Clarification on TDS for cash withdrawal above 1 crore

Clarification on applicability of TDS for cash withdrawals above 1 cr Commissioner of Income tax (media& Technical policy) through press release dated 30.08.2019, clarifies that section  194 N inserted in the Act,is to come into effect from 01.09.2019 and any prior period transaction will not be subject to TDS under said section.However the amendment is […]

DIRECT TAX CODE

DIRECT TAX CODE KEY RECOMMENDATIONS In November 2019 the Government constituted a task force to draft new direct tax laws in consonance with economic needs of the country. The task force has submitted following recommendations in respect of new Income Tax law: 1.Incentives for start-ups The report has suggested that the tax treatment for start-ups […]

Extension of date for filing of Income Tax Returns FY 2018-19 AY 2019-20

IT return due date from 31.07.19 to 31.08.2019,press release dated 23.07.2019 The Central Board of Direct Taxes (CBDT) extends the ‘due date‘ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of certain categories of taxpayers who were liable to file their Returns by 31.07.2019. Link Extension of date for filing of Income Tax […]

Income tax-Points to remember in Financial year 2019-20

Few important Changes applicable from 01.04.2019 as per interim budget 1 Tax Rebate increased Due to rebate allowed for individual with Taxable  income up to Rs 5 lakhs,no tax is payable. 2 .Standared deduction increased to Rs 50,000 The standared deduction for salaried individuals and pensioners is hiked to Rs 50,000 instead of Rs 40,000 […]

Audited ITR AY 2018-19 due date extended to 31.10.2018

Audited ITR AY 2018-19 due date extended to 31.10.2018 Income Tax Return (ITR) along with Tax Audit Report (TAR) Due date for filing has been further extended from 15 Oct. 2018 to 31 Oct. for FY 2017-18/ AY 2018-19 for assessees tax audit is applicable. No change in liability to pay interest u/s 234A even […]