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

38th GST Council Meeting was held on 18th Dec 2019, the key highlights include:Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level. Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended to 31st January 2020.No late fee is to be charged on delayed filing of Form GSTR 1 from July 2017 to November 2019 if the same is filed by 10th January 2020.E-way bills for a taxpayer whoSEE DETAILS

 CBIC on 5 November 2019 issued a circular instructing the procedure which needs to be followed for the generation and implementation of DIN ( Document Identification Number) on all GST and custom communications with taxpayers, effective from 8 November 2019.Objective of implementing DIN under GST ActIn accordance with the government’s objective to maintain the transparency and accountability it has been decided that a digitally generated DIN will be implemented. It will be quoted on  all communications sent by the official authorities to the taxpayers.Which documents shall have Document Identification NumberSEE DETAILS <span class="more-link-h...

DIN( Document Identification Number) : Income Tax Department’s new trail towards digitalizationThe tax filing season of 2020 will be witnessing certain commendable changes introduced by the income tax department of India. From now on, a system generated Document Identification Number (DIN) will be enforced for every notice issued by the income tax department. CBDT (Central Board of Direct Taxes) had already circulated the notice regarding DIN in the third quarter of 2019. DIN will facilitate recorded communication between the taxpayers and the income tax department.“When a notice is issued toSEE DETAILS