Category: Income Tax
Transport allowance withdrawn by CBDT, i.e. provisions relating to exemption of ‘Transport Allowance’ of Rs. 1,600 pm for salaried individuals/ employees to meet their commuting costs between residence and …
CBDT has notified the Revised Procedure for Registration and online Submission of ‘Statement of Financial Transactions (SFT)’ for FY 2017-18 in Form 61A under IT section 285BA read with …
CBDT has Notified ‘Revised Procedure for registration and online submission of Statement of Reportable Account (in Form 61B)’ by Prescribed Financial Institutions under IT Section 285BA read with IT …
CBDT has clarified that any taxpayer who is in receipt of pension from his former employer, shall be entitled to claim a standard deduction of Rs 40,000/- or the …
Section 80TTB has been inserted by the Finance Act, 2018 to provide for a higher deduction of upto Rs 50,000 in respect of interest income, in the case of …
Section 80TTA of Income Tax Act, 1961 provides for a deduction of upto Rs 10,000 from the interest income earned from savings deposits with a Bank or Post Office, …
CBDT has issued Instructions regarding procedure for conducting e-assessments in scrutiny cases, including the exceptions where the manual scrutiny may be continued, like in the cases relating to search …
The CBDT has notified the “Tax Return Preparer (TRP) (Amendment) Scheme, 2018” and has amended Para 3 (eligibility for becoming a Tax Return Preparer), Para 4 (application procedure and …
The CBDT has issued an Order under IT Sec. 119 for Clarifications/ Instructions on Issuance of Intimation/ Processing of Returns, filed in Form ITR-1, u/s 143(1)(a)(vi) applicable w.e.f. 1 …
In the case of pending ‘Scrutiny’ or ‘Limited Scrutiny’ cases which are getting time barred due to limitation on 31 Dec. 2017, IT Deptt is giving a choice to assessees …