Key changes in ITR-1 you need to know before filing The Income Tax department has notified the Income-tax Return (ITR) Forms for F.Y. 2019-20 on January 3, 2020. Here’s a list of the 6 key changes introduced in the ITR1 for the financial year 2019-20. Passport details In this year’s ITR-1, taxpayers will have to […]
Section 269SU – Mandates to provide Digital Payment Facility Section 269SU Mandatory Requirement to Provide Digital Payment Facility by Certain Class of Persons Notification No. 105/2019-Income Tax dated 30th December 2019 We are moving towards Cashless economy and government has done a lot to remove black money circulation from our system. Cashless economy is the […]
Changes in the new IT return forms released by CBDT for AY 2020-21 The Central Board of Direct Taxes (CBDT) has notified Income Tax forms – ITR 1 and ITR 4 for A.Y. 2020-2021 well in advance. The said forms will be applicable for filing income tax return for the period April 1, 2019 to […]
Provisions for MSME Sector under GST Many decisions have been taken by the GST Council in its various meeting for the betterment and benefit of MSME Sector: Details of such major decisions are as below Goods, which are manufactured majorly by the unorganized MSME Sector, have been kept at lower rates or are exempted. For […]
Role of CIBIL Score in Finance CIBIL stands for Credit Information Bureau (India) Limited which is a part of “TransUnion” an American multinational group. It maintains credit files of around 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is majorly trusted by banks and financial […]
PAN-Aadhaar linking: What will happen if PAN is not linked with Aadhaar by September 30? If you do not link your PAN with Aadhaar by September 30, then your PAN will become inoperative from October 1. Earlier the rule was that, if your PAN was not linked with your Aadhaar by a specified date, then […]
How to check scrutiny risk in Tax Audit Report? The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?