Income tax Expert, Author at Taxontips

November 16, 2020 - Updated on November 18, 2020

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Central government on 12.10.2020 has announced a special cash package in lieu of leave travel concession (LTC) fare for government...

Due date for Tax audit for A.Y. 2019-20 extended from 30th September to 31st October

Pre-filled ITR now available for ease of tax payers: AtmaNirbhar Bharat 3.0

November 15, 2020

Our Hon'ble Finance minister in her Speech for Atmanirbhar bharat had announced that they are launching Pre-filled ITR's for the...

Income tax relief announced for Home buyers and developers for value upto Rs. 2 crore – Atmanirbhar Bharat

November 13, 2020

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Our Hon'ble Finance Minister Smt. Nirmala Sitharaman had held a Press conference on 12.11.2020 to announce various schemes under Atma...

Form 26AS i.e. annual information statement will now include monthly GST turnover for the relevant year

November 13, 2020

With digital India and making all department's digital it was announced by the government that slowly they will link all...

Calculation sheet for comparison of tax payable under new and old tax regime for individual and HUF – 115BAC

Employee opting for new tax regime u/s 115BAC: Here’s what all exemption/ deduction you will have to let go.

November 11, 2020

Section 115BAC is made applicable from FY 2020-21 i.e. AY 2021-22 which is the current financial year and all employees...

TOP Myths relating to Income Tax return….Busted

Instruction for filing of ITR 1 to 7 of FY 2019-20 issued by CBDT

November 9, 2020

As we know a few months ago CBDT has released ITR 1 to 7 with utility for filing and a...

TCS on sale of goods from 01.10.2020 – Section 206C(1H)

Not able to make payment of TCS on sale of goods u/s 206C(1H) – Bank shows invalid payment

November 7, 2020

Although Tin - NSDL website had added nature of payment/ code for making payment of TCS under the code 6CR...

Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods

November 6, 2020

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In the morning we had posted an article as people were not able to pay TCS on sale of goods...

No challan available for making payment of TCS on sale of goods u/s 206C(1H)

November 6, 2020 - Updated on November 7, 2020

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Section 206C(1H) - TCS on sale of goods was introduced in Income tax act by Finance Act, 2020 wherein it...

Deduction partner remuneration while declaring income under Presumptive taxation scheme

Can one person show 2 business under 44AD? What if one business profit is below 6% or 8% under 44AD?

October 30, 2020

In our earlier post we had discussed whether a person can show income under 44AD and 44ADA simultaneously. Now, in...

CBDT issues stringent guidelines for coercive/intrusive tax recovery

October 29, 2020

CBDT, with immediate effect, by order u/s 119 restricts the coercive/intrusive powers of AO/TRO for tax recovery; 1. TDS charges:...

VIVAD SE VISHWAS SCHEME ANNOUNCED IN BUDGET 2020

New Due date for Vivad se vishwas Act, notified on 27.10.2020

October 27, 2020

Vivad se vishwas is a dispute resolution scheme under Direct Tax which was announced after the success of dispute resolution...

Compliance due dates for June, 2020 | Compliance calendar for June, 2020 | 20+ compliances

CBDT extends Tax audit and Income tax return due date for FY 2019-20

October 24, 2020

Just today we had posted an article on changes in 3CD and how extension is going to come in 2-3...

New Utility for Form 3CB, 3CD and other tax audit forms released by CBDT with errors? | What will happen to TAR submitted between 01st OCT to 22nd OCT?

October 24, 2020