Cost Inflation Index (CII)
In the case of transfer of long term capital asset, Income Tax on capital gains is determined by deducting indexed cost of acquisition/ improvement from the sale consideration. Finance Act … Read More
Category: Income Tax
Cost Inflation Index for Financial Year 2020-21 (AY 2021-22)
CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 (Assessment Year 2021-22) vide Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer … Read More
Taxation of Dividends FY 2020-21
The Budget 2020 has announced to abolish the Dividend Distribution Tax (DDT) payable by Indian Companies and restoring the classical system of Taxing Dividends in the Shareholders’ Hands. This was … Read More
CBDT has extended the implementation of the new procedure for re-registration of Charitable Institutions u/s 10(23C), 12AA, 35 & 80G of the Income Tax Act, 1961 to 1st October 2020
Finance Act, 2020 has unleashed certain new compliance burdens on Charitable Trusts and Exempt Institutions. Budget 2020 has amended certain provisions of the Income Tax Act, 1961 having a great … Read More
CBDT has given Income Tax Residency Status Relief for NRIs and Foreign Nationals, Lockdown period won’t be counted for determining Residency Status
CBDT has issues Circular No. 11 of 2020 dt 8th May,2020 clarifying residential status u/s 6 of Income Tax Act wrt FY 2019-20 (AY 2020-21) giving relief on residency status … Read More
Extension of TDS/TDS Return Due Date for Quarter Ended March 2020
NSDL e- Governance Infrastructure Limited TIN Operations Circular Circular No. NSDL/TIN/2020/006 April 20, 2020 Subject: Extension of Quarterly TDS/TCS statement filing dates.
Order on Issue of Certificates for Lower Rate/Nil Deduction/Collection of TDS/TCS
Order u/s 119 of The Income Tax Act, 1961 on issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 and 206C (9) — reg.
Extension of validity of Lower or Nil Tax Deduction/Collection Certificate
Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificates u/s. 197 … Read More