#CBDT , #CBIC Merger of two Boards of Revenue factually incorrect.

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs. This news item is factually incorrect as the Government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963. Read more

#TAX Updates in your #Whatsapp

https://chat.whatsapp.com/LMtXiFhhA3r4tsA6u1UV61

If any of your Family or Friends want regular Tax updates from our what’s app group just forward the above Link  to them, they can join the group by clicking the above link.

#MSME Rules from 01.07.2020

MSME CRITERIA RULES ON OR AFTER 01.07.2020

Enterprises engaged in the manufacture or production, processing or preservation of goods, engaged in providing or rendering of services.

ParticularsInvestment In Plant & MachineryORTurnover
MICRO Upto  Rs 1 CroreORUpto 5 Crores
SMALLMore Than Rs. 1 Crore and upto  Rs. 10 Crore.ORMore Than Rs. 5 Crore and upto  Rs. 50 Crore.
MEDIUMMore Than Rs.10 Crore and upto Rs.50 Crore.ORMore Than Rs.50 Crore and upto Rs.250 Crore.

 

BECOMING A MICRO, SMALL OR MEDIUM ENTERPRISE.

(1) File Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof. Read more

#ITR2 is available from today for filing!!!

WHO CAN FILE ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession.

I.e.

  1. Salary Income OR
  2. House Property Income OR
  3. Income from Capital Gains OR
  4. Income from Other Sources

But Not Profit from Business or profession

ITR 2 CHANGES FOR INCOME TAX RETURN FOR YEAR 2019-20:–

 

  1. SEPARATE DECLARATION FROM TAX PAYERS IF: –
  • Deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts in a bank or a co-operative bank OR
  • Has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; OR
  • Has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity;

 

1

  1. RESPONSE TO NOTICE

 

DIN Number in addition to Notice Number and date is to be given. Read more

Income tax Relaxation/Extensions of Due Dates, #COVID19

 

INCOME TAX RETURN FOR FINANCIAL YEAR 2018-19

Furnishing of return (Original/Revised) for the assessment year AY 2019-20 (FY 2018-19) has been extended till 31.07.2020.

INCOME TAX RETURN FOR FINANCIAL YEAR 2019-20

Furnishing of return for the assessment year AY 2020-21 (FY 2019-20) has been extended till 30.11.2020. Read more