E India CA

Professional Updates for Chartered Accountants

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A few income tax changes interim budget 2019 announced for salaried class

Even though it was an interim budget in Feburary 2019, the then Finance Minister Piyush Goyal announced a few changes in the area of income tax for the salaried class. Before Goyal's successor, Nirmala Sitharaman, announces her first Union Budget on Thursday, here's a brief overview on the relief provided to the salaried class in th...

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Govt widens scope of direct tax code to make compliance easier for taxpayers

New code will have provisions for GST authorities, customs officials, and the financial intelligence unit to share information, says the order The move to make income tax compliance easier by cutting red tape indicates that direct tax reform is high on the agenda of the Modi administration The government on Wednesday widened...

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ITR Filing: changes that will impact the tax filing

Delayed Form 16 You will not be getting your Form 16 on time this season. “When employers deduct TDS they have to deposit it to the government and submit Form 24Q for the same. The format of Form 24Q and Form 16 recently changed," said Archit Gupta, founder, Cleartax. The government has hence revised the due date of submission o...

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Higher 80C Deduction limit expected in Budget 2019

With less than a month to go before the Budget is announced, there are wide speculations on what the new finance minister will announce for the common man. Tax collections in fiscal year 2018-19 have fallen short of the Budget expectations by 7.4% and ambitious healthcare plans, loan waivers to farmers and other subsidies promised by...

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Budget 2019: Good opportunity to improve investor confidence

In order to meet its commitment of making the corporate tax rate in India comparable with other Asian economies by 2019, the govt should make 25% as the single rate of tax for all firms The government is expected to introduce the Direct Tax Code (DTC) in line with internationally accepted best practices The voters have del...

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New direct tax code draft by July-end

Finance minister Arun Jaitley extends deadline till 31 July for a task force to come up with a new draft direct tax codeThe proposed new direct tax code will replace the Income Tax Act of 1961NEW DELHI: The government on Friday gave two months extra time to a task force comprising tax officials and outside experts to come up with a ...

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Attention Income Tax Return filers! Are you aware of these 5 changes

The last date for filing Income Tax Return (ITR) for the assessment year 2019-20 is July 31, 2019. After the refund is determined, it is processed by the tax department. It can be checked online either through the income tax e-filing portal or through the NSDL website. ITR filing required various documents which is why it is impo...

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CBDT asks tax officials to speed up withdrawal of appeals cases

NEW DELHI: Apex direct taxes body, the Central Board of Direct Taxes, has cracked down on the delay in withdrawal of tax litigations in Income Tax Appellate Tribunal and High Courts and asked officials to expedite the process. The board has shot off a letter to field officers, asking them to complete the exercise by January end. ...