DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues directions for disposal of appeals under Faceless Appeal scheme 2020 (Notification no. 77/2020 dated 25.09.2020) ♦ CBDT notifies the Faceless Appeals Scheme, 2020 (Notification no. 76/2020 dated 25.09.2020) ♦ CBDT notifies for 15C for Application by Banking Company or Insurer for receipt of sum […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT notified the procedure for notification of Pension funds (PF) for claiming exemption under section 10(23FE) for income from Investment in Specified Infrastructure business (Notification no. 67/2020 dated 17.08.2020) ♦ CBDT notifies 34 authorities for Faceless Assessment (Notification no. 64/2020 dated 13.08.2020) ♦ CBDT notifies the […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends due date for Income Tax Returns for FY 2018-19 from 31st July 2020 to 30th September 2020 (Notification no. 56/2020 dated 29th July 2020). ♦ CMDT amends rule 31a and form 26Q from 3rd July 2020 w.r.t. providing certain information related to cash withdrawals […]
Direct & Indirect Taxes Updates- June 2020 DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♣ Extension of due dates w.r.t. ITR filing for FY2018-19, TDS/ TCS returns due dates for Q4- FY 19-20. Details given below- Particulars Earlier due date Updated due date ITR filing for FY 18-19 30th June 2020 31st July 2020 […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT notifies new form for 26AS which shall also include information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings (Notification No. 30/2020-Income Tax/G.S.R. 329(E) dated 28.05.2020) ♦ CBDT amended Guidelines for […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019. (Circular no. 8/2020 dated 13th April 2020)Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding selection of option under section 115 BAC related to […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Due to the outbreak of Novel Covid-19, Finance Minister has announced several relief measures on 24th March 2020– √ Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. √ Aadhaar-PAN linking date to be extended from 31st […]
A. Updates Related to GST for the Month of February 2020. Finance Bill, 2020 Budget 2020 – Important changes proposed by the Finance Bill 2020 in GST regime: Budget 2020 was presented by the Finance Minister in the lower House of the Indian Parliament on 1st of February 2020. The Finance Bill, 2020 in this regard […]
Direct and Indirect Taxes Updates- January 2020 (including Highlights of Finance Bill 2020) DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT has released Circular which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different […]
A. DIRECT TAXES UPDATES i) Income Tax circulars/ notifications/ rules/ clarifications/News- December 2019 ♦ CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA- Deduction in respect of employment of new employees, of the Income-tax Act, 1961). Section 80JJAA is applicable if In case of an assessee opting to provision to sec 115BAA or […]
