income tax return

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

Donation to Ram Janambhoomi Mandir eligible for 80G Exemption

80g exemption for Ram Janambhoomi trust

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

No GST Reporting Details needed in Income Tax Audit Report

gst-audit-income-tax-audit

The COVID-19 pandemic has a negative impact all over the world and sent economies spinning. Initially, it entirely affected China; but, its effects are presently felt most over the world, with many countries in internment, together with India too on its web. The Indian government is attempting its best to support the business organizations and … Read more