What is Advance Tax under Income Tax? Who should Pay Advance Tax? How Advance Tax is Calculated? What are the Advance Tax Due Dates? How To Pay Advance Tax? Consequences of Non/ Less Payment of Advance Tax. What is Advance Tax under Income Tax? Income Tax is one of the major sources of revenue for …
The Due date to file your ITR for the FY 2019-20 was extended to 10th January 2021 for non Audit taxpayers. If you have not Filed it on time it can be filed upto 31st March 2021 by paying Late fees and Interest. Let us understand these in detail below. Late Fees: ITR can be …
Not Filed the ITR on Due date? Can it be done now? Read More »
Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several cities in India and also in Dubai. The search and seizure action have led to unearthing of several incriminating …
Income Tax Department unearths 1000 crore hawala transaction in Delhi Read More »
Income Tax Department seizes substantial amount of cash in Tamil Nadu On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health …
IT dept seizes 32 crore cash and 10k gold in search operation Read More »
For the words and letters “Permanent Account No.”, “Permanent Account Number or Aadhaar Number” shall be substituted- CBDT Vide Notification no. 95/2019 In exercise of the powers conferred by section 139A, read with section 295 of the Income-tax Act, 1961 (43 of 1961), CBDT amended the Income Tax Rules 1962, in Appendix-II. The rules shall …
Central GST Delhi North Commissionerate has unearthed a racket involving supply of goods-less invoices and invoice-less goods. One person has been arrested and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The accused was found to be operating 10 fake firms which were created …
Central GST Delhi North Commissionerate unearth a racket Read More »
Income Tax Slabs & Rates A.Y. 2020-21 [F.Y. 2019-20] Individual resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP Income Slab Income Tax Upto Rs. 2,50,000 NIL Rs. 2,50,000 – Rs. 5,00,000 5% Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Surcharge( subject to Marginal Relief …
In the Income-tax Rules, 1962, after rule 119A, the following rule shall be inserted, namely:—“119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying onbusiness, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through …
