In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance Act 2020 introduced higher TDS (tax deducted at source) ra...
CBDT notifies Amendment in Rules related to allowances for the purposes of clause (14) of section 10 for those who opted Lower Tax Rate Option vide Notification No. 38/2020-Income Tax dated 26th June ...
The Income Tax Department has notified the income tax returns for assessment year (AY) 2020-21 making it mandatory for assessees to file I-T returns for high-value transactions. The high-value tra...
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Ot...
Finance Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required ...
Today, we are going to discuss on steps to check outstanding demand against a particular TAN number. Step 1: Login on Traces website as deductor. Step 2: Click on “Dashboard”. Step 3: A...
CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index is ut...
The Income Tax Department has notified the income tax returns for assessment year (AY) 2020-21 making it mandatory for assessees to file I-T returns for high-value transactions. The high-value tra...
India is under Lockdown since 25 March, 2020 due to Covid 19 Crisis. And it seems that Capital asset is one of the aspect that has been affected in the presence of lockdown. Let us understand whether a new asset ...
The Income Tax Department has notified the income tax returns for assessment year (AY) 2020-21 making it mandatory for assessees to file I-T returns for high-value transactions. The high-value transac...
