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Format of Declaration to be taken from Salaried Employee by Employer to deduct TDS in Old or New IT Slab Rates
Format of Declaration to be taken from Salaried Employee by Employer to deduct TDS in Old or New IT Slab Rates The Finance Act 2020, has introduced new section 115BAC, as per this provision the assessee has an option whether to pay tax as per
Professional Services Vs. Technical Services U/s 194J of Income Tax Act, 1961
Professional Services Vs. Technical Services U/s 194J of Income Tax Act, 1961 This analysis has assumed great importance due to the amendment of section 194J by the Finance Act, 2020 with effect from 1st April 2020. In nutshell, after the amendment, the TDS rate on
Remuneration to be Paid to Fund Manager of EIF
The Income-Tax( 10th Amendment) Rules, 2020 notified by CBDT in the exercise of the powers conferred by Section 295 of the Income Tax Act, 1961. Vide this notification Section 9A has been amended which deals with the provisions regarding the remuneration to be paid by
CE Certificate Course in Income Tax
Certificate course in Income Tax with CA Rohit Kapoor Corona is promoting make in India. This can result in a huge opportunity for trained people. New industries will set up and they need good consultants to take care of their taxes. We all are searching
Income Tax ComplianceAdditional information in ITR 1 for AY 2020-21
Who can file? Income tax forms are released by CBDT. ITR 1 for AY 2020-21 is also notified. It is also called ITR SUGAM. There is some additional information required this year. The basic form for an Income-tax return in ITR 1. It can be
ITR Forms For AY 2020-21 Notified
ITR Forms For AY 2020-21 Notified MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th May 2020 INCOME-TAX G.S.R. 338(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43
The legality of Prior approval of the Joint Commissioner for assessment in search cases under Section 153D of the Income Tax Act 1961.
The legality of Prior approval of the Joint Commissioner for assessment in search cases under Section 153D of the Income Tax Act 1961. Section 153D of the act in the present Search Assessment regime mandates that prior approval is necessary for a valid assessment under
New Income Tax Return Forms
New Income Tax Return forms were notified yesterday night. Every year some changes are made to make data mining easier for the Finance Intelligence Unit (FIU). This year too some changes have been made. Let’s have a brief look at what they are. INVESTMENT DETAILS:
New Changes in Form 26AS
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th May 2020 INCOME-TAX G.S.R. 329(E).—In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of
Taxability of Bogus Share Capital Under Section 68 of Income Tax Act 1961
Background A. The most effective and lethal weapon used by the government against evasive tactics used by the assessee, to convert their unaccounted money in accounted one is section 68 of the Income Act 1961. B. As per said section, it taxes any credit appearing
New Claim While Responding to Notice U/s 153A of I.T. Act 1961
PCIT v. JSW Steel Limited [2020] Hon’ble Bombay High court in the case of PCIT v. JSW Steel Limited [2020] adjudicated the following issues: Whether assessee can make an additional claim in return of income filed for assessment year which was already concluded on the
Income Tax ComplianceComplete Guide on SFT “Specified Financial Transaction”
Complete guide on SFT “Specified Financial Transaction” As we all are aware the filing of SFT return is nearby, i.e. 31 st May 2020. Here, is a small step to guide you all before filing the return. Under the Annual Information Return (AIR) Scheme, which