Extension of due date of furnishing of Income Tax Returns and Audit Reports In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and … [Read more...]
INCOME TAX NEWS
Information about Income tax , Income Tax Rates For Assessment Year 2015-16, Income Tax Exemptions
Income Tax Return Due Date for 2019-20 extended to 30th November 2020
On further consideration of genuine difficulties being faced by the taxpayers due to the outbreak of COVID-19 pandemic, the Central Board of Direct Taxes (CBDT) extends the income tax return due date from 30th September 2020 to 30th November … [Read more...]
Last date for Exercising option for Old or New Income Tax Rates for the Financial Year 2020-21
Labour Ministry directed its official to to exercise their option to choose between old or new income tax structure for the financial year 2020-21 (assessment year 2021-22) for the purpose of monthly income tax deduction on or before … [Read more...]
Calculate Income Tax in Old and New Tax Slab in Official Calculator
Official Income Tax calculator for Old and New Tax Slab 2020-21 Income Tax Department has developed two types of Calculator to calculate Income Tax in Old and New Tax Slab in Official Calculator. You can calculate the New Tax slab rates and old … [Read more...]
Clarification for option under section 115BAC of the Income Tax Act 1961
Income Tax Department has issued a Clarification for option under section 115BAC of the Income Tax Act 1961 that an employee, having income other than the income under the head "profit and gains of business or profession" and intending to opt for the … [Read more...]
Income Tax Returns Due date will be extended to 30 November 2020
Income Tax Returns Due extended to 30 November 2020 and TDS Reduced 25 Percent for this year Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against … [Read more...]
Difference between Income Tax Slabs 2019-20 and 2020-21
The main aspects which differentiate between old Income Tax Slabs 2019-20 from new IT Slabs 2020-21 is given below It is optional for any individual to choose either New Income Tax Slab 2020-21 or Old Income Tax Slab 2019-20. Income Tax Slabs … [Read more...]
Personal Income Tax Slab for FY 2020-21
This Personal Income Tax Slab for FY 2020-21 paves the way for significant relief, especially for Middle Class Taxpayers The Official press release published in PIB is given below New Personal Income Tax Regime to be optional for the … [Read more...]
Due date for filing Income Tax Returns is 31st August 2019
CBDT extends the ‘due-date’ for filing income-tax returns from 31st July, 2019 to 31st August, 2019 F. No. 225/157/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA-II … [Read more...]
Revised Form 16 for Financial Year 2018-19
Revised Form 16 for Financial Year 2018-19 The Central Board of Direct Taxes has notified changes to Form 16 for the financial year 2018-19. Under the new format of Form 16, Part B will contain information about the exempt allowances under … [Read more...]