Taxation

The Income Tax (I-T) Department has extended the last date to file I-T returns (ITR) till 30 November 2020 due to the corona virus (COVID19) pandemic.    In a tweet, the I-T department says, "Understanding and keeping in mind the times that we are in, we have further extended...
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In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before September 30, 2020.   The Central...
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Goods and Services Tax Network (GSTN), the technology backbone of GST system, on Wednesday launched the facility of NIL filing of GSTR-1 through SMSes.   This will benefit approximately 12 lakh taxpayers who can now file their return without loging in to the GST portal. To avail the...
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The COVID-19 induced shrinking of economic activity for past few months has continued to have its impact on government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs1 lakh crore to Rs90,917 crore in June.   The...
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In a major relief for salaried taxpayers, the Central Board of Direct Taxes (CBDT) has said that under the new income tax regime, employees can claim for tax exemption on conveyance allowance received from their employers   The Income-tax (13th Amendment) Rules, 2020, which includes...
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