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)
Income Tax
CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020
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
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
FM launches facility of Instant PAN through Aadhaar based e-KYC
FM launches facility of Instant PAN through Aadhaar based e-KYC In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid … [Read more...] about FM launches facility of Instant PAN through Aadhaar based e-KYC
CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19
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
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
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
PCDA Circular 210 : Exemption from Income Tax- Service Element and Disability Element of Disability Pension granted to disabled personnel of Armed Forces
Exemption from Income Tax- Service Element and Disability Element of Disability Pension granted to disabled personnel of Armed Forces who have been invalided out on account of Disability attributable to or aggravated by Military/AF.Navy service. Principal Controller of Defence Accounts (Pensions) Allahabad CIRCULAR No.210 No.AT/Tech/228/Vol-IX Date - 20.02.2020 To 1. The … [Read more...] about PCDA Circular 210 : Exemption from Income Tax- Service Element and Disability Element of Disability Pension granted to disabled personnel of Armed Forces
New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers
New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to bring a new and simplified … [Read more...] about New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers
Budget 2020 : New Income Tax Slabs
Budget 2020 : Income Tax New Slabs Key highlights of Union Budget 2020-21 Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021 New Income Tax Slabs No tax for income below Rs 5 lakh 10% for income between Rs 5 - 7.5 lakhs (down from 20%) 15% for income between Rs 7.5 - 10 lakhs (down from 20%) 20% … [Read more...] about Budget 2020 : New Income Tax Slabs