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Tag: INCOME TAX

Government : No extension of the Financial Year 2019-20

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The government on Monday said it has not extended the current financial year 2019-20 and it will end as scheduled on March 31. The finance ministry issued the clarification following a fake new circulating in some media reports that the Financial Year has been extended. “There is no extension of the financial year,” the finance […]

ITR, GST filing, Aadhaar-PAN linking deadlines extended

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Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. Here are the key announcements: Financial Services: *Debit card holders who withdraw cash from any bank ATM can do it […]

Link your PAN with Aadhaar by March-end to avoid Rs10,000 fine

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The Income Tax department might impose a penalty of Rs 10,000 on those who don’t link their PAN card with Aadhaar card within the deadline of 31 March 2020. The I-T department had earlier said that un-linked PAN cards will become inoperative if not linked with Aadhaar by March 31. If the PAN card becomes […]

CBDT issues clarification on — applicability of TDS provisions on Mutual Fund dividend

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CBDT clarified that the Budget proposal of 10 per cent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units. It was proposed to levy tax deducted at source ( TDS) of 10 per cent on dividend/income paid by a company or mutual fund […]

Budget 2020: New Income Tax Slab for an Individual Taxpayer for FY 2020-21 (AY 2021-22)

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New Income Tax Slab Rates for F.Y 2020-21 | A.Y 2021-22 Budget 2020: FM Nirmala Sitharaman today proposed new income tax slabs and lower tax rates for F.Y 2020-21 | A.Y 2021-22. Lower income tax rates are optional and are available to those who are willing to forego some exemptions and some deductions. The new […]

CBDT notifies Rule 6BBA and amended Rule 6DD : cash loan acceptance & repayment limit to Rs 10, 000 in aggregate ; expenses limit also reduced

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The Department of Revenue (under Ministry of Finance) has reduced the cash loan acceptance and repayment limit from Rs 20, 000 to Rs 10, 000 in aggregate by notifying Rule 6BBA and amending Rule 6DD to include new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961 […]

Govt can’t make PAN invalid if not linked to Aadhaar till SC judgement: Gujarat High Court

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The Gujarat high court said a person’s Permanent Account Number (PAN) does not become invalid for filing income tax returns and making transactions just because it is not linked to their Aadhaar Card. The Gujarat High Court judgement states :“PAN of applicant shall not be declared inoperative and applicant would not be in default in […]

Direct tax collection growth falls 6.1% to Rs 7. 26 lakh crore

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With not much time left to the union budget 2020, sources privy to the developments told CNBC-TV18 that direct tax collections between April to January 15 of this fiscal, have shown a negative growth of -6.1 percent. The figures become important as the union budget is on the anvil and direct tax collections are a […]

CBDT Extends Deadline Till Jan 31 to Apply For Compounding of I-T Offences

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The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday said. The earlier deadline was December 31, 2019. The decision to extend the last date was taken in view of references received from field formations, […]

Businesses to Pay Rs 5000 Fine/Day for not Offering Digital Payment Facilities

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With effect from February 1, businesses will be fined Rs 5,000 per day if they fail to accept payments through digital payment facilities, the Central Board of Direct Taxes (CBDT) said in a circular dated December 30. This will be applicable to companies with an annual turnover of over Rs 50 crore. The move is […]

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