Ministry of FinanceCBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend 04 FEB 2020 The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/ unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income … [Read more...] about CBDT clarifies the TDS provisions on Mutual Fund dividend
Income Tax - Central Government Employees
Budget 2020 – Personal Income Tax and tax simplification
Budget 2020 - Personal Income Tax and tax simplification In order to provide significant relief to individual taxpayers and to simplify the Income-Tax law, the Finance Minister proposed to introduce a new and simpler personal income tax system in which income tax rates will be substantially reduced for individual taxpayers who forgo such deductions and exemptions. The … [Read more...] about Budget 2020 – Personal Income Tax and tax simplification
CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
Ministry of Finance CBDT issues clarification on eligibility of small Start-ups to avail tax holiday 22 AUG 2019 The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961 (the ‘Act’), which provides deduction for 1 … [Read more...] about CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT
Ministry of Finance Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same. To effectively reduce taxpayer … [Read more...] about Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT
CBDT – Order under Section 119 of the Income-tax Act, 1961
CBDT Order under Section 119 of the Income-tax Act, 1961 Extension of due date for filing of ITRs for the A.Y 2019-20 from 31st July, 2019 to 31st August, 2019 F. No. 225/157/2019/ ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA-II Division New Delhi, the 23rd of July, 2019 Order under Section … [Read more...] about CBDT – Order under Section 119 of the Income-tax Act, 1961
Clarifications on filing of Annual Return (FORM GSTR-9)
Ministry of Finance Clarifications on filing of Annual Return (FORM GSTR-9) 04 JUN 2019 The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows: Information contained in FORM GSTR-2A as on 01.05.2019 shall be … [Read more...] about Clarifications on filing of Annual Return (FORM GSTR-9)
Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent Establishment
Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent Establishment F.No.500/33/2017-FTD.I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax and Tax Research-I) New Delhi, dated the 18th April, 2019 Subject: Public Consultation on the proposal for amendment of Rules for … [Read more...] about Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent Establishment
Income Tax department revises the Form 16 TDS certificate format issued by employers
Income Tax department revises the (Form 16) TDS certificate format issued by employers The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding … [Read more...] about Income Tax department revises the Form 16 TDS certificate format issued by employers
Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh
Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh Finance Minister Piyush goyal has proposed that individuals with income upto Rs 5 lakh will not have to pay any income tax for FY2019-20. In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 … [Read more...] about Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh
CBDT: Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days
Ministry of Finance CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days 22 JAN 2019 The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high … [Read more...] about CBDT: Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days
