As per section 139(4) of Income Tax Act, a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
Save the dates, know the compliances to be met by this month, August 2020.
Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax.
From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one.
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.
Due to COVID-19 pandemic and challenges faced by taxpayers, the government has extended dates for various compliance in direct taxes.
Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions
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.