Income Tax News
Employees opting for new tax regime won’t be eligible for benefit of LTC stimulus package
Lower tax regime u/s 115BAC was introduced by Budget 2020 for individuals wherein various different slabs were announced for individual...
Read moreProvisions of dividend stripping are of no use now after dividend income has become taxable under Income tax
In Finance Act, 2020 DDT was scrapped and with that exemption available on dividend was also removed and thus any...
Read moreFAQ related to Special cash package for Leave travel concession (LTC) announced by Central government
Ministry of Finance on 12.10.2020 had announced cash package against Leave travel concession for government employees for the block period...
Read moreSpecial cash package for leave travel concession announced by Central government for government and non government employees
Central government on 12.10.2020 has announced a special cash package in lieu of leave travel concession (LTC) fare for government...
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Pre-filled ITR now available for ease of tax payers: AtmaNirbhar Bharat 3.0
Our Hon'ble Finance minister in her Speech for Atmanirbhar bharat had announced that they are launching Pre-filled ITR's for the...
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Income tax relief announced for Home buyers and developers for value upto Rs. 2 crore – Atmanirbhar Bharat
Our Hon'ble Finance Minister Smt. Nirmala Sitharaman had held a Press conference on 12.11.2020 to announce various schemes under Atma...
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Form 26AS i.e. annual information statement will now include monthly GST turnover for the relevant year
With digital India and making all department's digital it was announced by the government that slowly they will link all...
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Employee opting for new tax regime u/s 115BAC: Here’s what all exemption/ deduction you will have to let go.
Section 115BAC is made applicable from FY 2020-21 i.e. AY 2021-22 which is the current financial year and all employees...
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Instruction for filing of ITR 1 to 7 of FY 2019-20 issued by CBDT
As we know a few months ago CBDT has released ITR 1 to 7 with utility for filing and a...
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Not able to make payment of TCS on sale of goods u/s 206C(1H) – Bank shows invalid payment
Although Tin - NSDL website had added nature of payment/ code for making payment of TCS under the code 6CR...
Read moreCode/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
In the morning we had posted an article as people were not able to pay TCS on sale of goods...
Read moreNo challan available for making payment of TCS on sale of goods u/s 206C(1H)
Section 206C(1H) - TCS on sale of goods was introduced in Income tax act by Finance Act, 2020 wherein it...
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Can one person show 2 business under 44AD? What if one business profit is below 6% or 8% under 44AD?
In our earlier post we had discussed whether a person can show income under 44AD and 44ADA simultaneously. Now, in...
Read moreCBDT issues stringent guidelines for coercive/intrusive tax recovery
CBDT, with immediate effect, by order u/s 119 restricts the coercive/intrusive powers of AO/TRO for tax recovery; 1. TDS charges:...
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New Due date for Vivad se vishwas Act, notified on 27.10.2020
Vivad se vishwas is a dispute resolution scheme under Direct Tax which was announced after the success of dispute resolution...
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GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning
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How to pay Membership and COP fees of ICAI for 2020-21 |
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Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
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Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020
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SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type
- Taxation and Income tax return of Foreign Companies Earning Income from India under special rates
- Income Tax Department’s NUDGE Initiative 2025-26: A Clear Warning for Taxpayers to Ensure Accurate Reporting
- Notice from Income tax department e-verification cell for non-filing ITR. How to respond
- Default under TDS for 20% TDS or short deduction? Here is a relief from non-linking of Aadhar-PAN
- Received Notice Under Section 143(2) of Income Tax Act? Here’s Why You Got It and How to Tackle It Effectively?
- Statutory Compliance Calendar for June 2025 | Income tax, GST and various other laws
- Statutory Compliance Calendar for May 2025 | Income tax, GST and various other laws
- ITAT Mumbai: Capital Gains on Indian Mutual Funds Not Taxable in India for Non-Residents under DTAA [Case law]
- Statutory Compliance Calendar for April 2025 | Income tax, GST and various other laws
- No relief under section 87A for capital gain even after date extended to file revised return for AY 2024-25?
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