Recent News
CBDT to start E-Campaign for Voluntary Compliance of Income Tax for FY 2018-19
The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from 20th July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assesses/taxpayers who are either non-filers or have...
GST RETURNS DUE DATE | CONFUSION AND UNREST
With the various notifications being released by the CBIC, confusion has arisen amongst masses as to when is the last date for filing GST Returns. In a recent notification released by the CBIC, further relief has been provided to taxpayers to file their pending GSTR-1...
MAJOR RELIEF TO TAXPAYERS UNDER GST – 40TH GST COUNCIL MEET
The Goods and Services Tax Council on 12 June 2020, decided to further ease compliance burden on businesses by providing relief on late fee and interest payable on late payments. It reduced late fee and interest for those with tax liabilities and waived off late fee...
NATIONAL PENSION SCHEME: LATEST RULES
Due to the coronavirus pandemic, the government has extended the date till June 30 for making various investment/payment for claiming deduction for FY 2019-20. It includes National Pension Scheme (NPS) and other Section 80C investments like PPF and NSC. From April...
JUNE 2020 IS GOING TO BE CRAMMED WITH COMPLIANCES
Owing to the difficulties faced by taxpayers due to Covid-19, the Indian Govt. had earlier undertaken relief measures in April 2020 by way of providing relaxations in the last dates for undertaking various GST compliances. In view thereof, this month i.e. June 2020 is...
TDS Rates reduced for Financial Year 2020-21 w.e.f. 14.05.2020
The government has reduced TDS and TCS rates for interest, dividend, rent payments and other non-salaried payments by 25 % with effect from May 14, 2020 for the current financial year in order to provide some relief to businesses helping them fight back and revive...
NEW ITR (INCOME TAX RETURN) FORMS FOR A.Y. 2020-21 NOTIFIED
CBDT has notified income tax forms for the assessment year 2020-21 (i.e. Financial year 2019-20) vide Notification No. 31/2020-Income Tax, dated 29th May, 2020. The new ITR forms require taxpayers to furnish details of specified high-spend transactions, such as...
CHANGES IN THE FDI POLICY OF INDIA WITH RESPECT TO THE CORONAVIRUS OUTBREAK
The result of the novel coronavirus pandemic on the global economy is something beyond comprehension until countries, including India, come out of lockdown mode. In a move which is being received with enthusiasm for the most part in India amid fears of takeovers of...
CHANGES IN FORM 26AS W.E.F 01.06.2020
Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020 CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are: New form 26AS will provide information in respect of “Specified financial...
COMPANIES FRESH START SCHEME, 2020 – A GOLDEN OPPORTUNITY FOR DEFAULTERS
The world, as a whole, is on a lockdown currently due to the exceptional situation regarding public health and safety caused by the Coronavirus (COVID-19) pandemic. The Ministry of Corporate Affairs, in order to ease matters for the companies, recently announced a new...
INCOME TAX & MCA Deadline EXTENDED
Income Tax Returns Due Dates extended up to 30th June 2020 The news of extension of last date of filing the Income Tax Return for the F.Y. 2018-19 comes as a relief to many taxpayers across the country. This decision has been taken on account of the increasing spread...
Extended Due Dates for GST
With the increasing spread of COVID-19 and for the ease and benefit of the tax-payers the GST Department, Govt. of India has introduced several notifications, delaying the due date of filing of various returns. This step has been taken keeping in mind that it would...
Financial Year 2019-20 – NOT Extended
The government, Ministry of Finance has clarified that there is no change in Financial Year 2019-20 and it ends on 31 March 2020 In Social Media there are fake circulars or notifications being shared. Government clarified all such documents are fake. The document in...
Are you aware about the changes in Income Tax Return?
Tax season generally coincides with monsoon, unlike the latter, the former is not a season that taxpayer look forward to. Taxation by itself is complex. For the layman, it gets even more so when they have to file their ITR. The ITR forms are complicated as there are...
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