Extension of the due date of furnishing of Income Tax Returns and Audit Reports In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 … Read more
Latest CBDT Circular October 2020 regarding the Income Tax Returns for the Assessment Year 2019-20 PDF Download F. No. 225/ 150/2020-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ITA-II Division New Delhi, the 30 September 2020 Order under Section 119(2)(a) of the Income-tax Act, 1961 The … Read more
The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020 Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Rs 3 lakh … Read more
Income Tax Due Date Extended to all Taxpayers from July to August 2019 Income Tax Due Date Extended to all Taxpayers from 31st July to 31st August 2019 The last date for filing Income Tax returns for AY 2019-20 is 31.07.2019. Filing Income Tax returns from 31st July, 2019 to 31st August, 2019 in cases … Read more
Union Budget 2020 – No change in Income Tax Slab “Those having annual income upto Rs. 5 lakh are not required to pay any income tax” Tax rates for individuals having taxable income from Rs. 2 cr – 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 … Read more
IT Returns cannot be filed without quoting the Aadhaar number – CBDT Income Tax Returns being filed either electronically or manually cannot be filed without quoting the Aadhaar number Circular No.6/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 31st of March, 2019 Subject: … Read more
Income upto Rs 5 Lakh to Get Full Tax Rebate “Additional deductions such as interest on home loan up to Rs.2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens” Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed Relief of over Rs … Read more
Rates of Income Tax for FY 2019-20 – Finance Bill 2019 RATES OF INCOME TAX – FINANCE BILL 2019 THE FINANCE BILL, 2019 A BILL to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to taxpayers and to make amendments in certain enactments. BE it enacted … Read more
Highlights Of Interim Budget 2019-20 Tax exempted on notional rent on a second self-occupied house Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year Defence budget to cross Rs 3,00,000 crore for the first time ever Ministry of Finance Highlights Of Interim … Read more
Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh Income Tax Exemption for Individuals up to Rs.5 Lakh per annum Finance Minister Piyush Goyal has announced that no need to pay income tax for individuals with income upto 5 Lakh for the financial year 2019-20 Along with the increase the exemption … Read more