As a part of “Reforms To Reward Your Honesty the Income Tax Department has implemented various measures to make tax compliance easier for taxpayers on 13th August 2020. This was launched as India’s first taxpayers charter. 1-Faceless Assessment 2-Faceless Appeals 3-Taxpayers Charter We will discuss in details. Highlights of Faceless Assessment Scheme: Dynamic Jurisdiction Team… Read More Transparent Taxation-Honoring the Honest (Faceless Assessment, Appeals)- Taxpayers Charter
Under Atma Nirbhar Package, the Employees’ Provident Fund (EPF) contributions of both the employers and employees were reduced to 20 percent from 24 percent for the months of May, June and July 2020.after the announcement by Finance Minister Nirmala Sitharaman on May 8. During this time, the reduced contribution amount meant that the take home… Read More EPF will be 12% each for employee, employer w.e.f. August 1
The last date to file a revised ITR for FY 2018-19 is extended to September 30, 2020 from July 31, 2020. This date has been extended due to this COVID pandemic.
The filing of original and revised income tax (I-T) returns for FY19 till extended till September 30, 2020 from July 31, 2020 by the Central Board of Direct Taxes (CBDT) due to this COVID Pandemic. Earlier in March, the date was extended to June 30 from March 31, and in June till July 31. In… Read More Income Tax Returns date for AY 2019-20 extended
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 –Part I Income Tax Slabs Tax Rate Health and Education Cess Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.… Read More Income Tax Slabs Rates for FY 2018-19 (AY 2019-20)