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Fix the global tax system to fix the inequality crisis: ICRICT
The inequality crisis remains unaddressed and out of control. Hundreds of millions of people are living in extreme poverty while large rewards go to those at the very top. In 2019, the world’s billion...
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Increase GST Registration limit to Rs. 40 Lakh and Income Tax exemption Limit to Rs. 5 Lakh
Federation of All India Vyapar mandal has presented a Pre Budget Memorandum to Smt. Nirmala Sitharaman,Hon’ble Union Finance and Corporate Affairs Minister and suggested lots of changes in the field o...
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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21
CBDT has released Circular No. 40/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains...
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TDS | Cash Withdrawal above Rs. 1 Crore | National Savings Schemes
SB Order No. 02/2020F.No 109-27/2019-SBGovt. of IndiaMinistry of CommunicationDepartment of Posts(F.S. Division)Dak Bhawan, New Delhi-110001Dated: 09.01.2020To,All Head of Circles/RegionsAddl. Directo...
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Roll out of facility to provide access of ‘Closed Assessment Proceedings’
ITBA – Audit Module Instruction No. 10DIRECTORATE OF INCOME TAX (SYSTEM)ARA Center, Ground Floor, E-2, Jhandewalan Extension,New Delhi – 110055F.No. Systems/ ITBA/Audit Module/2019-20Dated: 14/01/2020...
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Providing access of e-assessment records to Revenue Audit Party – reg
DIRECTORATE OF INCOME TAX (SYSTEM)ARA Center, Ground Floor, E-2, Jhandewalan Extension,New Delhi – 110055F.No. Systems/ ITBA/Audit Module/2019-20Dated: 14th January 2020ToAll Principal Chief Commissio...
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CBDT relaxes eligibility for filing ITR Form-1 (Sahaj) & Form-4 (Sugam)
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 09th January, 2020PRESS RELEASECBDT grants relaxation in eligibility conditions for filing of Income-...
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10 Useful Utilities at TRACES released by CPC (TDS) in Year 2019
During the past year 2019, CPC (TDS) released a host of useful utilities at TRACES, including the following-1. DIN Verification Functionality on TRACES Homepage wherein taxpayer can verify communicati...
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CBDT Amends rule 10DA and rule 10DB of Income Tax Rules
Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th J...
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New e-TDS/TCS Return Preparation Utility & FUV wef 27.12.2019
This article explains aboute-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterl...
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Income Tax Notification No. 02/2020, Dated: 03.01.2020
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)Notification No. 2/2020-Income TaxNew Delhi, the 3rd January, 2020S.O. 74(E).— It is hereby notified for general information th...
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Constitution of Computer Aided Selection of Cases for Scrutiny (CASS) Committee
DIRECTORATE OF INCOME TAX (RISK ASSESSMENT)CENTRAL BOARD OF DIRECT TAXES4TH FLOOR, C-BLOCK, DR S.P. MUKHERJEE CIVIC CENTRE,MINTO ROAD, NEW DELHI-110002Tel. No.: 011-23221454, FAX No.: 011-23221451F.No...
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CBDT condones delay in filing of Form No. 10 and Form No. 9A
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10 and Form No.9A for Assessment Year 2018-19 and subsequent years- Circular No. 3/2020-Income Tax Dated 3...
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CBDT condones delay in filing of Form No. 10B
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10B for Assessment Year 2018-19 and subsequent years–Circular No. 2/2020-Income Tax Dated 3rd January, 20...
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CBDT Relaxaes time for Compounding of Income Tax Offences
Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020.Circular No. 1/2020-Income...
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CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21
CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax...
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Corrigendum- CBDT amends Jurisdiction of Principal CITs & CITs
Notification No. 109/2019- CBDT amends Jurisdiction of Principal CITs and CITs and amends Headquarter of Principal Commissioner of Income-tax/ Commissioner of Income-tax, Durgapur and Jalpaiguri.MINIS...
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CBDT amends Income Tax Notification No. 77/2019
dated:3rd October, 2019 vide Notification No. 108/2019-Income Tax, Dated: 31.12.2019 to Income-tax Officer (ReAC) (Verification Unit)-2(1)(2), Bengaluru instead of Income-tax Officer (ReAC) (Assessmen...
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Pre Union Budget 2020 Representation/Suggestions
Punjab Tax Bar Association has made few suggestions by way of Memorandum to Hon’ble Finance Minister with respect to Union Budget, 2020 which is likely to be tabled in the Parliament on 1st Feb, 2020....
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Exposure Draft of Conceptual Framework for Financial Reporting under Ind AS for comments
In India, the ICAI had issued a pronouncement with the title ‘Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards’ (Framework). This F...