income tax

Amendments by The Finance Act, 2020
Income Tax
CA. Kavit Vijay

15 important changes in Income tax applicable from 2020 onwards

Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.

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Faceless Assessment & Appeal Scheme
Faceless Assessments
CA. Kapil Mittal

Faceless Assessment & Appeal Scheme|Transparency in Taxation System

Faceless assessment is a “big step in reducing Department’s interference from people’s lives” and ensures speedy assessment of cases. Further, another major cause is that the I-T department has been progressively reducing the percentage of cases picked up for scrutiny assessment so as to establish the fact that the department places trust on the taxpayer.

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Section269SU
Information
CA. Kavit Vijay

Section 269SU Online Compliance on e-Filing Portal – Due Date | Penalty for Non Compliance

The Income Tax department is sending email notifications to the taxpayers with more than Rs. 50 crore turnover about the applicability of section 269SU. Taxpayers need to furnish an online report on the e-filing website from their own account. The due date to file the report is 31st January 2020. The Finance Act 2019 has come up with a new section, namely, section 269SU. A person with businesses having a turn over of more than Rs 50 Crore mandatorily need to offer facilities for payments through electronic transactions. Section 269SU actually became effective from the 1st November, 2019. As per

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