key changes notified in the Income Tax Returns (ITR) for the FY 2019-2020 (AY 2020-21) : 1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4. 2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in …
Changes in Income tax return (ITR) for FY 2019-20 (AY 2020-21) Read More »
Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020. CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. New form 26AS will also provide information in respect of “Specified financial transactions” which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, …
श्री कृष्ण – अर्जुन संवाद TDS/TCS बदलाव पर। अर्जुन: श्री कृष्ण जी को मेरा प्रणाम।कृष्ण: तथास्तु। अर्जुन: भगवन , भारत सरकार द्वारा कोरोना के मद्देनजर टैक्स स्लैब में कोई बदलाव किया गया हैं क्या? कृपा मुझे बताने का कष्ट करें। कृष्ण: अर्जुन, भारत सरकार द्वारा अभी कोई बदलाव नहीं किया गया हैं। लेकिन TDS/TCS के …
What is TDS Section 194N Under Income Tax Act? TDS Section 194N is applicable if cash withdrawals of more than Rs 1 crore during a financial year. This section applied to all the sum of money or an aggregate of sums withdrawn from a in a financial year. The section will apply to withdrawals made …
The TDS compliance of the AY 2020-21 & FY 2019-20 started from 1-4-2019, I Prepared the brief about TDS and tax provision along with important details. TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the …
CBDT extends the due date for filing Income Tax Returns and audit reports from 30th September 2019 to 31st October 2019. The due date on Income tax return and tax audit report for fy 2018-19 and ay 2019-20 extended from 30th September, 2019 to 31st October, 2020 for assessees cover under clause(a) of explanation 2 …
The Last date of file Income Tax Return for AY 2019-20 and FY 2018-19 is 31st August, 2019.
Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable to deduct tax at source u/s 194-IA. In simple words, as per this section the buyer has to pay …
TDS on Sale/Purchase of Immovable Property-194IA Read More »
TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by a person, who is making payment in relation to a business purpose/ transaction. The TAN No provides a unique Identification to Tax Deductor / Collector and help in the tracking of transactions, like payment of taxes and …
What is Advance Tax ? Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department. Who should pay Advance Tax? If …
