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The Central Board of Direct Taxes released a Press Release dated October 15, 2020, in which the board notified that the Income Tax Department has carried out searches and seizure action in Delhi, NCR, and Haryana on October 14, 2020. This has been done by the department in the case of a leading advocate practicing […]
Central board of direct taxes CBDT has announced that on the sales of items and services valued over 50 lakh annually will be considered with compensation including GST which is currently charged with 0.1 % TCS. On the TCS returns the Income-tax department TGet to know about new TCS (Tax Collected at Source) rules under […]
Under Section 11 and 12 the Income Tax Appellate Tribunal (ITAT), New Delhi approved the privilege to Association of State Road Transport which is qualified as a foundation for charitable goals. The taxpayer of Association of State Road Transport facilitates as an apex regulating organization for all Nationalized State Road Transport Corporation which executes working […]
There was fake news in the air especially on Social Media that the due date to furnish income tax returns for the Assessment Year 2019-20 (FY 2018-19) and Assessment Year 2020-21 (FY 2019-20) and the due date to furnish tax audit report for Assessment Year 2020-21 (FY 2019-20) Have been extended up to 31st March […]
According to section 54F of the Income Tax Return (ITR) The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available, the assessee is free to do the investment in the house property in […]
If you have accounts in many banks, You need to be careful now, because you can come under the radar of the Income tax department. It is a better option that If these accounts are not in use, then close them. As per a report, the income tax department believes that if someone has opened […]
Is capital gain suitable for the consideration of procured land in the 1970s? Yes, it is. Endorsing the Income Tax Department’s judgment for filing the return in the assessment year 1971-72 in 2020. The supreme court for refusing the petition upon the applicability of capital gains tax in the case which had begun in 1970. […]
On Sunday, the Income Tax Department introduced a utility for the banks and post offices which will help them in ascertain the rates of TDS (Tax Deducted at Source) on cash withdrawal of Rs. 20 lakhs or more, if the assessee has not filed the income tax return and that of Rs. 1 crore or […]
The Central Board of Direct Taxes (CBDT) on Friday released order and directed income tax officers to clear all old-pending income tax refunds Here, the taxpayers can check quick points for faster processing income tax refunds. Also, we added that how to track the status of tax refunds via the official portal. Read more filed […]
