Income Tax & TDS: Updates

Salaried Employee Opting For New Tax Regime: Clarification on Taxation

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Clarification on Taxation for FY2020-21; Effective 1 April 2020 Central Board of Direct Tax (CBDT) has amended Rule 2BB of Income Tax [which prescribes allowances for the purposes of Sec. 10(14)], allows salaried employees opting for new tax regime u/s. 115BAC of Income Tax Act, 1961 to claim exemption u/s. 10(14) in certain cases; Provides […]

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Income Tax Rules: Latest Changes

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NEW DELHI : Giving relief to taxpayers amid the spread of Covid-19, the income tax department has relaxed various deadlines — from income tax return (ITR) filing to making tax saving investments — for the second time. Earlier in March, finance minister Nirmala Sitharaman had announced various compliance related relief for taxpayers and now as the Covid-19 graph

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Section 269SU of the Income-tax Act 1961: Clarifications in respect of prescribed electronic modes

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F.No.370142/35/2019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes**** Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act 1961 — reg. 1. In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a

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Tax Deduction Benefit: Medical Expenses Can’t Be Carried Forward

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I am an ordinary resident for FY20. I have a wholly-dependant mother. My father is retired and does not have taxable income. My mother is recovering from cancer surgery and had suffered a stroke in January. I have arranged a nurse at home. Can I claim tax deduction for medical expenses and nursing when filing

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Misreporting or Under Reporting Income: Penalty under Section 270A of Income Tax Act

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In a case where the source of any receipt, deposit or investment appearing in the current assessment year is claimed to be an amount added to income or deducted while computing loss, as the case may be, in the assessment of such person in any earlier assessment year and no penalty was levied for such

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TDS, TCS Reduced By 25% – Table Of Existing & New Reduced Rates (2020-2021)

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To provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for following non-salaried specified payments. Here is the table of existing & new reduced rates : TDS Rate Chart For FY 2020-21 Pre & Post 14th May

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Higher TDS may be deducted if you fail to select tax regime on time – Income Tax Alert For Salaried!

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To facilitate the employer to deduct tax at source (TDS) from salary, employees need to declare their tax-saving investments in the beginning of every financial year, i.e. in April. But this year, the nationwide lockdown, that has been imposed in the third week of March 2020 to contain the spread of highly contagious Novel Coronavirus

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