Income Tax News
New TDS/ TCS rate applicable from 14.05.2020 to 31.03.2021 after relief announced on 13.05.20
As we know a relief was announced by our Hon'ble FM on 13.05.2020 wherein various direct tax relief was also...
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TDS rate reduction | ITR due date 30.11.2020 for all | Other Direct tax relief – Covid- 19 relief announced on 13.05.2020
The various direct tax relief announced are as under: 1. TDS rate shall be reduced by 25% and this shall...
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Notice received for claiming HRA exemption u/s 10(13A) and deduction 80GG for rent paid simultaneously
One of the major deductions for salaried employee from their salary is HRA i.e. House Rent allowance where the maximum...
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Section 80M – Deduction in respect of certain intercorporate dividends.
As we know Finance Act, 2020 has scrapped Dividend Distribution Tax (DDT) and therefore dividend is now a taxable income....
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Rescue for NRI from higher TDS deduction when no PAN is available u/s 206AA: Rule 37BC
We know that TDS in most cases of payment made to NRI is covered under section 195. Now there are...
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What is the meaning of notice for transfer of rectification rights to Assessing officer
As soon as we receive some communication or notice from Income tax department we start to panic even if we...
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Re-registration of already registered institution u/s 10(23C), 12A, 12AA, 35 and 80G deferred to 01.10.2020
As we all know Budget, 2020 in order to increase it's database in relation to trust and to check whether...
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Clarification on residential status by CBDT in Income tax because of Covide-19 pandemic
As we all know either people are under lock down or in quarantine because of this pandemic and many of...
Read moreSurcharge on dividend Income shall be capped at 15%. This comes as a savior for High income people
As we know that Budget 2020 has scrapped Dividend Distribution Tax and hence now dividend distributed, declared and paid after...
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Immunity from penalty u/s 270A, prosecution u/s 276C or 276CC – Section 270AA
In our earlier post we had discussed what is penalty u/s 270A which is effective for cases of A.Y. 2017-18...
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Penalty on misreporting and under reporting u/s 270A of the Income tax act w.e.f. A.Y. 2017-18 cases
Section 270A was introduced by Budget 2016, which was made effective for cases relating to AY 2017-18 in place of...
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Refund issued u/s 143(1) of Income tax act can be withhold by AO under various circumstances – SC judgement
In judgement in case of Vodafone Idea Ltd. v. Assistant Commissioner of Income-tax 116 taxmann.com 393 Dt 29.04.2020, it was...
Read moreExemption u/s 54F can be allowed even if amount not deposited in special capital gain account scheme – Jaipur ITAT
Jaipur ITAT in a recent judgement in case of Goverdhan Singh Shekhawat v. Income Tax Officer, Ward- 6(1), Jaipur Dt....
Read moreSupreme Court Judgement in case of TDS on payment made to foreign cricket association
In the present case judgement was announced by Hon'ble Supreme court in case of PILCOM v. Commissioner of Income-tax on...
Read moreAO cannot travel beyond the scope of limited scrutiny without prior approval of appropriate authority – Jaipur ITAT
In a recent judgement of Hon'ble ITAT Jaipur pronounced on 27.02.2020 in case of Shri Sita Ram Swami v. The ITO,...
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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
- 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?
- Statutory Audit of Cash and Cash Equivalents in Indian Companies [Company Law]
- Statutory Audit of Trade Receivables in Indian Companies [Company law]
- Statutory Compliance Calendar for February 2025 | Income tax, GST and various other laws
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