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 levied. Circular No. 8/2020 F.No.370133/5/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board … Read more
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. CSR-01/4/2020-CSR-MCA Government of India Ministry of Corporate Affairs 10th April 2020 COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) The … Read more
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 basis of Form 16 (Form 16 Certificate). F.No.178/7/2020-ITA-I Government of India … Read more
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 MSMEs Rs 18,000 crore of total refund granted immediately In the context of … Read more
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 Finance Department of Revenue Central Board of Direct Taxes North Block. … Read more
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 measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought … Read more
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 who have been invalided out on account of disability attributable to or aggravated by Military, Air Force … Read more
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 share/unit holder. Also check: TDS on Income from Pension and Family Pension It was … Read more
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 relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to … Read more
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 Download Deduction as per Income Tax Rules As per the Income Tax rules, no tax for the annual earning … Read more