More Income Tax News

  • Businesses with annual turnover of up to Rs 40 lakh are now exempted from GST: Finance Ministry

    Businesses with annual turnover of up to Rs 40 lakh are now exempted from GST: Finance Ministry

    India TV Business Desk | August 25, 2020 15:44 IST

    The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.  

  • ITR income tax

    Taxpayers not required to disclose high-value transactions in ITR

    India TV Business Desk | August 17, 2020 17:49 IST

    Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.

  • Tax reforms ITR middle class benefits in new tax reforms pm modi latest news

    Tax Reforms: How the middle-class taxpayers can benefit from new system

    Adhil Shetty | August 15, 2020 12:49 IST

    Prime Minister Narendra Modi last Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials, signalling a major reform in the income tax system in the country. Here's an expert view on how the new tax reforms will help the middle-class.

  • PAN-Aadhaar card linking

    PAN-Aadhaar card linking: Here's how you can link them online, via SMS

    India TV Business Desk | August 14, 2020 21:37 IST

    PAN-Aadhaar card linking: Around 18 crore permanent account numbers (PANs) cards are not linked to Aadhaar card, suggested a report by the government. 

  • 5 reasons why you may receive notice from the income tax department

    ITR Filing: 5 Common Mistakes That Can Draw Income Tax Notice

    Sarabjeet Kaur | August 01, 2020 9:35 IST

    The Central Board of Direct Taxes(CBDT) has again extended the deadline for filing of Income Tax Return FY 2018-2019.This no doubt has given some relaxation for taxpayers to file ITR. However, at times it may happen that we make a mistake while filing our ITR at the last minute. Here are common mistakes you should avoid while filing for your Income Tax Returns.

  • FY'19 income tax return filing deadline extended till September 30

    FY'19 income tax return filing deadline extended till September 30

    PTI | July 29, 2020 23:54 IST

    The government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.

  • Income Tax filing, CBDT, Form 26AS

    Income Tax Return: New and improved Form 26AS from this year. Check details

    India TV Business Desk | July 19, 2020 11:57 IST

    CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.

  • ITR: How to claim tax deduction benefit on health insurance

    ITR: How to claim tax deduction benefit on health insurance under section 80D

    Sarabjeet Kaur | July 14, 2020 13:28 IST

    Medical emergency is something which can occur anytime, anywhere and to anyone without giving a warning sign. So, experts suggest taking health insurance is the best option to secure yourself from any future emergencies. Taking health insurance also provides tax benefits as one can get tax deductions while under section 80D.

  • ITR Filing FY 19-20: Key dates and things to remember

    ITR Filing FY 19-20: Key dates and things to remember

    India TV Business Desk | July 08, 2020 22:18 IST

    ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing.

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