Category Archives: Income Tax

National e-Assessment Centre of Income Tax Department

By | October 7, 2019

National e-Assessment Centre Revenue Secretary inaugurates National e-Assessment Centre of IT Department Faceless e-Assessment for income tax payers launched New Initiative shall impart greater efficiency, transparency and accountability in the assessment process Posted On: 07 OCT 2019 Revenue Secretary Shri Ajay Bhushan Pandey inaugurated National e-Assessment Scheme (NeAC) here today in the presence of CBDT… Read More »

E-Assessment for ITR Guidelines issued by CBDT Circular No 27/2019

By | September 28, 2019

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 »

Circular No 26 of 2019 CBDT : Income Tax Return Clarifications on ITR-5, ITR-6 and ITR-7

By | September 27, 2019

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 »

New Income Tax Rates for FY 2019-20 (AY 2020-21)

By | September 25, 2019

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 »