Income Tax Articles
ITR Filing: 6 key changes in ITR-1 you need to know
The Income Tax department has notified the Income-tax Return (ITR) Forms for F.Y. 2019-20 on January 3, 2020. This article covers all the key changes introduced in the ITR-1 for the assessment year 2020-21
ITR-1 and ITR-4: Detailed analysis of changes
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.
New equalisation levy & TDS on e-commerce transactions
Equalisation Levy will now be extended to an e-commerce operator on e-commerce supply and services undertaken on or after 1 April, 2020. The scope of equalisation levy was extended to E-commerce operator in Finanace Act 2020.
Donation to PM cares fund 100% deduction under Section 80G
Donation to PM CARES Fund is eligible for 100% deduction under 80G of the Income Tax Act, 1961. The donation to PM CARES Fund is also an eligible CSR Activity.
Advance Ruling under the Income Tax Act
The Advance Ruling Mechanism was incorporated under Income Tax Act on the recommendations of Wanchoo Committee.
Section 115BAC- Is the new Income Tax Regime beneficial?
The new income tax regime u/s 115BAC has come into effect from financial year 2020-21. It is optional to opt for the New Tax Regime. Here is a break-even analysis od the New Income Tax regime.
CBDT Extension of validity of lower/nil TDS: A sigh of relief
The CBDT on 31st March 2020 provided relief to many taxpayers and extended the validity of lower/nil TDS/TCS.
GAAR: General anti-avoidance rules
We know that tax is a compulsory contribution to state revenue, levied by government on worker's income and business profit, or added to the cost of some goods, services and transactions.
Key amendments in TDS & TCS provisions
TDS and TCS are one of the modes of recovery of income tax in the previous year itself. Amendments were introduced in TDS and TCS provisions in Budget 2020. Know hey amendments in TDS and TCS provisions.
Section 115BAA and 115BAB : New tax rate for domestic and manufacturing companies
Section 115BAA and section 115BAB of the Income Tax Act, 1961 give the benefit of the reduced corporate tax rate to the domestic and manufacturing companies.
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