Extension of various dates under Income Tax Act and Benami Laws
The Ministry of Finance has released the press release in which the various dates falling under the Income Tax Act and Benami Laws have been...
Category : Income Tax
Income Tax Department notifies Income Tax Forms for AY 2020-21
The Income Tax Department has notified the Income tax forms i.e. ITR 1 to ITR 7 for AY 2020-21. To view and download the Income...
Form 26AS amended notified vide Notification No. 30/2020
Section 285BB has been amended and a new rule 114 I has been inserted which states that the following information should be shown in the...
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates...
Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19
Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 50,000 crore equity infusion...
Live : Union FM Nirmala Sitharaman Ji addressing press conference on Economic package
[embedyt] https://www.youtube.com/watch?v=whSlkM7GS9Y&live=1[/embedyt]...
Section 44AB for FY 2020-21
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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act 2020
CBDT has released the clarification on various matters related to the applicability and procedures of the Scheme. To download the circular, click here circular no...
Residential status of Individual under the Income Tax Act as amended by Finance Act 2020
Introduction The Finance Act 2020 has amended the section 6 in which the new provision of Deemed resident has been inserted and certain provisions have...
CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19
In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the...
Income tax refunds worth Rs. 5204 Crores issued in last 10 days : CBDT
The Central Board of Direct Taxes (CBDT) today said that Income tax refunds to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) worth...
Decoding Section 271AAD – Penalty for false entry etc. In Books of Accounts
In order to curb the practice of false entries on account of false invoices in order to save the tax by the taxpayer, the Finance...
Clarification in respect of option under section 115BAC of Income Tax Act
To download the circular, click here circular_c1_2020...
Government decides to release Income Tax, GST and Custom refunds
IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit All GST &...
THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020
The President of India has promulgated the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020 on 31-03-2020. To download the ordinance, click here...
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and...
Finance Act 2020
The President of India has assented the Finance Act 2020 on 27th March 2020. To download the Finance Act 2020, click here Finance Act 2020...
Press Release – Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of...
Finance Minister Smt. Nirmala Sitharaman announcements on 24-03-2020
1.The last date for Income tax return for FY 2018-19 shall be extended from 31-03-2020 to 30-06-2020. Interest on delayed payment has been reduced from...
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