The Income Tax department has announced forms for filing I-T returns for the 2020-21 fiscal, the Central Board of Direct Taxes explained on Thursday. In this article, we will discuss CBDT notifies Income Tax Return forms. CBDT notifies Income Tax Return forms The Income Tax department has announced the notification forms for filing I-T returns … Read more
The Union Finance Minister Nirmala Sitharaman, while proposing Union Budget 2021 had announced a new simplified income tax regime to make some relaxation to the salaried class. The income tax changes, that have an effect on the salaried class will come into effect from April 1, 2021. In this article, we will discuss on Rules … Read more
In a relief to taxpayers, the central government has again extended compliance deadlines for the Vivad se Vishwas direct tax dispute resolution scheme. In this article, we will discuss the due date for Extend Vivad Se Vishwas Scheme. Extend Vivad Se Vishwas Scheme The Central government has again extended the deadline for settling tax disputes … Read more
The Central Board of Direct Taxes (CBDT) has issued the notification on tolerance range for wholesale trading for the assessment year 2020-21. Let’s summarise the notification in detail – Tolerance range for wholesale trading for AY 2020-21 The Central Board of Direct Taxes (CBDT) has declared that the tolerance range of 1 per cent for … Read more
The government had recently introduced a new definition for Micro, Small, and Medium Enterprises (MSMEs). This was based on investment as well as turnover. Government Introduces a New Definition of MSMEs However, notification left MSMEs in dilemma on how to compute the investment and turnover figure. This is necessary to find out the correct … Read more
Central Board of Direct Taxes (CBDT) has recently clarified on the residential status of NRIs staying in India during Lockdown. The COVID-19 lockdown has not only brought businesses to a halt but has also changed the way of life. Besides, some important legislative changes have taken place in the past few days. Recently a change … Read more
The Tax department has announced on 8th May 2020 that Shri Ram Janambhoomi Teerth Kshetra Trust has been placed under section 80G of the Income-tax Act 1961. With that, any donation made to the Ram Janambhoomi Teerth Kshetra Trust will be totally tax-exempted under the provisions of section 80G of the Income Tax Act for … Read more