Government will issue new forms for income tax return The Income Tax Department has said that it is revising the income tax return form for the financial year 2019-20. This will enable taxpayers to take advantage of the relief given by the government due to the Corona epidemic.
Tax Planning And Investment For Salaried Individuals We are in the last quarter of the current financial year i.e. 2019-2020, which will end on 31/03/2020. This is the high time everyone should take a look at their Tax planning and investments. In this article, I am sharing some important points and suggestions, especially for salaried […]
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 […]
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 […]
Assessees receive notices for missing Advance Tax payments Income tax authorities have turned the heat on taxpayers who have missed paying Advance Tax as the department makes a year-end dash to meet budget targets. The authorities have started issuing show-cause notices asking assessees to explain why any advance tax installment was missed.
Section 44AA and 44AB: A Quick View Most of the people are very much confused about the maintenance of books of accounts and audit requirement thereof. There are many misconceptions about the legal requirement for books of accounts Under Section 44AA and 44AB as per the income tax act. The books are not mandatory required […]
Converting company to LLP is a transfer,hence taxable, rules I-T Appellate Tribunal A new tax ruling of Converting company to LLP threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganize themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) — a structure that […]