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The system is an extended family arrangement prevalent throughout the Indian subcontinent, consisting of many generations living in the same home, all bound by the common relationship.
Recently, the government (CBDT) notified the Income Tax Return Forms (ITR) for the financial year 2019-20 (A/Y 2020-21).Today i.e. on the 26th of June, 2020, th..
Section 80D| Deduction in relation to Medical Expenditure
ITR-4 for AY 2020-21 is now available on the e-filing portal. Three key additions have been made in the new ITR-4.
ITR-1 for AY 2020-21 has now been made available on the e-filing portal. 3 Key additions have been made in ITR-1
New Income Tax Returns Forms for the F/Y 2019-2020 (A/Y 2020-2021) have been notified by the CBDT on 29th May, 2020. Know the changes made in the ITR Forms.
We have all been so caught up with the multiple announcements coming from the government that we have almost forgotten how the Finance Act 2019 changed the tax payments for the FY 2019-20. Here are the taxes that you shall pay in the FY 2019-20
Section 115BAC, introduced by the Finance Act, 2020, provides that, the income-tax payable in respect of the total income of a person, being an individual or a Hindu Undivided Family (HUF), for any previous year beginning on or after the 1st day of April, 2020 shall, at the OPTION of such person, be computed at concessional rates.
India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really difficult for a person to select one such instrument, which would reap him good gains.
TCS operates on the very principle of TDS i.e. Tax Deducted at Source but in practical operation, it is exactly opposite of it.We shall focus upon the provisions of TCS as applicable (under Section 206C of the Income Tax Act, 1961).
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