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Income Tax - Insertion of Section 10(12A) Finance Act (FA), 2016 was a welcome step by the CBDT to the NPS subscribers wherein 40% of the accumulated NPS corpus was made exempt from income tax on closure of NPS account at the time of withdrawal. Earlier, the entire amount was taxable. CBDT is introducing new provisions in IT Act to provide NPS a level...
Read MoreIncome Tax - An employee can claim overall deduction of Rs. 2,00,000 (i.e. Rs. 1,50,000 u/s 80C/80CCC/80CCD(1) and Rs. 50,000 u/s 80 80CCD(1B)) for National Pension scheme...
Read MoreIncome Tax - The new form for Filing of Income Tax Return for the Companies i.e. ITR-6 for the AY 2018-19 has been notified by the CBDT on April 5, 2018 vide notification no. 16/2018 which has brought enormous changes in requirement of disclosures. Implementation of GST, demonetization, application of Ind AS, ICDS, increasing international transaction...
Read MoreIncome Tax - CBDT has released the new income tax return forms for filing returns for the financial year (FY) 2017-18 i.e. assessment year (AY) 2018-19. The gist of the changes introduced by the CBDT is as under:...
Read MoreIncome Tax - The transfer pricing (TP) provision has come in to place in India fifteen years ago wef AY 2002-03. Since then a number of changes and amendments has been made in the provisions of the TP. It has been a matter of discussion since beginning that when a case should be referred by the AO to the TPO and what the liabilities of the TPO & AO af...
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