Home » Archive by category "Income Tax"

Is Standard Deduction eligible from Pension Income?

  Earlier, there was a confusion among the pensioners whose source of income is pension that whether a taxpayer, who receives pension from his former employer, shall be eligible to claim Standard deduction. That confusion has been removed by the Central Board of Direct Taxes...

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New ITR Form 1 to 7 for Assessment year 2018-19 notifies by CBDT

For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19,The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms). For...

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Resent Changes in NPS norms made by Gov

National Pension Scheme (NPS), a government-sponsored pension scheme, was launched in January 2004 for government employees. It was opened to all sections in 2009. A subscriber can contribute regularly in a pension account during her working life, withdraw a part of the corpus in a...

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Amendment in section 139A of the IT Act relating to PAN?

In Finance Bill 2018, following amendment is proposed relating to PAN is compulsory in certain cases: Clause 42 of the Bill seeks to amend section 139A of the Income-tax Act relating to permanent account number. Sub-section (1) of the said section, inter alia, provides that...

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Clarification on Long Term Capital Gains by CBDT after Budget 2018

Clarification issues by CBDT through Frequently Asked Questions regarding taxation of long-term capital gains proposed in Finance Bill, 2018 – (Ref File No. 370149/20/2018-TPL DT: 04-February-2018) Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of...

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Updates in Life Insurance Products, PMSBY and PMVVY Scheme

Life Insurance Products  Insurance Regulatory and Development Authority of India (IRDAI) has informed that in order to give an added fillip in providing easy access to Life Insurance Products to people at large and to enhance insurance penetration and density, Guidelines on Point of Sales...

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Forbid Cash Transaction and related Income Tax Provisions

What Income Tax Act Says about Cash Transactions and Consequences of Non-Compliance of related provisions in the act & rules. After the demonetization Indian economy gradually moving towards the Cashless economy and increase the use of digital money. An increase of electronic transactions creating problems...

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New Era of Direct Tax Legislation begin

New era of Direct Tax Legislation being with Constitution of Task Force for drafting a New Direct Tax Legislation During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the...

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Guidelines for adjustment under section 143(1)(a)(vi) of IT Act

Central Board of Direct Taxes (CBDT), issues guidelines for communication under section 143(1)(a)(vi) of the Act while considering returns for processing pertaining to ITR Forms 2, 3, 4, 5 & 6. Subject: Processing of income-tax returns filed in Forms ITR-2, 3, 4, 5 & 6...

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Letter of Undertaking facility extended to all exporters

Central Board of Direct Taxes issues Notification No. 37/2017-Central Tax on extension of LUT ( Letter of Undertaking ) facility to All Exporters in India Notification No. 37 /2017 – Central Tax New Delhi, the 4th October, 2017 G.S.R….(E).- In exercise of the powers conferred...

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