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Income Tax : Weekly Income Tax Update

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Published on 01 May 2020 / In Income Tax Saving

Income Tax : Weekly Income Tax Update

Cbdt clarified that revised income tax returns forms to be notified by April end. It will enable taxpayers to take benefit of exemption / deductions upto extended time period of 30th June.
employees have to inform employers about its intention to open concessional tax regime effective from 2020 -21. Rupees 5204 crore income tax refunds issued in last 10 days to provide big relief to small businesses including MSME
The Income Tax department has sent emails to 1.72 lacs assessees who have outstanding tax demand as well as tax refund. donations and contributions to PM cares fund all now eligible for 100% deduction under section 80G of Income Tax Act 1961
The pending TDS of March 2020 has to be deposited by 30th April 2020 if the payment is made after 30th April 2020 but before 30th June 2020 due to covid-19 impact it will it will attract interest @ 0.75% for every month without any panel consequences

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