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New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

New ITR forms Notification for AY 2019-20 by CBDT: All Forms with Notification

Online Tax Payment - No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

Online Tax Payment – No interest chargeable for late deposit of amount in Government Treasury if the amount is debited before due date

CBDT press release on recent searches in Indore, Delhi & Goa

Tendering of Cheque to the Bank is to be considered as the date of payment- No interest chargeable in such cases

Tendering of Cheque to the Bank is to be considered as the date of payment- No interest chargeable in such cases

Amending its objects to clarify certain things has no impact on trust's registration; SC dismissed SLP

Amending its objects to clarify certain things has no impact on trust’s registration; SC dismissed SLP

No denial of sec. 80-IB relief merely on ground that developer didn't undertake construction of property itself

No denial of sec. 80-IB relief merely on ground that developer didn’t undertake construction of property itself

Income Tax Return Filing in 17-18 increased by 64.09% as compared to 13-14

Income Tax Return Filing in 17-18 increased by 64.09% as compared to 13-14

Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Controversial issue: Income of minor to be taxed in hands of grandfather who is maintaining him after death of his parents

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Date of allotment relevant for reckoning LTCG: Mumbai ITAT

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

Eye on Agricultural Income & investment in Unlisted companies through new ITR forms

'ITC cannot be claimed for discount given post supply even for commercial discount'

‘ITC cannot be claimed for discount given post supply even for commercial discount’

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263

If AO after due diligence and enquiry has reached to a conclusion then the Principal CIT or CIT cannot exercise powers u/s 263

The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised. ITR-1 is filed by individuals having a total income of up to ₹ 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to ₹ 5,000. ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while *ITR-3* is filed by individuals and HUFs having income from profits and gains of business or profession. ITR-4 or Sugam is meant for individuals, HUFs and firms (other than LLP) having a total income of up to ₹ 50 lakh and having presumptive income from business and profession. Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.

Let us know about IT forms for A.Y. 2019-20

IT Department busts Hawala Racket of Rs. 4,000 Crore in Jabalpur

IT Department busts Hawala Racket of Rs. 4,000 Crore in Jabalpur

Hawala Racket under Scanner

Hawala Racket under Scanner

Aasessment is invalid if no notice u/s 143(2) of is issued

Aasessment is invalid if no notice u/s 143(2) of is issued

Whether exemption u/s 10A is to be computed before setoff of brought forward losses and unabsorbed depreciation - YES: HC

Whether exemption u/s 10A is to be computed before setoff of brought forward losses and unabsorbed depreciation – YES: HC

Bank audit special - LFAR: Important Points to Be taken care of

Bank audit special – LFAR: Important Points to Be taken care of

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This is an online news portal for tax news, updates, articles, judgments, Circulars, Notification and orders with regards to Indian Taxation Laws. ‘Simplifying the TAX & creating awareness about tax laws is the main motto of the Team theTAXTALK.

Recent Posts

  • Section 263 Revision Cannot Be Based on “Deeper Inquiry” | ITAT Draws Clear Line between No Inquiry and Inadequate Inquiry
  • TDS Credit Cannot Be Denied Due to 26AS Mismatch Under Section 143(1) | ITAT Delhi Declares Such Adjustments Illegal
  • If the investment is yours, the exemption is yours—even if the property is registered in someone else’s name: Section 54F exemption allowed even if Property Registered in others name
  • Search Assessment u/s 153A Fails Without Fresh Incriminating Material | ITAT Strikes Down Additions Based on ED Evidence & Mechanical Approval u/s 153D
  • Incentives under the Package Scheme of Incentives in Maharashtra is taxable under the Income Tax Act

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