Changes of Reporting/Details required in ITR-1 to ITR-7 along with new ITR-V acknowledgement
As this year, there were two occasions when the changes were effected, first by Notification No. 01/2020 dated 03rd January, 2020 and thereafter by Notification No. 31/2020 dated 29th May, 2020. With second notification, forms notified earlier were withdrawn. Before having a look at the major changes effected, taxpayers may note that now if the
Income Tax Deductions allowed for F.Y 2019-20 & A.Y 2020-21
Major Contribution to the tax collection comes from the salaried class. Income tax deductions offers great opportunities for saving tax for the salaried class. With the help of these deductions one could reduce his/her tax substantially. Here we try to list some of the major deductions and allowances which available to the salaried persons, using
Section 269SU not applicable to specified person having only B2B transactions
F.No.370142/3512019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes**** Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under section 269SU of the income-tax Act, 1961 — reg. In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a new provision
Revised TDS rates w.e.f 14.05.2020
In order to provide more funds at the disposal of the tax payers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non- salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to
Notification No. 41/2020- Central Tax
NOTIFICATION New Delhi, the 5th May, 2020 No. 41/2020–Central Tax G.S.R. 275(E).—In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central Goods and Services
Notification No. 40/2020- Central Tax
NOTIFICATION New Delhi, the 5th May, 2020 No. 40/2020–Central Tax G.S.R. 274(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 20 of the Integrated Goods and Services Tax Act, 2017
DSC ISSUE- “Failed to establish connection to the server Kindly restart the Emsigner”
*Follow the below mentioned steps if you face the same problem every time 1. Uninstall previous Emsigner and Download Emsigner latest version from GST Site >www.gst.gov.in > Login > Click on Register/Update DSC(Option available in the dropdown at the top right corner, where applicant’s name mentioned) > Click here for instructions on installing signer utility
Extension of due dates for filing Quarterly TDS/TCS Statements for 4th Qtr of F.Y 2019-20
The NSDL has issued a Circular No. NSDL/TIN/2020/006 dated April 20, 2020 to all TIN-Facilitation Centres (TIN-FCs) is hereby invited to the notification issued by Government of India (The Gazette of India) in view of COVID-19 outbreak. The copy of the notification is attached as Annexure. Vide aforementioned notification, all the due dates prescribed or
Notification No. 36/2020 – Central Tax
Notification No. 36/2020 – Central Tax New Delhi, the 3rd April, 2020 G.S.R…(E).- In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred