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2020

Important Announcements by CBDT in Relation to ITR 1 ITR 4 for AY 2020 21 

The Central Board of Direct Taxes notified the Income Tax returns ITR 1 and ITR 4 for the Assessment Year 2020-21 (FY 2019-20) on 3rd January 2020.

Afterwards on receipt of representations from tax payers, CBDT issued a press release on 9th January 2020 relaxing the eligibility criteria for filing ITR 1 and ITR 4. In this article we will discuss the key changes announced in relation ITR 1 and ITR 4.

Archive


2019

Methods for E Verification of ITR

Income Tax Return (ITR) verification refers to the process by which one validates or authenticates the details furnished during the return filing process. An Income Tax Return filed but not verified will not be considered as valid return. ITRs are processed further and refunds (if any) are given by the Income Tax Department (ITD) only when you are done with ITR verification.

2019

Cost Inflation Index for the Financial Year 2019 20

CBDT has announced, in a recent notification, the Cost Inflation Index for the Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 is declared 289. Refer to the notification below:

2019

FAQs on Tax Deducted at Source under section 194I

The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax from rent. The Government introduced the provision to cover the income by way of rent under tax deduction at source. In other countries as well, such income is subject to deduction of income tax at source.

2019

TDS on Insurance Commission Section 194D

There are various provisions related to TDS in the Income Tax Act, 1961. One of the very important provisions related to TDS is TDS on TDS on insurance commission under section 194D. In this article we are going to discuss section 194D in to detail.

2019

Obligation of an Assessee to file Income Tax Return

It is generally believed by most people that a person needs to file Income Tax Return only if the total income of such person exceeds maximum amount not chargeable to tax. However, we must bear in mind that there are certain other conditions as well which necessitates a person to file his/her income tax return even though his/her total income does not exceed prescribed limit. Hence, even if your income is less than Rs. 2,50,000, you may be required to file income tax return.

Financial Management