With an objective of preventing tax evasion in the future, the Income Tax Department will introduce new Permanent Account Number (PAN) card rules with effect from December 5, 2018. The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply…
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account
The Income Tax Department today launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified.
An official of the Central Board of Direct Taxes (CBDT) told ANI that the Income Tax Department strives to maintain a workplace environment that functions well and possesses high standards of conduct and decorum.
The income tax department recently notified income tax return (ITR) forms for the financial year 2017-18 (assessment year 2018-19). A one-page simplified ITR Form-1 (Sahaj) has been notified.
Even the simplest form ITR -1 (Sahaj) for salaried individuals having one house property is now a seven page form instead of five pages earlier and has an additional column to mention tax collected at source.