Q & A Corner
10:38 am

No Penalty for delayed Filing of Income Tax Return this year

Finance Ministry releases FAQs and replies on withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs 500/- and Rs 1,000

Any amount of money received as gift from relatives are exempted from Tax liability

Provident Fund withdrawal is taxable if it is done without rendering continuous service for 5 years

Income earned from Gold Monetization Scheme are eligible for Tax exemption

Income Declaration Scheme

Declarants under Income Declaration Scheme can pay interest and penalty in three instalments; CBDT [Read Clarifications]

CBDT issues of further clarifications (FAQs) on Income Declaration Scheme, 2016 [Read Circular]

Income Declaration Scheme; PAN Mandatory, Scheme open to residents & non residents; CBDT [Read Circular]

No TCS if the Cash receipt does not exceed 2Lac; CBDT issues clarification to Amendment in Section 206C of the Income Tax Act

Income Tax

1% Tax at Source only on retail sales of Motor Vehicles of the value exceeding 10L₹: CBDT Circular [Read Circular]

Income Tax

Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)