. All the companies and other “big” assesses are required to pay an advance tax On June 15th, 2020, the […]
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. […]
