Further, if the deductor/ collector has deducted/ collected shortfall of tax after 5th of July, 2019 from the transaction(s) made subsequently after the said date, interest, if any, for the delay in deduction/collection of such tax shall not be … [Read more...]
Payment of salary to employees during the lockdown period can be adjusted against the CSR expenditure?
The Ministry of Corporates Affairs has clarified through a set of FAQs (Frequently Asked Questions) the eligibility of Corporate Social Responsibility (CSR) expenditure related to COVID-19 activities. General Circular No.15 /2020 No. … [Read more...]
PM Care Fund Donation indicates in Form 16 under section 80G – CBDT Order
The Department of Revenue has notified through an order that the contributions made to the Fund are in the form of a consolidated payment. The deduction in respect of such donations as indicated above will be admissible u/s 80G of the Act on the … [Read more...]
All Pending Income Tax Refunds Releases immediately up to 5 Lakh
Income Tax Department to release all pending income tax refunds up to Rs 5 lakhs immediately - Around 14 lakh taxpayers to benefit All GST & CUSTOM refunds also to be released; to provide benefit to around 1 lakh business entities including … [Read more...]
Submission of form 15G and 15H to Banks – CBDT Clarification on 3.4.2020
In case if a person had submitted valid Forms 15G and 15H to the Banks or other Institutions for F.Y. 2019-20, then these Form 15G and 15H will be valid up to 30.06.2020 for FY 2020-21 also F.No. 275/25/2020-IT(B) Government of India Ministry of … [Read more...]
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief … [Read more...]
Disability Pension of Armed Forces Exempt from Income Tax
The PCDA (Principal Controller of Defence Accounts - Pensioners) issued a circular on 20 February 2020 about the exemption from Income Tax on Service Element and Disability Element of Disability Pension granted to disabled personnel of Armed Forces … [Read more...]
10% of TDS Deduction only on Mutual Fund Dividend
CBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of … [Read more...]
Union Budget 2020 – New Personal Income Tax Slab Rates
New tax regime to be optional for the taxpayers New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant … [Read more...]
Income Tax Slabs and Tax Rate for Assessment Year 2020-2021
Income Tax Slabs and Tax Rate for Financial Year 2019-2020 (Assessment Year 2020-2021) Income Tax Rate for Financial Year 2019-2020 for Salaried Employees and Officers Working under Government Services Income Tax Slab for AY 2020-21 PDF … [Read more...]
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