Income Tax News



CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, 2020, the Income-tax Return ..

Posted in Income Tax  1 comments |   7289 Views



New TDS Return preparation utility

 09 January 2020 at 10:27

Key Features - Return Preparation Utility (RPU) version 3.0 1. Addition of new section code 194N (i.e. "Payment of certain amounts in cash") for Form 27Q o Same will be applicable for regular and correction statements pertains to FY 2019-20 onwards o Value under field "Date on wh..

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The Central Board of Direct Taxes notified ITR-1(Sahaj) and ITR-4(Sugam) for the assessment year 2020-21 vide notification dated 3rd January 2020. The Income Tax Department generally notifies the changes in the Income Tax Return in the month of April, however this year the department has n..

Posted in Income Tax |   9222 Views




In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act, 1961 ("the Act"), vide the Finance (No. 2) Act 2019 ("the Finance Act"), w..

Posted in Income Tax |   2638 Views




The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 vide notification no.107 of 2019 dated 30/12/2019 issued by CBDT. How to link PAN with Aadhaar Step 1: G..

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Circular no.31/2019  F. No. 370142/18/2019-TPL  Government of India  Ministry of Finance  Department of Revenue  Tax Policy Division  Central Board of Direct Taxes 147B-11, North Block, New Delhi  Dated 19th December, 2019  Subiect: Order under ..

Posted in Income Tax |   7944 Views




Because of the recent disturbances in the North Eastern region of India, the Central Board of Direct Taxes has decided to extend the date for payment of 3rd installment of Advance Tax for FY 2019-20 from 15th December 2019 to 31st December 2019 for the North Eastern Region. The Income Tax Department..

Posted in Income Tax |   5872 Views




Income Tax Department conducts search & survey operations on Share Brokers/Traders across India On 3rd December 2019, the Income Tax Department carried out search and survey operations on certain share-brokers/traders who were involved in facilitating accommodation of profits/loss throug..

Posted in Income Tax |   1505 Views




  Section 9A of the Income-tax Act, 1961 (the Act) provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India. It is provided that in case of an eligible investment fund, the fund management activity carried out th..

Posted in Income Tax |   869 Views





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