A day for the ones who create opportunities for the economies to grow and finances to rely on.The ICAI or Institute of Chartered Accountants of India came into existence under the Accounts Act, 1949 which was passed by the Indian Parliament. The body was established with an objective of regulating the profession of accountancy in India. It is the national professional accounting body of the country. To commemorate the establishment of ICAI and to honor the chartered accountants, 1 July 1949 is celebrated as the Chartered Accountant Day every year.SEE DETAILS

Amidst the complete shutdown in almost the entire country as a precautionary measure against the highly contagious covid -19 virus, the honorable Finance Minister of India Mrs. Nirmala Sitharaman had announced a series of measures on 24th March 2020 to combat the economic turbulence in India. Various reliefs in compliance and filing extensions put forth by Mrs Sitharaman would help the nation to fight the prevailing difficult circumstances. We are going to brief you about the various financial deadlines that have been extended, penal interest rates which have been reduced,SEE DETAILS

Dear Tax2Win Team,  As you may be aware that our country now has reported more than 175 positive cases from coronavirus. Last night, our Rajasthan government also imposed section 144 in the state in order to take precautionary measures from spreading this disease. It is necessary that we all observe precautions to minimise the risk to self and each other’s health. I am appending herewith few measures or guidelines as suggested by medical authorities, WHO, government etc. time to time in order to prevent spreading of COVID-19.Wash your hands frequentlyRegularly andSEE DETAILS

Deduction under section: Deduction for: Investment proof to be submitted Maximum Limit of Deduction 80C Life Insurance PPF Principal Repayment of Housing Loan ELSS/Mutual Fund (Tax Saving) Children Tuition Fees (up to 2 children) NSC Unit linked Insurance Scheme / Plan Fixed Deposits (Tax Savings) Sukanya Samriddhi Account Deferred Annuity Plan Subscription to any deposit scheme/pension fund set up by the National Housing Bank (NHB). Life insurance Premium slips (in the name of self/spouse/children) Passbook copy of PPF (Self, Spouse, any child) Home loan Statement reflecting principal amount repayment /SEE DETAILS

The Income Tax Department now allows the filing of ITR-1 and ITR-4 for the FY 2019-20 (AY 2020-21) byJoint Owners of a house propertyThe person falling under 7th proviso to section 139 i.e.Having electricity expenditure in the year exceeding Rs 1LakhDepositing in the current account(s) cash exceeding Rs 1 cr Incurring expenditure in foreign travel for self or others exceeding Rs 2Lakhs The pronouncement has been made by the tax department vide its press release dated 09th Jan 2020. To everyone’s surprise the new income tax return forms for FY 2019-20 (AY 2020-21)SEE DETAILS