Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer shall be displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response.
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save tax
CBDT has notified some key changes in ITR forms for AY 2020-21. The major changes made this year in all ITR seek certain questions to be answered by the taxpayers, questions related to deposits made over Rs 1 crore
Equalisation Levy is to be charged at the rate of six per cent of the amount of consideration received or receivable by a non-resident.
TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020.
Information being received by the Income Tax Department from the filers of Statement of Financial Transactions (SFTs) now being shown in Part E of Form 26AS
The new Form 26AS will give all the information of the Annual Information Return as well. It will benefit the honest taxpayers.
TDS Return might have to be revised due to reasons like incorrect challan details or PAN not provided or incorrect PAN provided, short deduction or short payment.
Gift received from relatives is exempt. Gift received on other occasions (e.g. gifts on birthday, etc.) from the non-specified person shall be taxable under the head income from other sources.
The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44 AE).
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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