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Almost all the world economies have been looming with economic slowdown and crash. Also, there are companies that have postponed their salary payments and also held the payments of the vendors. With this never before situation, there are doubts and queries in the market and companies on the tax liabilities of the business units. Here […]
The CBDT which stands for The Central Board of Direct Taxes provided a big relief to all the taxpayers. CBDT through an order directed all the authorities to not send any adverse message and letters to any tax assessee for mistakes during the first quarter of Financial Year 2020-21. CBDT with this step reflecting that […]
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) […]
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 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 between […]
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 […]
