Learn how medical bills of senior citizen parents can save your taxes Maintaining good health is undoubtedly the theme of the season. With the second wave of COVID going on in full swing, health insurance looks like an unavoidable necessity that also allows you tax benefits under Sec 80D. But the catch here is –… Continue reading Learn how medical bills of senior citizen parents can save your taxes
Category: Latest News
Latest news include advance tax, e payments, withdrawal limits, taxation laws, exchange limit, income tax department and more.
Major changes in Income Tax rules for the FY 2021-22
Major changes in Income Tax rules for the FY 2021-22 The government generally makes changes to the tax rules during the budget presented in February. These changes come into effect from the following financial year which starts from April. Take note of the changes and plan your taxes better. Choosing your tax regime Last year’s… Continue reading Major changes in Income Tax rules for the FY 2021-22
Income Tax Return & GST filing Due Date Extended: COVID-19 Effect
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… Continue reading Income Tax Return & GST filing Due Date Extended: COVID-19 Effect
Advisory on Coronavirus (Covid-19) Outbreak
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… Continue reading Advisory on Coronavirus (Covid-19) Outbreak
Investments proof
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… Continue reading Investments proof
Major Highlights of 38th GST council meeting
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… Continue reading Major Highlights of 38th GST council meeting
GST & Customs Communication to be quoted with DIN – CBIC
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 Act In accordance with the government’s objective to… Continue reading GST & Customs Communication to be quoted with DIN – CBIC
Document Identification Number to be issued by Income Tax Department
DIN( Document Identification Number) : Income Tax Department’s new trail towards digitalization The 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… Continue reading Document Identification Number to be issued by Income Tax Department
Due Date of Filing Income Tax Return Extends to 30th Nov 2019
The Due Date of Filing Income Tax Return for the Union Territory of Jammu & Kashmir and Ladakh has been extended to 30th Nov 2019. After revocation of Article 370 and part of 35A in the states of J&K and Ladakh, the residents have been unable to file their Income Tax Return. The difficulties… Continue reading Due Date of Filing Income Tax Return Extends to 30th Nov 2019
Faceless e-assessments: All you need to know
The Income tax department has launched a Faceless e-assessment scheme with a mission that it can bring in a “Paradigm shift” in taxation. This would be done by turning the income tax assessment system completely free of human interference. Ajay Bhushan Pandey, the revenue secretary of India said that the e-assessment scheme will provide… Continue reading Faceless e-assessments: All you need to know