Income-tax (13th Amendment) Rules, 2020. dt 26/06/2020
Income TaxCBDT issued notification 38/2020 inserting new sub-rule 3 in rule 2BB(. [Prescribed allowances for the purposes of clause (14) of […]
Income Tax
Stay updated with the latest Income Tax news, tips, and insights.
CBDT further extended various compliance due dates under Income Tax Law & Benami law on 24th June 2020
Income Tax✅Compliance relief to the taxpayers due to Covid-19 Pandemic In view of the challenges faced by taxpayers in meeting the
CBDT notified Cost inflation index (CII) for the FY 2020-21
Charts and Tables, Income TaxCBDT notified cost inflation index (CCI) for the FY 2020-21 vide notification no 33/2020 dated 12th June 2020. Cost inflation
CBDT has notified new Income Tax Returns Forms 1 to 7 for AY 2020-21
Income TaxCBDT has notified new Income Tax Returns forms [Forms 1 to 7] for AY 2020-21. In the month of January 2020,
Clarifications in respect of prescribed electronic modes (BHIM, UPI) under section 269SU of the Income Tax Act
Income TaxSection 269SU was inserted by finance act 2019 w.e.f. 01/11/2019 . This section is about maintaining specified electronic system to
New reduced rate of Tax deduction at source (TDS) w.e.f 14/05/2020
Charts and Tables, Income TaxIn order to provide more funds in the hands of the taxpayers the MoF has reduced the rates of the
Classification of capital assets as short term / long term based on period of holding
Income TaxShort-Term and Long-Term Capital Assets: • Definition: According to Section 2(42A), a short-term capital asset is a capital asset held
Penalty for false or omitted entries in the books under Income Tax Act [271AAD] and GST Act [122(1A)]
Income TaxSection 271AAD & 122 : How the Income Tax and GST Acts Work Together In today’s highly regulated business environment,
Reporting under clause 30C & 44 of the tax audit report further extended
Income TaxCBDT has further extended the implementation of reporting requirements under clause 30C & 44 has till March 31st, 2021** vide⏩