New Scheme for Assessment in Electronic Mode – Finance Minister Ministry of Finance Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode. E-assessment to be rolled-out across the country to transform age-old assessment procedure In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance and … [Read more...] about New Scheme for Assessment in Electronic Mode – Finance Minister
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Income Tax Act
Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961
Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961 Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an association or institution approved by the National Committee for carrying-out any … [Read more...] about Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act Rules regarding quoting of PAN for specified transactions amended The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of … [Read more...] about Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
CBDT extends due date for E-filing up to 7.9.2015
CBDT extends due date for E-filing up to 7.9.2015 Due-Date for E-Filing Returns of Income for Assessment Year 2015-16 Extended up to 7th September 2015 in Respect of all Taxpayers who were Required to E-File their Returns of Income by 31st August 2015 The Government has received various representations that tax payers have faced difficulties in E-filing of returns across … [Read more...] about CBDT extends due date for E-filing up to 7.9.2015
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be … [Read more...] about Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers