In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act,1961(the 'Act') from the…...
CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees
Ministry of Finance There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequivocally stated that the said reports are factually incorrect…...
online submission of tds return as per income tax notification no 10/2019
Government of IndiaMinistry of FinanceCentral Board of Direct TaxesDirectorate of Income Tax (Systems)Notification No.10/ 12019 New Delhi, 04, June, 2019 Procedure for online submission of statement of deduction of tax under sub·section (3) of section 200 and statement of collection of tax under proviso to sub·section (3) of section 206e of the Income·tax Act, 1961…...
CBDT extends due date for filing of TDS statement in Form 24Q
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes The Central Board of Direct Taxes (CBDT) had earlier notified amended Form 24Q for filing TDS statement by deductors of tax vide Notification No. 36/2019 dated 12th April, 2019. Subsequently, the File Validation Utility (FVU) for online filing of Form 24Q…...
CBDT extends due dates of TDS compliance in respect of deductors in the State of Odisha
Ministry of Finance With a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone "Fani" hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deductors in the…...
CBDT issues Draft Notification for Amendment of Form No 10B of the Income-tax Rules, 1962
Ministry of Finance Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Section 11 and 12 exceeds the maximum…...
Income Tax Updates |Income Tax Return Forms AY 2019-2020 ( FY 2018-2019)
FORM ITR-1 SAHAJ For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand itr1_englishDownload…...
Income Tax Slab Rate AY 2020-2021 | Income Tax Slab Rate AY 2019-2020
In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person 2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of…...
The last date of linking of aadhaar number with pan being extended to 30.09.2019
Circular No.6/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 31st of March, 2019 Subject: Giving effect to the judgement(s)/order(s) of Hon'ble Supreme Court on Aadhaar-PAN for filing return of income-regd.- As per clause (ii) of sub-section (1) of section 139AA of the Income-tax…...
Income Tax Department hits at terror financing activities in J&K Region
Press Release dt. 27.02.2019 The head of a prominent organisation allegedly indulging in anti-national activities alongwith his associates were covered in a sensitive search action by the Income Tax Department today. Search action has been conducted at 4 premises in the Valley and 3 in the national capital. The search action has yielded credible evidence…...