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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 […]
On March 28th, 2020, the Prime Minister’s Office released a notification asking the people of the country and abroad to generously donate to the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ to help the government in controlling the spread of coronavirus, COVID-19. The virus has been spread to the […]
The recent outbreak of Coronavirus Covid-19 is expected to affect the Gross Domestic Product (GDP) of all the countries in the world. India is also not left out of this. The government is coming up with exceptions and is extending the due-dates of the returns for the convenience of the taxpayers because of the outbreak. […]
The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. The decisions are taken to provide relaxation to the various sectors as well as to the taxation industry. In her video conference with all the state finance ministers and panel, she has talked on all […]
Sources recently revealed the progress of Vivad Se Vishwas Scheme that was introduced in Budget 2020 aimed at clearing all the pending disputes on the tax levy. The tax officials are just waiting to hear from the president. CBIC has also alerted its officials on the commencement of the scheme and directed them to be […]
The Central Board of Direct Taxes (CBDT) clarified the calculation procedures of interest in the case of Disputed Tax. According to the amendment in the Direct Tax Vivad se Vishwas Bill, 2020 Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes […]
Businesses dealing with the levy of around Rs. 46,000 crores as interest on delayed GST payments are expected to get some relief as the GST council is proposing to calculate interest on their net tax liability and with a retrospective effect. Finance Ministry has not yet concluded how much shall be accumulated from the assessee. […]
The Finance Minister announced the Union Budget for Financial Year 2020-21 on Feb 1, 2020, in the Parliament. Through the introduction of the budget, the Finance Ministry has introduced a New Tax System under which there will be Income Tax Slabs Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates […]
The industries were on the verge to broke as they were sincerely pleading for the reduction in the tax amount of direct taxes at par with the indirect tax rate cut from the previous budget. The union finance minister Sitharaman met the industry representatives in order to convince them to deposit their due taxes on […]
