New Income Tax Rates FY 2019-20

New Income Tax Rates FY 2019-20 As per the press conference today (20th September 2019), the finance minister announced various tax reliefs. The Ministry of Finance (MoF) slashed corporate taxes on domestic manufacturing companies, to boost the economy of the…

Guidelines for Selection of Income Tax Scrutiny Cases

Guidelines for Selection of Income Tax Scrutiny Cases The Ministry of Finance released the guidelines for selection of income tax scrutiny cases for the financial year 2019-20 on 5th September 2019. The guidelines have been released by the Central Board…

Income Tax eAssessment

Income Tax eAssessment On 12th September 2019, the Ministry of Finance notified that E-assessment scheme had been established to conduct faceless assessments to review/investigate income-tax returns through online process. The evaluation can be in the form of scrutiny or persuing…

Document Identification Number

Document Identification Number The Income Tax authorities communicate with the assessee in the form of assessment, appeal, investigation, penalty, prosecution, rectification etc. Previously all the communication by the Income Tax authorities with the assessee/any other person used to be in…

e-Nivaran

e-Nivaran The Income Tax department has developed 'e-Nivaran', a Unified Grievance Management System in order to track taxpayer grievances and ensure early redressal of their complaints. Through e-Nivaran taxpayers can submit the grievance in respect to AO, NSDL, UTISL, CPC-ITR,…

Income Tax Due Date Extension

Income Tax Due Date Extension The Income Tax Department for AY2019-20 has not extended the income tax due date beyond 31st August 2019. There is however a fake notification circulating in social media claiming income tax due date extension. The…

TDS on Interests

Section 194A: TDS on Interest In order to collect taxes in a quick and efficient manner, the Income Tax law has incorporated a system that deducts taxes at the point of generation of income. This is known as Tax Deducted…

Income Tax Due Date Extension 2019

Income Tax Due Date Extension 2019 Extension Beyond 31st August The Income Tax Department for AY2019-20 has not extended the income tax due date beyond 31st August 2019. There is however a fake notification circulating in social media claiming income…

Section 194N: TDS on Cash Withdrawals

Section 194N: TDS on Cash Withdrawals The Union Budget of 2019 proposed various amendments to the existing sections of the Income Tax Act. Amongst such changes, the Budget also bought about the inclusion of new sections such as Section 194M…

Section 80EEA: Deductions for Affordable Housing

Section 80EEA: Deductions for Affordable Housing One of the main highlights of the Union Budget of 2019 was its focus on the objective of Housing for All through the Pradhan Mantri Awas Yojana. Amongst the latest initiations, the Government of…