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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

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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

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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

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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

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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

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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

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