INCOME-TAX

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Section 194K—Tax Deduction on Income From Mutual Fund Units

FM Nirmala Sitharaman proposed the addition of Section 194K in the Finance Act during the Budget 2020. Read the article to understand the implications of section 194K.

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Latest Income Tax News,Information,Notifications & Announcements

Income Tax Latest News,Notifications,Circulars & Announcement Updates.We decode and simplify all the income tax notifications regularly and its related information here.

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Section 80M of the Income Tax Act- Inter corporate dividends

Section 80M has been inserted in the Finance Act by our FM Nirmala Sitharaman in the Union Budget 2020. Read our detailed article on section 80M.

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Budget 2020 Highlights : PDF Download, Key Takeaways, Important Points

Union Budget 2020 Highlights: PDF Download, Key Takeaways, Important Points: Get Union Budget 2020 Highlights & latest News Updates,

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Union Budget 2020 Expectations : Date & Time of the Budget 2020

Budget 2020 Expectations will be presented by Finance Minister, Nirmala Sitharaman, on the 1st of February 2020. Read our expectations from the Union budget 2020 here.

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Section 269SU- Prescribed electronic modes for acceptance of payment for businesses

Section 269SU has been introduced by the income tax department and has prescribed certain modes of payment for any business establishment. Read more here.

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PPF calculator AMP

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New ITR Forms Notified for the Financial Year 2019-20 (AY 2020-21)

New ITR forms - ITR-1 and ITR-4 for the FY 2019-20 (AY 2020-21) has been notified. It will help the taxpayers to be ready with all the requisite information and file their income tax returns with ...

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Assessment or Reassessment Notice Under Section 148 of the Income Tax Act

As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns. Read here for more information.

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FAQs on set off and carry forward of capital gains and capital gains exemptions and business loss

Here are the FAQs on set off and carry forward of capital losses and business losses. Read them and know about the set-off of capital and business losses.

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How to Rectify Errors Made in the Payment of Advance Tax and Self-Assessment Tax

Taxpayers may make an error in income tax payments such as wrong tax category, assessment year and so on. Taxpayers can correct the error in the tax challan through the bank or assessing officer.

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Allowances and deductions available to a salaried person & documents they need to submit to ...

Read about the allowances and deductions available to a salaried person and documents they need to submit to avail them in this article.

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e-Assessment Scheme 2019

In the Union Budget 2019, the Finance Minister proposed the introduction of a scheme of faceless e-assessment. Read more about e-Assessment scheme 2019.

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Section 234D-Interest on Excess Income Tax Refund

The income tax refund amount may become recoverable upon a regular assessment along with the interest under Section 234D. Read more here.

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Income Tax Department prescribes guidelines for Verification of Suspicious Bank Accounts

The income tax department has prescribed guidelines for verification of suspicious transactions and bank transactions. Read more here.

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Guidelines for using e-filing DSC management utility

Taxpayers belonging to the below categories are required to mandatorily sign their income tax returns using a DSC. Read here to know more.

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Sign-on bonus refunded to Employer cannot be Reduced from taxable salary: Case Law

When an employee receives a sign-on bonus and has to return it due to change of employer, should the bonus be taxable to the employee? Read this case law.

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How to Add Previous Years’ Losses to your Income Tax Return on ClearTax

You can add previous years’ losses to your income tax return. The procedure to claim your previous year losses on www.cleartax.in is here.

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Secure E- filing Accounts through e–Filing Vault

Your e-filing account will hold sensitive personal & income tax-related information. You can secure this account from frauds by activating an e-filing vault.

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Changed jobs? How to deal with multiple Form 16s

People tend to change jobs for a better pay scale or to acquire new skills, and when you do this within an FY, you will have more than one Form 16. Read more.