Introduction Vivad Se Vishwas Scheme, 2020 was introduced by the Finance Act, 2020 with an objective of reducing the pending income tax litigation, generating revenue for the Government on time and help tax payers by reducing their tax burden by… Read More
Income Tax Slabs for the AY 2021-2022 (FY 2020-2021)
The Finance Act, 2020 has made certain changes in the slab rates for individuals giving them option either to opt for the new tax regime or to continue with the old tax regime. New Tax Regime* Income Slab Applicable Tax… Read More
Income Tax Slabs for the AY 2020-2021(FY 2019-2020)
Latest Update: ITR for the AY 2019-20 (FY 2018-19) can be filed and revised upto 30th June, 2020 amid COVID-19 Pandemic. (Last Opportunity) Amid COVID-19 Pandemic in the country the Finance Minister Mrs. Nirmala Sitharaman has announced an extension for… Read More
Section 269SU – Prescribed electronic modes for acceptance of payment of business
Latest Update As per the Circular No. 12/2020 dated 20th May, 2020, has clarified that the provisions of Section 269SU will not be applicable to ; The specified persons having B2B transactions only. At least 95% of the aggregate receipts… Read More
Relaxations under the Income Tax Act, 1961 amid COVID-19 Pandemic
As the world is going through COVID-19 pandemic, most of the Countries are under Lock Down in the fight against COVID-19. Industries are shut and Government is encouraging the employers to give their employees work from home . The deadly… Read More
PM CARES Fund
As the World is going through COVID-19 Pandemics, India has realized the need of a fund for that will be primarily dealing with any kind of emergency or distress situation. Hence the Prime Minister Narendra Modi announced set up of… Read More
Relief measures announced by the Finance Minister with relate to Regulatory and Statutory Compliances in view of the COVID-19 outbreak in the Country
Finance Minister Smt. Nirmala Sitharaman today announced several relief measures in view of the COVID-19 outbreak via video conferencing in the areas of Income Tax, GST, Customs and Central Excise, Corporate Affairs, Insolvency and Bankruptcy (IBC), Banking Sector and Commerce.… Read More
Key Highlights of Union Budget 2020
Insertion of new sections 194K and 194O Section 194K has been inserted to provide that any person responsible for paying to a resident any income in respect of units of mutual funds as per section 10(23D) or units from the… Read More
Aadhaar-PAN Linking
The Income Tax Department has made it mandatory to link Aadhaar with PAN failing which will cause the inactivation of the PAN. The due dates for the same has been extended several times and the latest due date to link… Read More
Taxation of Retirement Benefits
Introduction: On the event of retirement, an employee receives certain retirement benefits which are dealt within the ambit of section 17(3) and considered as “profits in lieu of salary”, however section 10 allows certain exemptions on some of the retirement… Read More