income tax return

Income Tax refund for AY 2020-21

Income Tax refund for AY 2020-21

The Income Tax Department has issued the new notifications for Income Tax refund for AY 2020-21 Let’s summaries the Notifications issued:- The Income Tax department has issued the notification for the taxpayers who have filed their income tax return (ITR) for the Assessment Year (AY) 2020-21 and haven’t taken the refund so far, A technical … Read more

Tax on Diwali Gifts

Tax on Diwali Gifts

India is a country of close-knitted families and having a lot of reasons to celebrate Diwali owing to its diversified culture, customs and religion. Various occasions like Diwali where gifts are exchanged or gifting each other is a representation of love and affection and can also are a symbol of social status. However, several times … Read more

Income tax return filing deadline for FY2019-20 extended till Dec 31

Extends due date for ITR Audit Report

The Central Government has issued the notifications for an extends due date for ITR Audit Report. Let’s summaries the Notifications issued:- The Central Government has published for the income tax return (ITR) filing deadline for FY 2019-20, which has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline is November … Read more

Income Tax Return Filing (ITR) date extended

ITR Filing

  To offer some relief to taxpayers in the pandemic, the Central Board of Direct Taxes newly extend Income Tax Return Filing (ITR) date extended for Financial Year 19. On Wednesday, the government increased the period for ITR Filing for FY2018-19 by a month till July 31, 2020. The scheduled date for the income tax return … Read more

Clarification issued on the Investment and Turnover for MSMEs Classification

msmes investment

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

5 Key Tax reliefs while COVID-19 Lockdown

5 tax reliefs

The government has given certain tax reliefs to the taxpayers during COVID-19 Lockdown. The COVID-19 pandemic has an adverse impact all over the globe and sent economies spinning. Indian government is doing its best to revive the economies and has provided some relaxations as regards ITR filing and GST return filing. Here are those key … Read more

Cost Inflation Index for Financial Year 2020-21 Notified

Cost Inflation Index

Central Board of Direct Taxes (CDBT) has recently notified the Cost Inflation Index (CII) for FY 2020-21.   Cost Inflation Index for Financial Year 2020-21 Central Board of Direct Taxes (CDBT) has notified the Income Tax Cost Inflation Index for FY 2020-21 or AY 2021-22 at 301. Read the CBDT Notification. Now, we understand the concept … Read more

Government Now Reduces Rate of TDS and TCS

rate of tds tcs reduced

There’s a great relief for the Indian taxpayers! The government has reduced the rate of TDS & TCS rates under its newly introduced Atmanirbhar Bharat: The Special economic & comprehensive Corona relief package worth ₹20 lakh crores. The Finance Minister of India Smt. Nirmala Sitharaman had explained the minute details of the Atmanirbhar Bharat economic … Read more

Income Tax Return Filing Due Date for FY 2019-20 Further Extended

Income Tax Return Filing date extend

The Government has extended the Due Date of Income Tax Return Filing for FY 2019-20 under its newly introduced Corona relief package. Today, the Honourable Finance Minister Smt. Nirmala Sitharaman has announced the Special economic & comprehensive relief package worth ₹20 lakh crores. This package is to give relief and credit support to all the … Read more

Govt Clarifies Residential Status of NRIs in India during Lockdown

residential status of NRIs

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