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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
The New Consumer Protection Act, 2019 published in the official gazette on 9 August 2019 will replace the 34-year-old act and come into effect from July 20, 2020.
The new Form 26AS will give all the information of the Annual Information Return as well. It will benefit the honest taxpayers.
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.
To claim a deduction in any year, it is necessary to invest in that year. Due to COVID Pandemic, Govt. has extended the date to 31.07.2020 for the financial year 2019-2020 to make an investment for deduction under chapter VI-A and section 54 to section 54GB.
CBIC has issued Notification No. 57/2020 on 30.06.2020 to prescribe maximum amount of penalty if GSTR3B is filed up to 30.09.2020. The said relief is for both class of taxpayers i.e. taxpayers having turnover up to Rs. 5 crores or more than 5 crores.
Know the five major changes in Finance that will be effective from the 1/07/2020
The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.
New rule for Cash withdrawal Effective From 1st July 2020
Reverse Charge Mechanism was first introduced in Service Tax Law.Now, the Government has incorporated RCM in GST.
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