A provision in The Income Tax Law which acts as a balancing bridge between managing cash flow of the business and tax liability towards the government. Brief and basics about need Tax Deducted at Source (TDS) is the most commonly used term in the Finance…
Section 206C (1G) WHO ARE LIABLE TO COLLECT TCS Being an Authorized Dealer, who receives an amount, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalized Remittance Scheme of the Reserve Bank of India…
Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA. II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated…
1. Selection only through system using AI or Analytics 2. There is no bar on territorial Jurisdiction. Suppose you are an assesse of Delhi, then your case can be taken up in any city of India. 3. Random allocation of cases automatically. 4. No need…
A Platform for Transparent Taxation - Honoring the Honest Any assessment, outside the faceless scheme will be Invalid ( other than exception) No Intrusive and survey action by field officers ; only following after the approval from the level of chief commissioner or above Investigating…
Whether you file your income tax return correctly, whether you include your details of trading in shares while filling income tax return. Many retail investors who have very small amount of capital gain or loss through trading ignore mentioning details in the income tax return.…
Various direct tax deadlines have been extended again, as per the notification, the new various tax compliance dates are as follows: Various Provisions Extended Due Date Original as well as revised income-tax returns (ITR) for the FY 2018-19 (AY 2019-20) 31st July, 2020. Various investment/ payment…
Finance Minister Smt. Nirmala Sitharaman officially launched facility of instant Permanent Account Number (PAN) allotment using Aadhaar based e-KYC on May 28, 2020. Through this facility PAN will be allotted on near to real time basis. This facility is paperless and free of cost. The…