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Notification for Deduction of TDS at Lower Rate
A lot of professional’s social media accounts got flooded with messages and notifications due to the recently issued notification of #ICAI allowing #CAs to form Multi-Disciplinary Partnership Firms. ICAI has allowed other professionals like #CS and #CMA to be partners in the same firm and
Court Proceedings Via Video Conferencing Guidelines
Office Order Date: 22nd March 2020 In continuation of earlier advisory on Novel Coronavirus (COVID-19) dated 13th March 2020 of ITAT, Delhi Branches, New Delhi and Office Order dated 16th March 2020 of Hon’ble President, ITAT and in view of the lockdown of Delhi from
ITR 1, ITR 2 and ITR 4 utilities updated for 234
ITR 1, ITR 2 and ITR 4 utilities updated: ITR 1, ITR 2, and ITR 4 utilities updated for calculations of 234B, 234C, 234A. These updates are for FY 19-20 and AY 20-21. ITR 1 is used by salaried employees to file their income tax
Constitutional validity of section 194N
The constitutional validity of section 194N Now constitutional validity of section 194 N is challenged. Under this section, the government is deducting TDS on the withdrawal of cash from a bank account. PIL has already been filed in various courts. Let’s wait what stand court
Relaxation to Claim Exempt Allowances Under New Tax Regime of the Income Tax Act, 1961
The Central Board of Direct Taxes vide Notification No 38/2020 dated 26th June 2020 has empowered the employees who opt for new Concessional Tax Regime under Section 115BAC(5), to claim following allowances under Section 10(14) read with Rule 2BB of the Income Tax Rules, 1962
Rajasthan Tax Bar Association Demanded the Extension of Dates
To, Date: June 20, 2020 The Hon’ble Chief Minister, Government of Rajasthan, Jaipur Sub: Request for extension of due dates for submission of C-forms and ITC mismatch under VAT regime and address some other important issues Respected Sir, The trade & industry and tax consultants
Income Tax Compliance Due Dates
Income Tax Compliance Due Dates CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under: The due date for filing Income Tax Return for F.Y 2018-19 has
Income Tax Search and Seizure: Whether a new claim can be raised in the Income Tax return filed u/s 153A of the act
Income Tax Search and Seizure: Whether a new claim can be raised in the Income Tax return filed u/s 153A of the act Introduction: The provisions of assessment in the case of search u/s. 153A etc. have been inserted by the Finance Act, 2003 with
Announcement for ICAI Exams
Announcement for ICAI Exams The Institute of Chartered Accountants of India [Set up by an Act of Parliament] Post Box No.7112, ICAI BHAWAN, Indraprastha Marg New Delhi – 110002 15th June 2020 Important Announcement During the last few days, we have received the mixed expression
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View The scheme of Settlement of cases under the Income Tax Act’1961 is governed by Sections 245A to 245M contained in “Chapter XIX- A: Settlement of Cases”. In the common parlance,
Cost Inflation Index For FY 2020-21 Notified
Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) Notification New Delhi, the 12th June 2020 Income-Tax S.O.1879(E).- In exercise of powers conferred by clause (v) of the Explanation to Section 48 of the Income Tax Act, 1961 (43 of 1961), the Central
How to file ITR without any software for Ay 20-21
Why should I file ITR? We should file ITR on time. It is a self-assessment form of tax. We inform the government about our income and pay tax on that income. We can file ITR even if there is no tax liability. It helps in