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By Abhirup Roy MUMBAI (Reuters) – Indian tax officials are pushing back against Prime Minister Narendra Modi’s new faceless tax assessment program, complaining about a lack of consultation and inadequate resources to implement the changes, a letter reviewed by Reuters shows. Making the biggest recent reform of tax collection methods, the government introduced faceless assessment....

Ques: How is the income tax return of a deceased person filed? Ans: The Income Tax return of a deceased person is filed on his/her behalf by the legal heir of the assessee under the provisions of the Income Tax Act’1961. The income tax return of the deceased assessee will be signed on behalf of the deceased assessee by....

The Central Government has waived off late fee and interest imposed on traders who have failed to file Goods and Services Tax Returns since August due to uncertainty in Kashmir after abrogation of J&K’s special status. According to officials of J&K Taxes Department, government has issued an order waiving off late fee and interest for....

1. The due date for GSTR-9 and GSTR-9 C for FY 2017-18 to be extended to 31st Jan 2020 2. The levy of late fees on non-filing of GSTR-1 from July 2017 to November 2019 has also been waived off. 3. Grievance redressal committees will be constituted to address the general problems of the taxpayers at....

CIBIL stands for Credit Information Bureau (India) Limited name changed to TransUnion CIBIL Ltd which is a part of “transunion” an American multinational group. It maintains credit files of around 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is majorly trusted by banks and Financial....

Who is Eligible for Section 80C Deduction: Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he....

Union Budget- 2020: Save Tax without Investment Budget 2020 has introduced a new optional rate of taxation for Individual & HUF. Presently, individuals/ HUF are liable to pay tax @ 5% on income between Rs. 2.50 Lakh to Rs. 5 Lakh, 20% for income slab from Rs 5 Lakh to Rs. 10 Lakh & 30% for....

Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revised Form 26AS . Apart from the TDS / TCS details, revised....

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