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Category: Direct Tax


TDS Rate Chart along with the threshold limit for the financial Year 2019-20 / Assessment Year 2020-21 after considering Amendment in TDS law proposed by Union Budget 2019.    Relevant Section Nature of Payment Threshold Limit TDS Rates 192 Salary As Read more…


Top 100 Key Highlights of Budget 2019 by Nirmala Sitharaman No income tax for less than 5 lakh per annum income 3% Increase in surcharge for individuals with incomes between 2 to 5 cr. 7% increase in surcharge for incomes Read more…


Sandesara loan fraud bigger than PNB scam : Enforcement Directorate The Enforcement Directorate has claimed that the fraud committed by Sterling Biotech’s Sandesara brothers is much bigger than Nirav Modi’s PNB scam. ANI has quoted ED officials stating that the Sterling Biotech Read more…


Tax 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Read more…


New Delhi: To prevent tax evasion, the Income Tax department has changed PAN card rules with effect from 5 December making it mandatory for all entities doing business worth over Rs 2.5 lakh in a financial year to have a Permanent Read more…


1. Deductor & Deductee: Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable Read more…


A famous chaatwala shop in Patiala has declared an undisclosed income of Rs 1.20 crore in Income Tax Department’s raid. The Income Tax Department had raided the chaatwala shop on Wednesday. On Thursday, the chaatwala shop owners declared this unaccounted Read more…


The Central Board of Direct Taxes (CBDT) have released schema for Revised Form 3CD schema (Tax Audit Report) version 1.14 on 7th September 2018. A total of 13 changes have been effected in the revised schema version. This is Sixth Read more…


The benefit under section 54EC can be availed of only if there is an income from a capital asset, being  long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the Read more…


Effects On Filing Income Tax Return After Due Date  Interest If you don’t file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A. The Read more…


Who has to file eForm DIR-3 KYC? As per MCAs recent announcement, any director who was allotted a DIN by or on 31st of March 2018 and whose DIN is in approved status, will have to submit his KYC details Read more…

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