Income Tax - Page 2

Opting for Section 115BAA, have you lost your MAT Credit Entitlement?

Taxation Laws (Amendment) Ordinance, 2019 has brought favourable amendments for corporates. However one amendment has taken the Industry to a dilemma. The dilemma is whether MAT credit entitlement available will be allowed to those opting for favourable rate under Section 115BAA. Section 115JB(5A) has been amended to provide that provisi...

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Posted Under: Income Tax |

Highlights of Tax concessions announced by FM on 20 Sep 2019

The objective of this document is to summarize all the tax concessions, applicable w.e.f FY 2019-20, announced by Finance Minister, Nirmala Sitharaman with intent to boost the economy and to promote ‘Make-in-India’. Highlights of  Tax Concessions by Finance Minister press Conference on 20 Sep 2019 1. Tax Concessions for Exist...

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Posted Under: Income Tax |

Deduction under section 80DD of Income Tax Act

Deduction under section 80DD of the Income Tax Act covers the amount paid towards the medical expenditure of a dependant with a specific disability. It also covers the amount of insurance premium paid towards specific insurance plans. The current article provides a complete explanation of all the provisions covered under section 80DD of ...

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Posted Under: Income Tax |

Deduction under section 80DDB of Income Tax Act

Deduction under section 80DDB of the Income Tax Act is available towards the amount actually paid for the medical treatment of the specified disease. The current article explains all the provisions attached with the said deduction along with the frequently asked questions. Eligibility of deduction under section 80DDB – For better unde...

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Posted Under: Income Tax

CBDT amends Jurisdiction of Principal CITs and CITs

Notification No. 71/2019-Income Tax (20/09/2019)

Seeks to amend Notification No. 50/2014-Income Tax dated the 22nd October, 2014 – Jurisdiction of Income-tax authorities (Principal Commissioner of Income-tax/ Commissioner of Income-tax) vide Notification No. 71/2019 dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification...

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No TDS on cash withdrawal u/s 194N for making payment to farmers

Notification No. 70/2019-Income Tax (20/09/2019)

Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)- Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD O...

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CBDT notifies Additional depreciation on Motor car & motor vehicles

Notification No. 69/2019-Income Tax (20/09/2019)

Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certain conditions- Notification No. 69/2019-Income Tax Dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 69/2019-Income Tax New Delhi, the 20th ...

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Setting up of NeAC as per E-assessment Scheme, 2019

F. No. 187/7/2019-ITA-I (20/09/2019)

In pursuance of para 4 of the E-assessment Scheme, 2019 made by the Central Government vide Notification No.61 of 2019 dated 12th September, 2019, the Central Board of Direct Taxes hereby sets up National e-Assessment Centre (NeAC), which shall have its headquarters at Delhi and shall comprise of the following Income-tax authorities:-...

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AO should not share their RSA token & ITBA password with staff: DIT(S)

F. No. Systems/ITBA/Common Module/160/2016-17(part file)Admn./ (17/09/2019)

It has come to the notice of the Directorate of Systems that the Assessing officers continue to share their RSA token and ITBA password with their Inspectors and staff for working on ITBA/ITD, in complete disregard of the security policy. The following table conveys the extent of the problem:...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.