Category: Tax

The Central Board of Direct Taxes (CBDT) has notified certain changes in Form 16, the salary TDS certificate, seeking more details about exempted allowances under section 10 of the Income Tax Act, 1961. The new format as notified by CBDT will come into effect from May 12, 2019. Section 10 of the Income Tax Act…

The financial year 2019 is drawing to a close and you might still be busy in last-minute tax planning to ease your tax burden. When it comes to tax saving, Section 80C is the buzzword allowing you to claim cumulative tax deductions of up to Rs. 1.5 lakh. However, there are multiple investment options available…

New GST Return (GSTR) Forms have been announced by the Central Board of Direct Taxes (CBDT), the apex authority for taxation in India. The new forms have been titled as GST Return (Sahaj), GST Return (Sugam) and GST Return (Normal). These new forms will be available as part of a pilot project for use by…

The Central Board of Direct Taxes (CBDT), the apex body for collection of indirect taxes in India, has clarified that no GST (Goods and Services Tax) will be levied on TCS (Tax Collected at Source) of a product. Thus going forward, the TCS component will not be part of the price of the good used…

At the 33rd GST council meeting held in late February 2019, input tax credit was recently removed in case of residential real estate transactions. The new lower GST rates for under construction residential property purchases are 1% GST in case of affordable housing residential transactions (from 8% earlier) and 5% GST in case of residential…

As per the latest communication shared by the income tax department, eligible tax refunds will be only issued digitally. Further, tax refunds will be made only to the bank accounts which are linked with PAN.   The new guidelines regarding the tax refunds will be effective from March 1, 2019. E-refund of income tax means…