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 […]
Income Tax
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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⏩
CBDT revising ITR forms for FY 2019-20 to include certain transaction up to 30/06/2020 due to Covid-19
Income TaxIn order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India
Link your pan with aadhar on or before 31/03/2020 else Pan will be inoperative
Income TaxLink your pan with aadhaar on or before 31/03/2020 else Pan will be inoperative MINISTRY OF FINANCE (Department of Revenue)