A summarised interpretation of Tax and Compliance related changes announced through press conference of Finance Ministry Rate of TDS and TCS has been reduced by 25% on payments whether Professional fee, Interest payment or rent payment etc. Such reduced...
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Under section 195(6) of income tax act 1961, government imposes a responsibility on every person who is responsible for remit any sum outside India, to furnish certain information of this remittance to income tax department. Let’s understands what section...
Finance Act 2020 brings couple of changes in Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) provisions of income tax act. Some of the changes are into existing provisions of Income tax act or some of...
As per Section 145(2) of income Tax Act, government has the power to notify the income computation and disclosure standards. Such standard to be followed by certain class of assesses in respect of any class of income. These 10...
Honourable Finance Minister has announced various reliefs from certain statutory compliance on account on Covid 19 Pandemic. Below is the list of relief/exemptions granted by Finance Ministry on 24 March 2020: Income Tax Updates: Income Tax Return (ITR) due...