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Due dates of FORM GSTR-1 for the months of April, May and June, 2019

Central Tax Notifications 12/2019-Central Tax ,dt. 07-03-2019 Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June, 2019. In exercise of the powers conferred...

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Extension of threshold limit of aggregate turnover for Composition Scheme

Central Tax Notifications 14/2019-Central Tax ,dt. 07-03-2019 Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores. G.S.R....

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Due dates of FORM GSTR-1 for turnover upto Rs. 1.5 crores

Central Tax Notifications 11/2019-Central Tax ,dt. 07-03-2019 Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover upto Rs. 1.5 crores for the months of April, May and June, 2019. In exercise of the powers conferred by section...

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Due dates of FORM GSTR-3B for the months of April, May and June, 2019

Central Tax Notifications 13/2019-Central Tax ,dt. 07-03-2019 Seeks to prescribe the due dates for furnishing of FORM GSTR-3B for the months of April, May and June, 2019. In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017...

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Threshold limit of GST registration for turnover upto Rs. 40 Lakhs.

Central Tax Notifications 10/2019-Central Tax ,dt. 07-03-2019 seeksn exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs. In exercise of the powers conferred by sub-section (2) of section...

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Glimps of Finance Bill 2019 presented by FM Mr. P Goel

New Finance Minister MR. Piyush Goel has presented Finance Bill 2019 on 01-Feb-2019. In Finance Bill 2019 he has proposed following major amendments related to Direct Tax:    Finance Bill 2019 # 1. The Standard deduction has been increased from Rs.40,000/- to Rs 50,000/-. (Sec-16)...

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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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