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Mar23
2020
Q1: What does section 194K of the Income Tax Act says?
Any person responsible for paying to a resident any income in respect of:
shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income tax thereon at the rate of 10 per cent.
Mar17
2020
Vivad se Viswas scheme is launched by Ministry of Finance in LokSabha on 5th February 2020.It is a tax dispute Redressal mechanism which is introduced in Direct Tax regime so that taxpayers whose tax demands and disputes related to Income Tax are pending as on 31st January, 2020 [irrespective of whether the demand is pending or has been paid], can pay their taxes and settle disputes by 31st March, 2020.
Mar02
2020
The Budget 2020 has introduced a new Income Tax structure having six different slab rates. The current tax slab rates will also remain in place. This move will make tax structure more complex. If the tax payers wish to avail new structure, he/she will not be able to avail benefit of many of the deductions and exemptions available at present in old tax structure.The removal of tax exemptions and deductions certainly makes compliance less tedious, but tax planners who maximized their tax deductions will probably pay more tax under the new tax regime.
Feb06
2020
Finance Minister Nirmala Sitharaman presented the Budget for the Financial Year 2020-21 on 1st February 2020. The Budget has especially brought cheers for middleclass people in the form of Income Tax slab rate cuts as well as increase in insurance cover for deposits. Let us discuss the key points of the budget.
Jan17
2020
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.
Oct15
2019
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.
