Income Tax Articles

New circular dtd 16th Jan on IT Deduction from salaries for FY 2019-20

Guest 18 January 2020 at 13:37

IT Deduction from salaries during the Financial Year 2019-20 under section 192 of the IT Act, 1961

How will taxpayers fly their Kite of Income Tax Return this Sankranti?

CA Umesh Sharma 14 January 2020 at 12:11

How will taxpayers fly their Kite of Income Tax Return?

ITR-1 and ITR-4: Detailed analysis of changes

CA Varsha Chopra 13 January 2020 at 17:32

The CBDT notified changes in ITR-1 and IYR-4 for AY 2020-2021. This article summaries all the changes made in Income Tax Return Forms, ITR-1 and ITR-4 after the notification regarding relaxation granted by CBDT vide notification dated 9th January 2020.

Clarification on Insertion of new section 269SU - Digital Payment Facility

CA Piyush Agarwal 13 January 2020 at 11:01

The CBDT in its latest notification introduced Sec 269SU under the Income Tax Act, 1961. The section is applicable to all companies or business entities with a business volume of Rs. 50 crore or more annually. Such entities must provide facilities and accept payments through digital transactions u/s 269SU. Non-compliance of this regulation shall lead to a fine of Rs. 5,000 per day.

Rollback of CBDT notification in respect of changes in ITR-1 and ITR-4 for AY 20-21

Bipin Makwana 11 January 2020 at 12:09

CBDT vide a Press release dated 09.01.2020 has rolled back the non-applicability clauses inserted through Notification 01/2020 dated 03.01.2020.

Appeal to commissioner of income tax

CA. Brijesh Baranwal 11 January 2020 at 12:09

In recent times, cases of additions of income by respective Income Tax Officers/Assessing Officers have increased substantially.

Ten Suggestions for Budget 2020

Sandeep Bhatnagar 10 January 2020 at 10:27

The countdown to Union budget 2020 has already begun. Considering the state of the Indian economy, the finance minister is expected to unfold measures that give a boost to the economy. People have high expectations from the Union Budget 2020. Here are my suggestions and expectations from Union Budget 2020