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Search results for: Income tax Act

Cash Transactions & Inherited Property

Govt Ready To Revive Taxes Against Cash Transactions & Inherited Property

Many new changes are anticipated to be taken in by the Nation with the appointment of new finance minister by newly elected National Democratic Alliance (NDA) government.These mutations may include taxation on cash transactions, taxation on inherited property, change in the fiscal year from April-March to January-December and equalising the duration of the fiscal year […]

ITR 1 to 5 Available on Portal

Income Tax Department Notifies ITR 1, 2, 3, 4, 5, 6, 7 for Taxpayers

The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department has enabled the offline utility for MAC and Windows […]

Tax Clarification Income 5 Lakh

Tax Clarification in Case of Income INR 2.5 Lakh to 5 Lakh

A lot of confusion has been created among people in India with the news flashing on the internet that the income tax slab has been stretched to INR 5 lakh. So, there is quite a debate among working people in India about whether they need to file returns or not, if they fall under the […]

GST Impact Expired Medicin Return

GST Impact on Expired Medicine/ Drugs Return

Manufacturing date and Expiry date play a very important role while buying a product because it shows when the product was manufactured and when it is going to be expired. Almost everyone checks the expiry date of the product let that be household products or medicines. The Medicines or Drugs are sold in a process […]

ITR Filing Highest Number

CBDT: No Decrease in Income Tax Return Filing, Claims 18% Growth

The CBDT (Central Board of Direct Taxes) denied the reports of the media which said that in the FY 2018-19 the number of ITR (Income Tax Returns) filers has been reduced to which the CBDT said that the FY 2018-19 must not be compared with the FY 2017-18. In a statement, the CBDT said: “This […]

Tax Applicability Sale on Property by NRIs

IT Dept Clarifies Tax Applicability on The Sale of Property In India By NRIs

Government has introduced many tax rules for the NRIs (Non-Resident Indians) who wants to sell their property in the country. But the tax is applied as per the status of the residence and the ownership of the property. As per the Income Tax Department rules, tax is not levied on the heritage property in India […]

GSTN & IT Dept Data Share

Income Tax Dept To Work With GSTN Over System Betterment

The CBDT (Central Board of Direct Taxes) will make an agreement with the GSTN (Goods and Services Tax Network) about the formal data exchange mechanism so that the Income Tax department and GST authorities can automatically share the information of the taxpayer between each other. As per the CBDT order that has been issued on […]

due date house tax

Due Date for House Tax May or May Not Get Extended with 5% Discount

Due to Lok Sabha elections and multiple holidays falling in line, citizens are in demand to extend the due date of depositing the property tax further by one month from now applicable 30th April 2019. The house tax department has offered a 5 per cent discount on the house tax if paid by 30th April, […]

ITR 1 Interest Income

ITR 1 AY 2019-20: Taxpayers To Provide Complete Interest Income Break-up/Proof

The latest financial year has introduced a new attestation to be clubbed with the ITR -1 form. Now the taxpayers will have to provide a full break-up of the interest income and income from any other sources received during the year while filing the basic income tax return (ITR) form ITR 1 for FY 2018-19.

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