A number of employees have not been able to avail Leave Travel Concession (LTC) in the current Block of 2018-21 due to ongoing pandemic. With a view to compensate Central Government employees and incentivise consumption, government allowed payment of cash allowance equivalent to LTC fare to Central Government employees subject to fulfillment ofcertain conditions. Since …
CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Due Dates Extended by the CBDT (1.) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as …
CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Read More »
Section 193 – TDS from Interest on Securities Who – Any person responsible for paying any interest on securities to a resident. When – Either at the time of credit to the account of the payee or at the time of payment thereof, whichever is earlier Section 2(28B) – Interest on securities: Interest on – …
Important Income Tax (Direct Tax) Amendments (since 2019)
Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019.
Big relief to taxpayers: Deadline to file income tax returns for FY 2018-19 extended till 30 September The government has increased the deadline for filing income tax returns for the financial year 2018-19 from 31 July to 30 September. The Income Tax Department gave this information via tweet. This decision will provide considerable relief to …
If You are Non Filer of ITR for Assessment Year 2019-20 or has not Mentioned any High Value Transaction in ITR, Check Your E-Mail and SMS Under Income Tax E-Campaign The Income Tax Department is all set to start an 11-day e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday …
The finance ministry has clarified that an employer will have to deduct TDS for FY2020-21, from an employee’s salary on the basis of the new lower tax regime if the employee opts for it and informs the employer of the same. It is further clarified that once the regime is opted by an individual at …
FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR Read More »
Government of India Ministry of Finance Department of Revenue New Delhi, the 08th April, 2020 In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would …
GOVT. TO ISSUE INCOME TAX AND GST REFUNDS IMMEDIATELY Read More »
Due to the ongoing lockdown in the wake of Coronavirus, the Income Tax Department has extended the period to fill the 15G and 15H forms for the current financial year to June 30 (for individuals). These forms have to be filled at the source of interest income for exemption from tax deduction i.e. TDS. This …
About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER THE INCOME TAX ACT, 1961 Income Tax Act, 1961 02.03.2020 Due date for furnishing of challan-cum-statement in respect of tax deducted under …
The maximum marginal rate of income tax for super-rich in India, having an annual total income above Rs. 5 crore (Rs.50 million), has been raised to 42.74% (see Table 1). If one compares the new effective rate in India with some other countries, one finds that there are countries with even higher rate of super-rich tax …
As a follow-up to the FAME scheme (Faster Adoption and Manufacturing of Hybrid & electric vehicles Scheme) launched in 2015 to promote EVs in the country, the government announced its second phase, i.e. FAME-2 on 1 April, 2019, with an outlay of Rs 10,000 Crore. Under the second phase of FAME India Scheme, subsidy on …
TAX BENEFITS ON ELECTRIC VEHICLES AS PER BUDGET, 2019 Read More »
