Category Archives: IT Notification

Income Tax (18th Amendment) Rules 2020 Download Notification No. 55/2020

By | July 29, 2020

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 28th July, 2020 INCOME-TAX G.S.R. 469(E).—In exercise of the powers conferred by sub-section (7) of section 115UB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More »

Notification No. 52/2020 Income tax : Agencies Notified u/s 138

By | July 23, 2020

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st July, 2020 S.O. 2411(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government hereby specifies the following bodies/agencies for the purposes of the said clause. 1. Cabinet… Read More »

National Pension Scheme Tier II- Tax Saver Scheme 2020 Notified for 80C deduction

By | July 8, 2020

National Pension Scheme Tier II- Tax Saver Scheme 2020 Notified for 80C deduction MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 7th July, 2020 S.O. 2232(E).—In exercise of the powers conferred by clause (xxv) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961),… Read More »

Employee eligible to claim exemption for tour, travel and conveyance exp if opting for Sec. 115BAC : Notification

By | June 29, 2020

The CBDT has amended Rule 2BB to enable assessee opting for alternative tax regime under section 115BAC to claim exemption for tour, travel and conveyance expenses incurred in performance of duties. Further, allowance granted to a disabled employee for commutation between residence and office shall also be exempt. However, while determining the value of perquisite,… Read More »

CII Index FY 2020-21 Notified 301

By | June 13, 2020

CII Index FY 2020-21 Notified 301 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th June, 2020 Income-Tax S.O. 1879(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the… Read More »

Equalisation levy jurisdiction officer is AO working in Pr. Chief CIT (International Taxation) region

By | April 13, 2020

Equalisation levy jurisdiction officer is AO working in Pr. Chief CIT (International Taxation) region Equalisation levy jurisdiction officer is AO working in Pr. Chief CIT (International Taxation) region as per following Notification MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th March, 2020 (INCOME TAX) S.O. 1189(E).— In… Read More »

Form 15G/15H filing Date Extended for FY 2020-21 : CBDT

By | April 5, 2020

Due to outbreak of COVID-19, there is severe disruption in the normal banking working of almost all sectors of economy. Thus, the CBDT has clarified that if a person had submitted Form 15G and 15H for FY 2019-20 to banks and other institutions then these forms will be valid up to 30.06.2020 for FY 2020-21… Read More »

Exemption to unauthorized colony from Income Tax by CBDT : Notification

By | November 13, 2019

The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC in which it provided that provisions of Sec. 56(2)(x) shall not be applicable to any immovable property received by resident of unauthorized colony. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th November, 2019 G.S.R.… Read More »