Income tax Expert, Author at Taxontips

October 21, 2020

During this period of time the biggest question in the mind of any individual would be whether they are required...

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

Requirement for Fresh registration of trust under section 12AB has been extended till 01.04.2021

October 10, 2020

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Section 12AB was introduced by Finance Act, 2020 and was supposed to be applicable from 01.06.2020 which was later extended...

Now you cannot generate ITR Acknowledgement/ ITR-V until you e-verify your return or send it to CPC Bangalore | New update to ITR V

ITR acknowledgement receipt signed and sent to CPC, bangalore but ITR V still not generated? Read this post to find the reason

October 8, 2020

In our earlier post we had discussed that one cannot generate ITR V until one e-verify ITR or sign and...

Tax rate of domestic companies slashed/ reduced to 15% and 22% – What’s the truth? – A Summary

Changes in ITR 6 by virtue of notification 82 of 2020 Dt. 01.10.2020

October 7, 2020

A few days ago we had discussed that ITR 6 is now available for FY 2019-20 and we had also...

Amendment in Form 3CD and form 3CEB for FY 2019-20 tax audit w.e.f. 01.10.2020

October 6, 2020

Form 3CD is a basic Form of Tax audit and needs to be uploaded with all tax audit and audited...

Form 10-IE and 10-IF notified for section 115BAC and 115BAD respectively

October 5, 2020

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It all started with concessional rate of tax for corporates in the form of Section 115BAA and 115BAB for which...

Income tax Rules for depreciation under section 115BAA, 115BAB and 115BAC announced

October 4, 2020

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Section 115BAA and 115BAB were announced for lower corporate tax rate also Section 115BAC was announced for lower tax rate...

Long Term capital gain on listed shares now taxable @10% u/s 112A of the income tax act.

No requirement for scrip wise reporting in case of share trading – Clarification by CBDT

October 4, 2020

CBDT has vide Press release Dt. 26.09.2020 has clarified that one is not required to report script wise details in...

SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type

October 2, 2020

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In past few months we have started seeing various SFT transactions in our Form 26AS. Form 26AS which was earlier...

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

Further clarification on section 206C(1H) – TCS on sale of goods by CBDT through circular

October 1, 2020

CBDT has issued one circular and one press release in two days to further explain implication of section 206C(1H) which...

Due date for filing belated or revised ITR for AY 2019-20 extended to 30.11.2020

September 30, 2020

CBDT has vide order u/s 119 has extended due date for filing revised or belated return for AY 2019-20 till...

Equalisation levy on E-commerce operator | All about equalisation levy

Clarification on applicability of section 194-O by CBDT

September 29, 2020

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Section 194-O was inserted in Income tax act, 2020 by virtue of Finance Act, 2020 which relates to Income tax...

Various FAQ on section 206C(1H) – TCS on sale of goods

September 26, 2020 - Updated on April 20, 2021

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As we know various new compliances are going to start to from 01.10.2020 in Income tax and GST, one of...

Extension of due date for filing ITR under Income Tax till 31.03.2021 | Representation by BCAS

September 24, 2020

We have discussed in our earlier post about the due dates ending in September and new compliances starting from October,...

ITR 6 now available on e filing website | What are the latest changes in ITR 6?

September 23, 2020