Online processing of refund applications and single authority disbursement implemented 27/09/2019 The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes: Refund applications filed by the taxpayers in RFD-01 form shall be processed electronically/ online by the tax-officer and all communications… Read More »
Forms available on GST Portal for Taxpayers and Tax Officials Government has issued various forms for GST related compliances to be made by taxpayers and for taking actions on them by tax officials. Various forms issued for registration, filing returns or refunds etc. have been made available on the GST Portal. To know about the… Read More »
Notification No. 75/2019 [F.No. 225/75/2019-ITA.II] : Extension of due date for linking of PAN with Aadhaar from 30.09.2019 to 31.12.2019 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART H, SECTION 3, SUB SECTION (ii)] Government of India Ministry of Finance Department of Revenue Central Board of Direct Download Click here
The Central Board of Direct Taxes (CBDT) has prescribed compressive guidelines for conducing assessment proceedings through ‘E- proceeding’ facility during Financial Year 2019-20. Assessment framed under sections 153A, 153C, 144 & 147 shall not be mandatorily carried out through e-proceedings. Further, the board has also prescribed situations where personal hearing/attendance may take place during e-proceeding.… Read More »
Order for ITR and Tax Audit Date Extension for AY 2019-20 (FY 2018-19) The CBDT issues order under Section 119 to extend the due date in case of all categories of taxpayers, who are required to file Income-tax return and audit report, from 30-09-2019 to 31-10-2019. However, the due date has not been extended for… Read More »
Circular No. 26 of 2019- CBDT clarifies on certain issues relating to filing of Forms ITR-5, ITR-6 and ITR-7 which includes furnishing of details of shareholding in Schedule SH-1 / SH-2, details of assets and liabilities in Schedule AL-1 / AL-2. It also provide solutions to queries of Partnership firms and Trusts. Circular No. 26… Read More »
The Government has introduced two new tax regimes for the domestic companies in Section 115BAA and Section 115BAB through the Taxation Laws (Amendment) Ordinance, 2019. Section 115BAA has been inserted to provide for reduced tax rate of 22% in case of all domestic companies. Whereas, Section 115BAB has been inserted to provide for a reduced… Read More »
Notification No.42/2019 – Central Tax Notification No.42/2019 – Central Tax Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] New Delhi, the 24th September, 2019 Seeks to bring rules 10, 11, 12 and 26 of the CGST (Fourth Amendment) Rules, 2019 in to force. [To be published in… Read More »
Taxation Laws (Amendment) Ordinance 2019 An Ordinance to amend the Income-tax Act, 1961 and the Finance (No. 2) Act, 2019 has been notified by the Ministry of Law and Justice. Download its copy Click here
New Income Tax Depreciation Rates for Motor Vehicles The Central Board of Direct Taxes (CBDT) has notified new depreciation rate of 30% on motor cars (other than those used in a business of running them on hire) & 45% on Motor buses, motor lorries and motor taxis used in a business of running them on… Read More »