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Income Tax Rules

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 399 items in 8 pages
1Short title and commencement
2Definitions
2ALimits for the purposes of section 10(13A)
2BConditions for the purpose of section 10(5)
2BAGuidelines for the purposes of section 10(10C)
2BBPrescribed allowances for the purposes of clause (14) of section 10
2BBACircumstances and conditions for the purposes of clause (19) of section 10
2BCAmount of annual receipts for the purposes of sub-clauses (iiiad) and (iiiae) of clause (23C) of section 10
2CGuidelines for approval under sub-clauses (iv) and (v) of clause (23C) of section 10
2CAGuidelines for approval under sub-clauses (vi) and (via) of clause (23C) of section 10
2DGuidelines for approval under clause (23F) of section 10
2DAGuidelines for approval under clause (23FA) of section 10
2EGuidelines for approval under clause (23G) of section 10
2FGuidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10
3Valuation of perquisites
3AExemption of medical benefits from perquisite value in respect of medical treatment of prescribed diseases or ailments in hospitals approved by the Chief Commissioner
4Unrealised rent
5Depreciation
5AForm of report by an accountant for claiming deduction under section 32(1)(iia)
5AAPrescribed authority for investment allowance
5ABReport of audit of accounts to be furnished under section 32AB(5)
5ACReport of audit of accounts to be furnished under section 33AB(2)
5ADReport of audit of accounts to be furnished under section 33ABA(2)
5BDevelopment rebate
5CGuidelines, form and manner in respect of approval under clause (ii) and clause (iii) of sub-section (1) of section 35
5DConditions subject to which approval is to be granted to a research association under clause (ii) or clause (iii) of sub-section (1) of section 35
5EConditions subject to which approval is to be granted to a University, College or other Institution under clause (ii) and clause (iii) of sub-section (1) of section 35
5FPrescribed authority, guidelines, form, manner and conditions for approval under clause (iia) of sub-section (1) of section 35
6Prescribed authority15 for expenditure on scientific research
6APrescribed authority, services, etc., for agricultural development allowance
6AAPrescribed activities for export markets development allowance
6AAAPrescribed authority for the purposes of sections 35CC39 and 35CCA
6AABStatement of expenditure for claiming deduction under section 35CC
6AACPrescribed authority for the purposes of section 35CCB
6AADGuidelines for approval of agricultural extension project under section 35CCC
6AAEConditions subject to which an agricultural extension project is to be notified under section 35CCC
6AAFGuidelines for approval of skill development project under section 35CCD
6AAGConditions subject to which a skill development project is to be notified under section 35CCD
6AAHMeaning of expressions used in rule 6AAF and rule 6AAG
6ABForm of audit report for claiming deductions under sections 35D and 35E
6ABAComputation of aggregate average advances for the purposes of clause (viia) of sub-section (1) of section 36
6ABAAInfrastructure facility under clause (d) of the Explanation to clause (viii) of sub-section (1) of section 36
6ABBForm of report for claiming deduction under clause (xi) of sub-section (1) of section 36
6ACLimits and conditions for allowance of expenditure in certain cases
6BExpenditure on advertisement
6CExpenditure on residential accommodation including guest houses
6DExpenditure in connection with travelling, etc
6DDCases and circumstances in which a payment or aggregate of payments exceeding twenty thousand rupees may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft
6DDAConditions that a stock exchange is required to fulfil to be notified as a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43
6DDBNotification of a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43

News Section

News

03 Jul 20
Late Fee Waiver From GST Late Payments
Retrospective Amendment of Section 140 of CGST Act: Companies drag Govt. to Court for not able to claim Transitional Credit
GSTN issues Advisory on Filing NIL Form GSTR-1 through SMS on GST Portal
GST Collection Drops 9% to Rs 90,917 Cr in June
GST Council may consider rationalising rates: Report
02 Jul 20
CBIC extends validity of AEO Certification till Sep 30, 2020
GST posts 46% jump from May, but still 9% short of June ’19 collections
Nil Late Fee on GSTR-3B: System not Updated, Excess Amount would be re-credited soon
Green shoots of recovery? GST mop-up improves in June, crosses Rs 90,000 cr
June GST collections stand at Rs 90,917 crore
01 Jul 20
GST return filing starts this week, these traders will benefit
Goods and Service Tax regime completes 3 years: Here’s looking at advantages of GST
GST: CBIC notifies Zero Late Fees on GSTR-3B with NIL Liabilities
New Process of MSME Registration takes off in the name of Udyam Registration from 1st July
30 Jun 20
DTAA overrides provisions of Income Tax Act: ITAT
CBIC issues Internal Instruction on TRAN-1 writ petition filed in various High Courts
Delhi HC grants stay against NAA order upholding Profiteering against Philips India
CBIC clarifies on Cross Empowerment of Central/State Officers under GST
29 Jun 20
COVID 19: Cost Accountants Institute issues Advisory on Disclosures in Audit Report
CBIC further extends Period to Pass Order for Refund of Unutilised ITC till Aug 30, 2020
Late Fee for Default / Delay in submitting TDS Statement is Mandatory, can’t be avoided even Assessee has reasonable cause: ITAT
28 Jun 20
GST: CBIC further extends Time Limit for Completion or Compliance of any Action, till Aug 30, 2020
No TDS on Payment of Foreign Agency Commissions: ITAT
Central GST caught tax evasion of Rs 3 crore in Bihar amid Corona epidemic
GST Filing: If You Are Filing NIL Returns, You Can Send SMS to This Number
27 Jun 20
Finance Ministry extends deadline of Aadhaar-PAN Linking
CBDT notifies Income Tax Exemption to RERA
COVID-19: CBIC clarifies Various Measures announced by Government for providing Relief to Taxpayers
Transactions through Current Accounts for Business purposes isn’t ‘Deemed Dividend’: ITAT
GST Council borrowings for compensation needs to widen general govt debt: Finance Commission
GST: Blanket exemption of late fee unfair, says CBIC
26 Jun 20
Payment of GST by Real Estate Promoter / Developer, in case of shortfall from Threshold from 80%, GST Form DRC-03 can be used to pay Tax Electronically: CBIC
Medical Stores Run by Charitable Trusts Need GST Registration: AAR
Benefit of INR 4 Lacs GST Rate Cut, Not Provided to Buyers of Whirlpool Refrigerators: NAA
CBIC waives off late fee on late GST return filing
25 Jun 20
18% GST is applicable on Mehendi / Henna Powder: AAR
Cabinet decides to bring Co-operative Banks under RBI through an Ordinance
Petition seeking GST TRAN-1 Re-opening: Delhi HC awaits SC decision
Govt notifies Relief on GST Returns
24 Jun 20
No GST on Security Service and Supply of Manpower to Government Departments: AAR
Companies facing cash crunch may have to reverse GST credit on delayed payments to vendors
GST Registration is required for Medical Stores run by Charitable Trust: AAR
TDS on Cash Withdrawal w.e.f. 1 July 2020: All You Need to Know
23 Jun 20
Interest on PPF, savings bank deposit to be included for calculating GST registration threshold: AAR
Big decision: now GST will have to be given on the land sold as plot
Kerala becomes the first State to adopt second level verification for new GST registrations
RBI changes Mode of Payment Norms under FEMA Regulations
MCA again extends Period for Filing of Names for Companies and Re submission of Forms
28% of GST is applicable on Manufacturing of Change over Switch, Emulator, Timing Advance Processor, Pressure Gauge: AAR
22 Jun 20
Developed land sold as plots will attract GST: AAR
ITC cannot be availed on GST paid for hiring vehicles for employee transportation
Tobacco Products likely to get Damaged, so must me Release after Payment of Tax and Penalty: Gujarat HC
COVID-19: MCA extends Time for Creation of Deposit Repayment Reserve of 20% and to Invest or Deposit 15% of Amount of Debentures
Input tax credit cannot be availed on GST paid for employees cabs

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
07 Jul 20 Payment of TDS of June 2020 (For Govt deductors paying through challan)
10 Jul 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of June 2020
10 Jul 20 Statement by e-commerce operator with tax (GSTR-8) for the month june 2020
11 Jul 20 Filing of GSTR-1 for the month of June, 2020
13 Jul 20 Filing of GSTR-6 for input service distributor for the month of June 2020
15 Jul 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of May, 2020
15 Jul 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of May, 2020
15 Jul 20 Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of June, 2020 has been paid without the production of a challan
15 Jul 20 Submission of Forms No.15G, 15H,27C for the quarter ending 30th June, 2020
15 Jul 20 P.F Payment for the month of June 2020
15 Jul 20 ESIC Payments for the month of June 2020
15 Jul 20 Filing of Annual GSTR-4 (April 2019 to march 2020)
18 Jul 20 Filing of CMP-08 for the quarter Apr-Jun 2020
20 Jul 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of June 2020
20 Jul 20 GST Return for NRI OIDAR service provider for the month of June 2020 (GSTR 5A)
30 Jul 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of June 2020
30 Jul 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of June 2020
31 Jul 20 Filing of GSTR-1 for the quarter Apr-Jun, 2020
31 Jul 20 Quarterly statement of TDS deposited for the quarter ending June 30, 2020
07 Aug 20 Payment of TDS of July 2020 (For Govt deductors paying through challan)
10 Aug 20 Statement by e-commerce operator with tax (GSTR-8) for the month july 2020
10 Aug 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of July 2020
11 Aug 20 Filing of GSTR-1 for the month of July, 2020
13 Aug 20 Filing of GSTR-6 for input service distributor for the month of July 2020
14 Aug 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of June, 2020.
14 Aug 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of June, 2020
15 Aug 20 Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2020
15 Aug 20 P.F Payment for the month of July 2020
15 Aug 20 ESIC Payments for the month of July 2020
15 Aug 20 furnishing of Form 24G by an office of Government where TDS for m/o July 20 has been paid without production of a challan
20 Aug 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of July 2020
20 Aug 20 GST Return for NRI OIDAR service provider for the month of July 2020 (GSTR 5A)
30 Aug 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of July 2020
31 Aug 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of July 2020
07 Sep 20 Payment of TDS of August 2020 (For Govt deductors paying through challan)
10 Sep 20 Return of TDS (Tax deducted at source) with payment of tax (GSTR-7) for the month of August 2020
10 Sep 20 Statement by e-commerce operator with tax (GSTR-8) for the month August 2020
11 Sep 20 Filing of GSTR-1 for the month of August, 2020
13 Sep 20 Filing of GSTR-6 for input service distributor for the month of August 2020
14 Sep 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of July, 2020
14 Sep 20 Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of July, 2020
15 Sep 20 P.F Payment for the month of August 2020
15 Sep 20 ESIC Payments for the of August 2020
15 Sep 20 furnishing of Form 24G by an office of Government where TDS for m/o Aug 20 has been paid without production of a challan
20 Sep 20 Filing of GSTR-5 for Non-resident foreign taxpayer for the month of August 2020
20 Sep 20 GST Return for NRI OIDAR service provider for the month of August 2020 (GSTR 5A)
30 Sep 20 furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA in month of August 2020
30 Sep 20 Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB in month of August 2020
30 Sep 20 Audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on September 30, 2020).
30 Sep 20 Annual return of income for the assessment year 2020-21 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) wor
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