? ITR 2 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly, ITR 1 & ITR 4 Already Live Major changes introduced in ITR 2 for AY 2020-21 RNORs and non-resident individuals have to file their income tax return in ITR-2 even in case of total income below Rs 50 lakh. […]
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Compliance Calendar Financial Year wise affected due to COVID-19 for July-20 ? FY 2018-19 – ? INCOME TAX✔️31st July 2020- For assesse who has not filled their return or audit for FY 2018-19 last date of filling return ? FY 2019-20 – ? INCOME TAX✔️31st July 2020- The date for making various investment/payment for claiming
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CBDT Circular 3 of 2020 dated 13th July, 2020 One time relaxation for Verification of Income Tax Return 1) CBDT through circular no. 3/2020 dated 13th July 2020 has given one time opportunity to taxpayers whose Income Tax Return’s was filed online but verification was pending. 2) Now any taxpayer whose ITR is pending for
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T.D.SNew rule for Cash withdrawal Effective From 1-7-20 Section 194N of Income Tax ActTDS on payment of certain amounts in cashWho are liable to deduct?:Bank, Co-operative bank or Post Office Threshold limit:If aggregate payment in cash from one or more accounts during a previous year to an account holder exceeds the threshold limit given below:
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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
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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,
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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
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Revised Income Tax Slabs 0-2,50,000 0% 2,50,000-5,00,000 5% 5,00,000-7,50,000 10% 7,50,000-10,00,000 15% 10,00,000-12,50,000 20% 12,50,000-15,00,000 25% 15,00,000 above 30% – 10% for income between Rs 5 lakh-7.5 lakh against 20%. – 15% for income between Rs 7.5 lakh-10 lakh against 20% – 20% for income between Rs 10-12.5 lakh against 30% – 25% for income
