The Central Board of Direct Taxes (CBDT) amended the return forms and manner of furnishing return of Income for the Assessment Year 2020-21 vide Notification No. 31/2020 dated 29-05-2020. The amendme...
CBDT has notified vide Notification No. 30/2020 dated 28.05.2020 the new Annual Information Statement (AIS) under section 285BB by inserting a new Rule 114-I in the Income Tax Rules, 1962 to replace age-old Form 26AS not...
In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis)....
Whenever we log in to our income tax account, the first thing that flashes on the screen is the pop-up to update our contact and residential details. We often tend to hit the skip button and move on with other crucial ta...
CBDT vide Circular No. 12/2020 dated May 20, 2020 issued clarification in respect of prescribed electronic mode under section 269SU of Income Tax Act, 1961 to encourage digital transactions and move towards a l...
In order to provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for specified payments to resident non-salaried ...
Reduction in Rates of Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) – The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 ...
Every year CBDT issues a comprehensive Central Action Plan for the first quarter of the financial year giving certain targets to the field formation in the Key Results Area (KRA). However, due to the unprecedented sit...
In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2...
The Central Board of Direct Taxes (CBDT), on Friday, issued Circular No. 11/2020 in respect to Clarification over residency under Section 6 of the Income Tax Act, 1961.Circular clarifies that the lockdown period wil...
