Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses.
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Arjuna (Fictional Character): Krishna, the eve of new year was celebrated with enthusiasm. What are the 20 major things to be kept in mind in this year 2020 by the taxpayer? Krishna (Fictional Character): Arjuna, every new year comes with new hopes, new aspirations, new responsibilities and new challenges. 2020 is a leap year, to […]
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 […]
CBIC notifies certain sections in the Finance (No.2) Act, 2019 pertaining to CGST & IGST Act, effective from 1st January 2020 The Central Board of Indirect Taxes & Customs (CBIC) has notified the following Sections of the Finance (No.2) Act, 2019 which pertain to various sections in the Central Goods and Services Tax Act, 2017 […]
CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]
Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The […]
Return is very important aspect of GST. Return filed by the taxable person is the base for Government to keep track over tax paid and Input Tax Credit availed. Filing of return is the biggest nightmare for tax payers. It is equally challenging for Government to ensure compliance of return fling provisions by the registered […]
– Users can view and download month-wise and state-wise data of GSTR-1, GSTR-3B, Revenue Collection and IGST – GST Registrations and Pre-GST regime revenue from taxes subsumed in GST also made available New Delhi, 31st December 2019: From the New Year 2020, you will be able to view and download key Goods and Services (GST) statistics from the GST portal. GST Network (GSTN), the IT backbone of GST system, has uploaded […]
Government vide notification No. 75/2019 dated 26.12.2019 inserted Rule 86A indicating conditions of use of amount available in Electronic Credit Ledger . 1. Rule 86A : Rule 86A has empowered the Department to impose restrictions on use of available Input Tax Credit of recipients in certain cases. The commissioner or an officer authorised by him […]
