In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act, 1961, which provides that every person having a business turnover of more than Rs 50 Crore (“specified person”) shall mandatorily provide facilities for accepting payments through prescribed electronic modes.
Continue reading “Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961”Extension of Due Date of Payment of TDS u/s 194M
Considering the fact that the utility for payment of tax deducted at source under section 194M of the Income-tax Act, 1961 (the Act) was deployed on 17.12.2019, the Central Board of Direct Taxes, in exercise of the powers conferred under 119 of the Act, hereby extends the due date for payment of tax deducted at source under section 194M during the month of September, 2019 and October, 2019 and the due date for furnishing the challan-cum-statement in Form 26QD for the same, from 31.10.2019 and 30.11.2019 respectively to 31.12.2019. Consequently, the due date of furnishing of the certificate of deduction of tax in Form 16D has also been extended for the tax deducted during the month of September, 2019 and October, 2019 to 15.01.2020.
Latest Updates for Income Tax Act
Income Tax Slab Rates
Income tax slabs and tax rates for FY 2019-20 are applicable to those who earn more than Rs.2.5 lakh p.a. The rate at which individuals are taxed depends on the level of income they earn, with rates charged at nil, 5%, 20% and 30%.
In February 2019, the government announced certain changes in the structure of the tax slabs. As per the Interim Budget 2019, which came into effect from 1 April 2019, a Rs.12,500 rebate under Section 87A of the Income Tax Act, 1961, will be available to individuals who have an income of up to Rs.5 lakh. However, no changes have been made to the tax slabs and rates for the FY 2019-2020.
Continue reading “Income Tax Slab Rates”FAQ on Income Tax Return
1. Is it necessary to attach documents with Income tax return?
ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
Continue reading “FAQ on Income Tax Return”