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
Category: Latest News
Latest news include advance tax, e payments, withdrawal limits, taxation laws, exchange limit, income tax department and more.
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
MCA extends due date of filing Financial Statements
Ministry of Corporate Affairs vide its Circular no 13/2019 Dt. 29/10/2019 extends the due date for filing of financial statements. The e forms namely, AOC-4, AOC (CFS) AOC-4 XBRL for financial year 2018-19 can now be filed till 30.11.2019 and e-form MGT-7 till 31.12.2019. No additional fees shall be levied on companies while submitting the forms… Continue reading MCA extends due date of filing Financial Statements
Treat your taxes well this Diwali 2019
It was a dark night of Amavasya; when the kingdom of Ayodhya welcomed Lord Ram, the banished king, who returned home after being in exile for 14 long years. This return was post Lord Ram’s victory over Ravan ( the king of Lanka who abducted Sita). To rejoice the home coming of their beloved… Continue reading Treat your taxes well this Diwali 2019
World Students’ Day 2019: Know Tax Benefits for Students
October 15, 2019; on the birth anniversary of APJ Abdul Kalam, let’s remember this great personality who inspired each one of us to think beyond our imaginations. On this fortunate day when the world, especially India was gifted with this great mind; the United Nations decided to observe his birthday as The World Student’s Day.… Continue reading World Students’ Day 2019: Know Tax Benefits for Students
5% Increase in Dearness Allowance
Before coming to this Dearness Allowance hike update, a simple question comes in the mind of a common man i.e. what is Dearness Allowance? DA which means Dearness Allowance is a component of salary (if terms of employment so provide) which is paid to central government employees/pensioners to adjust the cost of living. DA is… Continue reading 5% Increase in Dearness Allowance