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112 JCITs to Exercise powers and functions of DCIT/DDIT
Order u/s 120(1) of the Income-tax Act, 1961 – Exercise of powers and functions of DDIT/DCIT by Joint Commissioners of Income-tax.F.No.187/01/2020-ITA-1Government of IndiaMinistry of FinanceDepartment...
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New Optional Personal Income Tax Rate Slabs- Budget 2020
Press Information BureauGovernment of IndiaMinistry of Finance01-February-2020 14:43 ISTNew Personal Income Tax Regime heralds significant relief, especially for Middle Class TaxpayersNew tax regime t...
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Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore
Press Information BureauGovernment of IndiaMinistry of FinanceDated: 01-February-2020MSMEs turnover threshold for Audit increased 5 times to Rs 5 CroreIncreased limit to apply only to Businesses carri...
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FM proposes wide-ranging facilitation measures in Direct Tax Regime
Press Information BureauGovernment of IndiaMinistry of Finance01-February-2020 14:40 ISTFinance Minister proposes wide-ranging facilitation measures in Direct Tax Regime‘Vivad Se Vishwas’ scheme propo...
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Budget 2020: DDT proposed to be removed
Press Information BureauGovernment of IndiaMinistry of Finance01-February-2020 14:39 ISTDDT proposed to be removed; to lead to estimated annual revenue forgone of Rs. 25,000 croreTax Concessions Annou...
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CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000
Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account...
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ICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)
ICAI Press ReleaseICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)The Institute of Chartered Accountants of India (ICAI) recently got into an arrangement with Income Tax Appellat...
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Extension of ad-hoc appointments of 176 ITOs to ACIT grade
Office Order No. 15 of 2020 – Extension of ad-hoc appointments of 176 Income Tax Officers to the grade of Assistant Commissioner of Income Tax (ACIT) – F.No. A-32013/02/2016-Ad.VIGovernment of IndiaMi...
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CBDT notifies Institute of Pesticide Formulation Technology Gurugram u/s 35(1)(ii)
CBDT notifies Institute of Pesticide Formulation Technology Gurugram under section 35(1)(ii) vide Notification No. 07/2020-Income Tax dated 28th January, 2020.MINISTRY OF FINANCE(Department of Revenue...
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CBDT further amends Income Tax jurisdiction
vide Notification No. 05/2020-Income Tax dated 28th January, 2020.MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXESNotification No. 5/2020- Income TaxNew Delhi, the 28th January...
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Section 269SU Prescribing electronic modes of payment needs a re-look
The Chamber of Tax Consultants has made a represenation to Hon’ble Finance Minister and submitted that compliance with section 269SU read with Rule 119AA will not only result in incurrence of addition...
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CBDT revises jurisdiction of Principal CIT / CIT of Guwahati
CBDT revises jurisdiction of Principal Commissioner/ Commissioner of Income-tax, Guwahati vide Notification No. 6/2020 dated 27th January, 2020..MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOAR...
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Increase Income Tax Slab, Section 80C & Section 80TTA deduction
Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase Exemption Limit of Income of Minor, Increase Section 44ADA Thrash-hold...
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Request for extension of due date for filing of Form IDS 3
Tax Bar Association has requested for extension of due date for filing of Form IDS 3 to 31st March, 2020 as for various reasons. Text of the representation is as follows:-Dated: January 24, 2020ToHon’...
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Govt appoints administrator for Dadra & Nagar Haveli and Daman & Diu Merger
MINISTRY OF HOME AFFAIRSNOTIFICATIONNew Delhi, the 24th January, 2020F.No. 14016/34/2016.UTS-I.—In pursuance to the Dadra and Nagar Haveli and Daman and Diu (Merger of Union Territories) Act, 2019 iss...
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IT Search in group running renowned educational institutions
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 24th January, 2020PRESS RELEASESearch in group running renowned educational institutions in Tamil Nad...
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Undisclosed foreign assets of more than Rs. 1000 crore detected
Ministry of FinanceIncome Tax searches lead to detection of undisclosed foreign assets of more than Rs. 1000 crorePosted On: 24 JAN 2020 6:03PM by PIB DelhiTaking forward the mission of the Government...
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Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India
Ministry Of Law & JusticeTax Invasion is a Social Injustice to fellow citizens: Chief Justice of IndiaTax Judiciary plays an important role in resource mobilization of the country;Artificial Intellige...
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Budget 2020- Increase Tax Exemption Slabs / Section 80C Deduction/ Cash Transaction Limit
Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to at...
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Section 234F Fee for delayed filing of return causing undue hardship
As we all are aware that the Finance Act, 2017 has come up with the new Section 234F. As per that section 234F, if a person who is required to furnish a return of his income u/s 139, fails to furnish...