Income Tax News
Important Direct and Indirect tax related updates from Honorable Finance Minister Video conference on 24.03.2020
In the video conference on 24.03.2020 following relief has been provided: Direct tax: Due date for filing ITR for F.Y....
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Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act
In general terms belated return means return filed after the due date of filing return of income. However as per...
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Vivad se Vishawas Forms released along with rules | Forms available on E filing website
Vivad se Vishwas received assent of President on 17.03.2020 and on 18.03.2020 Forms were released by notification in the Gazette...
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Vivad se Vishwas is now an act – Received President Assent | Forms on E-filing website
Vivad se Vishwas Bill is now an act as it receives President's assent on 17.03.2020. The updated act has been...
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Income tax Appellate Tribunal (ITAT) to not function from 17.03.2020 to 27.03.2020
Amid Corona Virus epidemic and after notification of Supreme Court Dt. 13.03.2020, now the Income Tax Appellate Tribunal (ITAT) has...
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Sale of listed mutual fund by an NRI wont be liable to Income tax
Section 47 states various transaction or transfer which wont be liable for Capital gain tax. In this regard CBDT vide...
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Compliance notices issued by Income tax department to Non-filers
As we all know Income tax department is going paperless, linking all our accounts and tracking all our financial activities...
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What is difference between exemption u/s 54 and 54F
Planning of capital gain income is a huge part of many cases and people usually earn a huge amount in...
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Deduction u/s 80DD and who can avail it.
There are situation where our known person suffers from a disease and we are looking after them and generally we...
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Not Linking PAN and Aadhar can make you pay Rs. 10,000 fine? – Fake news
A few days ago CBDT had issued a notification stating the modus operandi to make the PAN inoperative if its...
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Penalty for fake invoices/ entry: Section 271AAD
While presenting Budget 2020, nothing was announced regarding any such penalty. However as we know about the fake invoices being...
Read moreVivad se Vishwas bill passed in Lok sabha || FAQ on Vivad se vishwas
Vivad se Vishwas Bill was passed in Lok sabha on 04.03.2020. Also CBDT has issued various FAQ on the same...
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Income Tax on proceeds from Life Insurance policy under new tax rate
Investment in Life Insurance Policy is major investment by all individuals and each person has atleast one LIC policy in...
Read moreExemption u/s 54 available only once in lifetime? Rs. 2 crore limit
In India investment in property is a very common thing and many people earn huge amount of money from buying...
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Income Tax department conducting the biggest raid of 2020 in Raipur!
India's biggest income tax raid (search/ survey) in the year of 2020 reaching on 4th consecutive day at Raipur in...
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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
- GIFT City Investments and Schedule FA Disclosure
- 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
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