Expert Knowledge,
Straight from Practitioners.
Tax tips, legal guides, and financial advice written by the same verified CAs, Advocates, and Advisors you can consult on ConsultEase.
Due date for the filing of ITR for FY 1819 extended
The due date for the filing of ITR for FY 1819 AY 1920 extended from 30.09.2020 to 30.11.2020. In an order issued today, the CBDT extended the date. The taxpayers were facing the problems in filing the return due to the COVID lockdown. It is
Bihar Settlement of Taxation Disputes (Second) Rules, 2020.
Bihar Settlement of Taxation Disputes (Second) Rules, 2020. The 21st September 2020 S.O. 167, dated 21st September 2020–In exercise of the power conferred by sub-section (1) of section 6 of the Bihar Settlement of Taxation Disputes Ordinance, 2020, the Governor of Bihar is pleased hereby
TCS Provisions – Goods Related w.e.f October 1, 2020, Under Income Tax Act 1961
TCS Provisions – Goods Related w.e.f October 1, 2020, Under Income Tax Act 1961 Objective To expand the scope of provisions relating to Tax collection at source; To monitor disclosure of transactions in the ITR filed by the person; To investigate the leakages of Direct
Income Tax Guidelines for Scrutiny of Returns
Income Tax Guidelines for Scrutiny of Returns Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi, the 17th September 2020 To, All Pr. Chief Commissioners of Income-tax/ Chief Commissioner of Income Tax All Pr.
Filing ITR to be a tiring task for equity/MF investors doing SIP, STP, SWP
Filing ITR to be a tiring task for equity/MF investors doing SIP, STP, SWP: Filing Income Tax Returns (ITRs) is a relatively easy task for salaried individuals having total income up to Rs 50 lakh, income from one house property, and income from other sources
FAQs on Income under head House Property – all you need to know.
What is income from House Property? The total income is divided into five heads for taxability. Income from Salary Income from house property Income from business & profession Income from Capital gains Income from other source Out of these heads income from house property is
Presumptive Taxation
Presumptive Taxation What Is Presumptive Dictionary meaning: “the act of believing that something is true without having any proof” Real purport of Presumptive taxation Nand Lal Popli vs. DCIT, ITA 1161-62/Chd/2013, dt. 14.06.2016 The first important term here is ‘deemed to be’, which proves that
Income Tax Search and Seizure
Income Tax Search and Seizure Whether an Income Tax survey proceedings u/s 133A of the Income TaxAct’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961 I. Introduction: It is seen in practice that in
Stamp Duty Valuation of Immovable Property
Stamp Duty Valuation of Immovable Property I. Preamble: Valuation of immovable property for the purpose of stamp duty is an important aspect. The stamp duty is payable as per the provisions of the Registration Act 1908. The ascertainment of this value has become a very
Notification For Date extension and Relief to Senior Citizen
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th July 2020 TAXATION AND OTHER LAWS S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain
Section 194J – TDS on Professional or Technical Fees
Meaning and applicability of Section 194J – TDS – Professional, Technical Fees Section 194J – TDS – Professional, Technical Fees- Any person who is paying fees to any resident person for specified services, then TDS is required to be deducted u/s 194J @ 10% if
Section 194C – TDS on payment to contractor or subcontractor
Meaning and applicability of Section 194C Section 194C deals with the provisions for tax deduction at source at the time of payment to contractors/subcontractors. This section says that any person who pays money to the resident contractor (or subcontractor) for carrying out any work (including