Income Tax

Measures taken by Government to reform Direct Tax regime Over the last few years, in order to provide a non-intrusive and non-adversarial tax ecosystem, the Government has taken various measures to reform the Direct Tax regime. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in response to a written question in the Lok … [Read more...] about Measures taken by Government to reform Direct Tax regime

Income Tax Return Faceless Assessment Scheme MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th August, 2020 S.O. 2745 (E). —In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the … [Read more...] about Income Tax Return Faceless Assessment Scheme

Prime Minister launches platform for “Transparent Taxation - Honouring the Honest” Tax system aims to be Seamless, Painless, Faceless : PM Says the number of taxpayers is significantly low with only 1.5 Crore paying taxes in a country of 130 Crore people Prime Minister urges people to introspect and come forward to pay Income taxes due on them to build an … [Read more...] about Prime Minister launches platform for “Transparent Taxation – Honouring the Honest”

CBDT extends due date for Income Tax Returns for FY 2018-19 (AY 2019-20) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 56/2020-Income Tax Dated: 29th July, 2020 TAXATION AND OTHER LAWS S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of … [Read more...] about CBDT extends due date for Income Tax Returns for FY 2018-19 (AY 2019-20)

CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or … [Read more...] about CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020

Income Tax Department Refunded Rs. 62,361 crore to more than 20 lakh taxpayers amid COVID-19 pandemic In pursuance to the Government’s decision vide Press Note dated April 8th, 2020 to issue pending income tax refunds in order to help taxpayers in a COVID-19 pandemic situation, the Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April … [Read more...] about Income Tax Department Refunded Rs. 62,361 crore to more than 20 lakh taxpayers amid COVID-19 pandemic

CBDT revising return forms to enable taxpayers avail benefits of timeline extension  due to Covid-19 In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end … [Read more...] about CBDT revising return forms to enable taxpayers avail benefits of timeline extension  due to Covid-19

IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs Rs 18,000 crore of total refund granted immediately In the context of the COVID-19 situation and with a view to provide immediate … [Read more...] about IT Department to release all pending income tax refunds

FAQs on Salary Income - Income Tax What is considered as salary income?​​​​​​​​ Section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances? ​Allowances are fixed … [Read more...] about FAQs on Salary Income – Income Tax