Income tax return filing: "Since the intention was to support the small startup, the turnover limit of Rs 25 crore was considered reasonable for granting profit linking deduction," the Central Board of Direct Taxes (CBDT) said in a statement.
In the recent budget announcement, the Union Finance Minister Nirmala Sitharaman proposed to make the permanent account number (PAN) card and Aadhaar interchangeable, effectively allowing those not possessing a PAN to file income tax returns by quoting their Aadhaar number.
The forms were released by the Central Board of Direct Taxes (CBDT) on Friday. Additionally, ITR-1 Sahaj form meant for individuals excludes those who are directors of company or have investment in unlisted equity shares.
Income Tax Return (ITR) Filing 2019-20 Last Date, Process, Status Online: For those who have become taxpayers recently, the understanding of the filing process and required documents is necessary. Here are all the details about IT returns filing.
Poorva Prakash, Senior Director, Deloitte India, says that the upcoming Vote on Account could give multiple personal tax concessions in order to make it a popular. She explains what can be expected on February 1.
Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.