“Income Tax Policy Changes” – Announced by CBDT – 4 July 2020

“Income Tax Policy Changes” – Announced by CBDT: 1. Income Tax New disclosures asked in the new ITR forms 1to7 are: 1. House ownership: Individual taxpayers who are joint owners…Read More

MSME Updates – Investment – 20L crore relief fund package

MSME Ministry has come out with a consolidated notification in the form of guidelines for classification and registration of MSMEs. Highlights of the new guidelines are as below: 1. The…Read More

ITR 2 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly

ITR 2 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly, ITR 1 & ITR 4 Already Live Major changes introduced in ITR 2 for AY…Read More

CBIC has issued various notifications today to give effect to the recommendations of the 40th GST

CBIC has issued various notifications today to give effect to the recommendations of the 40th GST Council Meeting which are as follows: 👉 Notification No. 49/2020 –Central Tax: To bring…Read More

TDS on Cash Withdrawal w.e.f. 1 July 2020

The Scope of TDS on cash withdrawal has been extended under the amended Section 194 N. TDS at the rate of 2% is required to be deduced if the withdrawer…Read More

CBDT has issued a notification today for time limits of compliances under Taxation & Other Laws

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) through Ordinance, 2020 which are as…Read More

40th GST Council Meeting Updates

1️⃣ For all those taxpayers who have no tax liability and could not file GST returns for tax period July 2017 – January 2020 there shall be no late fee…Read More

CBDT notifies revised Form 26AS, to now include real estate, share transaction details

Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.

Employee’s contribution to PF will be reduced to 10%. Will it increase the tax burden?

The reduction in contribution will lead to an increase in your takehome pay which, in turn, will be taxed at your income-tax slab rate. This reduction has to be undertaken by all companies falling within the ambit of EPF.