allindiaitr

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Coronavirus impact on GST collections

The slow spread of coronavirus has become one of the biggest threat in the Indian financial market. The Central Government is concerned about an inevitable dip in the GST collections.

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GST Council defers the implementation of new returns and e-invoicing

The government has decided to postpone the e-invoicing system to October 1, 2020 and the new GST returns will be implemented in phases between October 2020 and January 2021.

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Deductions under Section 80EE: Interest on Home Loans

If you’ve taken a home loan from any financial institution than you can claim tax benefits under Section 80EE of the Income Tax Act.

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ELSS mutual fund v/s New Tax Regime

A common dilemma which any taxpayer is facing today is choosing between Equity Linked Savings Schemes (ELSS) and the new optional tax regime which requires them to forego all the deductions

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Here’s how to get a free PAN card in 10 minutes

Instant Permanent Account Number (PAN) allotment was proposed by the Finance Minister in the Budget 2020. The decision was taken to facilitate easy allotment of PAN to people.

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8 Tips for Better Returns from Mutual Funds

A mutual fund is a type of investment product where the funds of many investors are pooled into an investment product. Deciding on your financial goals and the duration of the investments makes for a wise investment choice.

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Input Tax Credit: Changes and how to claim it

Input Tax Credit (ITC), is reducing the taxes paid on the inputs from taxes to be paid on output. Input Tax is the GST which is paid on any type of goods or services is supplied to a taxable person.

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Government employee? Know how to submit income tax saving details online

The Government employees now have the facility to do online submission of income tax saving details, as well as calculation of taxes. The facility has been launched for the benefit of all government employees .

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CBDT notifies 10-IC, 10-ID forms for firms to reduced Corporate Taxes

The CBDT has notified two new web forms, 10-IC and 10-ID for existing companies that want to avail lower income tax rates and new manufacturing firms, respectively.

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Section 80DDB Deductions: Income Tax Act, 1961

The deduction under Section 80DDB is given on the expenditure on the medical treatment of specified diseases for the dependent of a taxpayer or HUF if they are solely dependent on the taxpayer for support and maintenance.

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Deductions under Section 80DD

Income tax deduction under Section 80DD of the Income Tax Act is allowed to Resident Individuals or HUFs for a dependent who is differently abled and is wholly dependent on the taxpayer.

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Budget 2020: Vivad se Vishwas

Finance Minister Nirmala Sitharaman announced the Vivad se Vishwas scheme to “provide for resolution of pending direct tax disputes” in her Budget 2020 speech.

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Income tax benefits on EPF contributions: New vs Old Tax Regime

A taxpayer is eligible to claim deduction under Section 80C of the Income Tax Act on their 12% contribution to the EPF account. Those opting for the new tax regime will have to forgo this deduction as this will only be present in the old tax regime.

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PAN-Aadhaar linking possible after March 31, 2020

The deadline for linking of your Aadhaar card to PAN is March 31, 2020 and failing to meet the deadline would result in your PAN becoming inoperative, and you would not be able to do multiple transactions.

#aadharcard # AadhaarcardtoPAN #incometaxrules2020 #pan-aadharseeding

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Bank Deposit Insurance Hiked to 5 Lakhs per Depositor

The announcement in the Budget 2020 stated that, the bank deposit insurance for every depositor will be increased from 1 lakh per depositor to 5 lakhs per depositor.

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Who can’t switch between the old and new tax regimes?

FM announced the introduction of a new tax regime in the Union Budget 2020, this announcement enables a taxpayer to switch between the old and the new tax regimes. Though, it has an exception for certain taxpayers.

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IT Deductions Under Section 80C to 80U

The Income Tax department provides tax benefits which can be claimed under section 80C to section 80U of the Income Tax Act, 1961.