MAJOR CHANGES INTRODUCED IN ITR- 2 IN 2020-21

FORM NO. 2

1. Resident but Not an Ordinary Resident and Non Resident Individuals have to file their income tax returns in ITR -2 even in case total income is below Rs.50 lacs.
2. The Assessee should disclose in case he is filing return other than Proviso 1 to Section 139(1)
a. Cash deposit above Rs. 1 crore in the current Accounts in bank
b. Expenditure incurred above Rs. 2 lacs for every travel for himself or for others.
c. Expenditure incurred above Rs. 1 Lacs on .account of house only

3.  Resident individuals having house property more than one ………. shall also file ITR-2
– ITR-2 continues to apply to resident individual having income exceeding Rs. 50 lacs
– Individuals having income from profit and gains of business, cannot file ITR 2
– In case an individual is a director in a Company or holds unlisted Company’s equity shares, following should also be disclosed
– Name of the company, type of Company, PAN number, listed or unlisted DIN
– In case of short-term / long-term capital gains from sale of land / building or both, the details of buyer’s, name, PAN, Aadhaar No., share of ownership, and address has to be given.

4. A separate Schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of Business Trusts which are liable to be taxed.
5. Under other source a taxpayer should provide the details of “any other income’.
6. The details of deduction against income from other sources should be provided.
7. Deduction under section 57:-
a. Expenses (in case other than family Pension)
b. Deduction under section 57 (ii)(a) (in case of family Pension only)
c. Depreciation (available only if income offered in i c of schedule OS)

8. Schedule VI A for tax deduction amended to include deduction under section 80EEA and 80EEB.

9. In case of business trust or investment fund the details of ‘capital gains’ income and ‘dividend’ income should be provided.
10. The details of tax deduction claim for investment or payments or expenditure made between 1st April, 2020 to 30th June, 2020 in schedule d “D I” of part “B” should be mentioned.


10.  Long term capital gains –

Payments / acquisitions / purchase consideration for the purpose of claiming deduction under section 54 / 54 CB

 Amount utilized out of capital gains account (as per SL B10 a of schedule CCs specially amount utilized between 1st April, 2020 to 30th June, 2020.

11. Short term capital gain-

 Under section 54B account utilized out of capital gain account as per SL No. A 6a of schedule “CG” and amount utilized between 1st April, 2020 to 30th June, 2020 separately

12. While providing the details of bank account if a taxpayer selects multiple bank accounts for credit of refund, the Income Tax Department may choose any account for processing the refund.

 Details of bank account for refund -to be given

 

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How to file Income Tax Returns

In this article, we will discuss in detail about the documents needed for filing IT Returns in India.

1.  Select the applicable ITR Form.

Taxpayers have to choose the ITR form applicable to them for the A.Y. 2020-21 considering their heads of income & threshold limit of income. If you select an incorrect form, it may be rejected & may be treated as if no return has been filed. Consequently, penalty provisions may be attracted for late filing unless it is rectified before the end of assessment year.

ITR-1 (SAHAJ) :- For Resident Individual having Income from Salary/Pension, One House Property & from other sources( excluding winning from lottery & from Race Horses) and Agricultural Income upto Rs. 5000. But following cannot use. ITR 1 form :-

  • Total Income exceeding Rs. 50 Lakh.
  • If the Assessee is a Director in a company.
  • Have made any investments in unlisted equity shares of a Company at anytime during the previous year.
  • Has any assets including financial interest in any entity located outside India
  • Have signing authority in any account located outside India.
  • In cases where loss is brought forward in house property from previous years.
  • Having any foreign assets or foreign income.

ITR-2 :-  For Individuals & HUFs not having Income from Profits& gains of Business/Profession.

ITR -3 :- ForIndividuals & HUFs  having Income from Profits&gains of Business/Profession.

ITR-4 (SUGAM) :- For Individuals & HUFs (other than LLPs), being a Resident having total income up to Rs. 50 lakhs and having income from Business/Profession which is computed on presumptive basis  u/s 44AD, 44ADA, 44AE but not for Individual who is either a Director in company, or has invested in unlisted equity shares.

ITR-5 :- For Firms, LLPs, AOPs, BOIs, Artificial Juridical Person(AJP), Estate of deceased, Estate of insolvent, Business trust & Investment Fund.

ITR-6 :- For Companies other than companies claiming exemption u/s 11 of IT Act, 1961 i.e. for charitable purposes.

ITR-7 :- For persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D). Any Person who derives income from property held under trust or other legal obligations wholly or partly from charitable or religious purposes & partly for voluntary contributions, assessable as representative assessee.

2.  Prepare the statements of accounts i.e. B/S & P/L in the respective format prescribed in the return which is very similar to format under schedule VI of the Companies act, 1956.

3. Compute the income under each source first and than each various head of income and arrive Total Income and ascertain Tax liability / refund as the case may be and get it checked with a tax preparer.

4. Collect the necessary information to fill the return.

List Of Additional Information to be kept ready for Form ITR-1

Name, Address, Pan No, Mobile No, Pin Code of the Assessee.

  1. Area/Locality
  2. Alternate Mobile Number & Email Address.
  3. Aadhaar number / Aadhaar Enrolment ID.
  4. Return U/S 139(1) i.e. if income exceeds taxable limit of Rs. 250000 / 300000/  500000 for Normal Assessee, Senior Citizen super senior citizen as applicable else complies with any one or more of the following condition.
  • Whether occupied one house property or
  • Whether owner/lessee of motor vehicle or
  • Whether incurred expenditure for himself or for any other person for travel to a foreign country.
  • Whether he is a holder of a credit card issued by any institution.
  • Whether he is a member of a club and entrance fee exceeds Rs. 25000 or more.

5. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)

6. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)

7. Whether he has incurred any expenditure on consumption of electricity exceeding Rs. 100000 in a year (Form No.2 & others)

8. Income from house property whether (Form No.2 & others):-

  • self occupied
  • let out or deemed let out.
  • Corporation tax paid
  • Interest payable on capital borrowed from bank/any institution upto Rs. 200000
  • Arrear rent received during the year less 30%

9. Other Information:-
Details of all bank accounts held in India at any time during the previous year.
IFS code of the bank, name of the bank, account number
Minimum one account should be selected for refund credit
IT details of advance tax and self assessment tax payments
– BSR Code
– Date of deposit
– Serial number of challan
– Tax paid
 

TDS / TCS details:-

 Tan of deductor / collector

 Pan / Aadhar number of the tenant

 Name of deductor / collector / tenant

Gross Payment / receipt which is subject to tax deduction / collection

Year of Tax deduction / collection

Tax Deducted / collected

TDS / TCS credit claimed this year

Verification:- 

Name

Fathers name

Pan No:

Capacity in which Signing

Mode

Two ways of filing

1. Electronically on E-filing web portal of Income tax Department

-Digitally Signing the verification part or

-Authenticating by way of Electronic Verification Code(EVC) or

-By sending duly signed paper Form ITR –V to CPC within 120 days of filing

2. In paper form at the designated office of Income Tax Department alon with duly signed ITR V

10. Documents :

  • Form 16 (salary certificate) & 16A
  • 26AS
  • Proof of house rent paid
  • Proof of claiming exemption u/s 10 if any(all forms)
  • Receipt for corporation tax paid.

11. To claim deduction under chapter VI A, details &information:-

  • LIC
  • PPF
  • Tuition fees, education fees
  • Mediclaim amount paid
  • payment to National pension scheme
  • House rent paid
  • Donation under section 80G
  • Medical expenses for specified diseases under section 80DDB
  • long term investment in bonds up to rRs.20,000
  • Money spent for a disabled person by a resident under section 80U
  • Interest on loan for higher education for himself or relative under section 80E
  • Interest on loan for residential house up to Rs.150000 under section 80EEA and eligibility information
  • Interest for electric vehicle loan upto Rs.150000 Under Section 80EEB

In case of revised return original return filing acknowledgement slip and date. 

 In case of Return under………………………….Notice- Unique No, / Document Identification Number DIN, date of notice

12. Documents :-

  • LIC receipt
  • PPF passbook
  • Receipt for school fee
  • Receipt paid for NPS
  • Donation receipt and appeal, if any with PAN, Reference number and exception grant number under section 80G of Donee
  • Evidence for medical expenses received form insurance company
  • Loan schedule for repayments on education loan and residential house
  • rent receipt to claim deduction under section 80GG
    In case of other deduction- proof of payment

 Additional information forForm No. 2

  1. Residential status country of residence and TIN number
    Specially in case of non- resident – whether citizen of India or POI holder  Total period of stay in India in the previous year.
     
  2. In case of filing by representative Assessee-  Name, capacity, Address, PAN number 
  3. If the Assessee is  Director in a company –Name of the company, PAN No: DIN No,  whether listed/ unlisted 
  4. Whether held any share of unlisted Company, if yes – Opening balance, number of shares purchase, number of shares, amount, transfe of shares ………………………………
  5. Salary – Name of the employer

New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020

In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020. Further, the amended procedure for approval/ registration/ notification of new entities shall also apply from 1st  October, 2020.

The necessary legislative amendments in this regard shall be proposed in due course.

Various representations were received in the finance ministry expressing concerns over the implementation of the new procedure from 1st June, 2020 due to the outbreak of novel corona virus (COVID-19) and consequent lockdown. There have been a number of requests to defer the applicability of the new procedure.

 

It may be noted that The Finance Act, 2020 rationalized the procedure relating to approval/ registration/ notification of certain entities referred to in sections 10(23C), 12AA, 35 and 80G of the Act, with effect from 1st June, 2020. As per the new procedure, the entities already approved/ registered/ notified under these sections would be required to file intimation within three months, i.e, by 31st August, 2020. Further, the procedure for approval/ registration/ notification of new entities has also been rationalized with effect from 1st June, 2020.

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Source URL :  https://pib.gov.in/PressReleasePage.aspx?PRID=1622387

 

Why Questioning Forms an Important Part of Internal Audit?

There is a lot that goes into the process of an audit. The auditor acquires and analyses a lot of things before giving out a final report. Apart from looking into the accounts, the client interview also plays a valuable role in the process. An auditor in Kolkata interviews some of the top position holders in the company for insights. But this is not received very well. Auditors are often discouraged from asking too many questions. It is believed to ruin the relationship between the client and the auditor. But is this true?

chartered accountant Kolkata

Questioning Leads to Solution

Well, the reality is far from this statement. Questions are fundamental in an internal audit. The more questions the auditor asks you, the better he or she will understand your company. The auditor is an expert in the field, no doubt. But every company works differently, and the auditor will need real and honest inputs from your side to decode discrepancies if any. You shouldn’t challenge the expertise of an auditor if they ask a lot of questions. Every question is important. The thought of an issue being stupid or irrelevant shouldn’t cross your mind. If, in any case, some items make you uncomfortable, be open about how you feel.

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Another tip for you is that when you are answering questions, do not lie. Auditors in Kolkata will know when you lie. They have many tricks rolled up their sleeves to determine whether you are telling the truth. Being dishonest will only put you in trouble. A small mistake will harm your reputation, which is the last thing you want during an audit. Many clients also discover new threads of thought when they are answering questions. Some questions help you in looking at some shortcomings from a different perspective, which makes a massive difference in the long run.

An auditor is strongly familiar to the industry but that strength arises from questioning. As it grants you the option to attain adequate knowledge. So, it is always wise for an auditor to analyse data, interview clients to evaluate the situations and facilitate changes. Questioning makes the process smooth and perfect.

Setting Up A Business? Know Why You Need A CA

If you are one of those business owners who think that they don’t need a chartered accountant just because they are setting up a business, it’s high time you debunk the myth. Gone are the days when the only responsibility of an accountant was to set up business accounts and file tax returns. Nowadays, chartered accountants offer a wide variety of services which make business operations easier for you. Hire a CA from the very first day of the startup and setting up your business will become easier.

Responsibility Of A CA

Certified chartered accountants have the experience, expertise and training required to complete your tax work on time. Whether it is about registering of taxes or tax compliance, they know how to make the process hassle-free and easier for you to understand. Every CA in Kolkata values the reputation earned by them over the years. They try to maintain it by completing the job assigned to them on time. Some of them can even help the business owners in other fields, besides accounting

Hire The Right CA

With so many chartered accountants scattered all over Kolkata, choosing just one is indeed a daunting task. The best you can do is to look for one with years of industry presence and they can help you maximise your business finances. They should understand your business goals and provide proper accounting advice during every stage of your venture, starting from the set-up of your business to succession planning. You can even ask them some basic small-business accounting questions and check whether they can answer your queries confidently.

CA in Kolkata

2 Primary Reasons Why You Need A CA When Setting Up A Business

  • Craft A Suitable Business Plan

Since developing a suitable business plan which can fulfil your business goals is not as easy as you think, hire a CA and let them craft a cost-effective tax plan. You can use it as a platform on which your business can start. If you are selling some goods or services, the focus of the CA will be on promoting those. You can start trading with ease if all the business activities are performed carefully. They will also let you know whether there is some unexpected cost around the corner.

  • Get Financial Advice

Whether you are planning to start a business or expand it, money plays a very vital role. How you utilise your money will determine whether you will succeed or fail in the business. The best professional you can approach for effective business advice is a CA. They will do some calculations and share some ideas from where you can make money and boost your business. If they ever feel that you are going wrong in the business during the set-up phase, they will let you know so that you can act accordingly.

Know The Impact Of COVID-19 On Taxation In India

Though our government has extended the deadline for ITR (Income Tax Return) till 30th June, 2020, start looking for a professional offering tax services instead of waiting for the deadline. The impact of coronavirus on income tax deadlines and penalties for taxpayers has been quite drastic. Our government has offered numerous relaxations under the Income Tax Act. The objective was to help taxpayers and ease their financial burden during the coronavirus pandemic.

They now have more time to file income tax returns. During a recent press meet in New Delhi, our finance minister Nirmala Sitharaman has reduced penalties and delayed the due dates for numerous direct taxes. The novel coronavirus outbreak has not only been declared as a pandemic but has already infected thousands of Indians in the last few weeks. The lockdown imposed by our Government has shut down numerous businesses temporarily all over India.

chartered accountant Kolkata

Lower Interest Rates

Not only did our Finance Minister extend the last date to file income tax returns from March 31st to June 30th but even the interest rate you have to pay for delaying advanced taxes payment has been lowered. Other types of taxes where the interest rates have been lowered are tax collected at source, tax deducted at source and equalisation levy. Earlier, the interest rates were between 12 to 18 percent. It has now been reduced to 9 percent.

How Did The Extension Help?

The extension of the deadline and decrease in interest rates have become a blessing in disguise for thousands of taxpayers during the pandemic. Tax experts and professionals offering tax services in Kolkata feel that the reduction in interest will help taxpayers preserve their liquidity during the economic crisis. The last day for linking Aadhaar with PAN card was extended from March 31 to June 30th.

Changes In The ‘Vivaad Se Vishwas’ Scheme

Earlier, a taxpayer had to pay 10% interest if he made payment under the tax dispute resolution mechanism after 31st March. Since India is under complete lockdown till 30th April, our Finance Minister has declared that taxpayers don’t have to pay any additional interest if they made the payment till 30th June. The relaxation and extension of the ‘Vivaad Se Vishwas’ scheme with benefit businesses with past liabilities, especially those with high-interest liabilities.

accounting_audit

 

COVID-19 has disrupted almost every business operations with decrease in cash flows. If you are also one of those business owners who could not make the payment till March 31st, get in touch with an experienced professional offering tax services and he will let you know what you should do next to prevent fines.

Time Limit Extension Under Direct Tax Statuses

Few events for which the Indian Government has extended the due dates are intimation to the tax department, issue of notice, returns under various direct tax statutes and filing of appeals, among others. The time limit has been extended for other direct tax statues as well, get in touch with a tax expert to know more. The announcement made by our financial ministry will be implemented by making some necessary amendments and issuing circulars.

Union Budget 2020 highlights: New income tax rates, relief for home buyers

Budget 2020 Highlights and Important Points: 10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh ; 30% tax for income above 15 lakh

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Budget 2020 Highlights: Amidst the economy struggling with a six-year low GDP growth, Union Finance Minister Nirmala Sitharaman presented the Budget 2020 on Saturday that focused on raising the purchasing power by cutting income tax rates and boosting rural income.

This was the longest Budget speech by any finance minister, going beyond 2 hours 30 minutes. Sitharaman, 60, broke her own record of a 2-hour-17-minute-long maiden Budget speech in July 2019.

Fiscal deficit target pegged at 3.8% of GDP for FY20. Insurance cover for bank depositors has been raised from Rs 1 lakh to Rs 5 lakh.

In a shot in the arm for the middle class, Nirmala Sitharaman has proposed a new simplified tax regime soon. “10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh ; 30% tax for income above 15 lakh. No income tax for those with taxable income below Rs 5 lakh,” says Sitharaman.

Union Budget 2020 highlights:

#1. Between 2006-2016, 271 million are out of poverty and we should be proud of it, says Finance Minister Nirmala Sitharaman.

#2. Country has moved on from over 4 per cent growth in 1950s to 7.4 per cent to 2014-19 period, says Sitharaman

#3. Total of 60 lakh new taxpayers and 105 crore e-way bills generated under GST, says Nirmala Sitharaman. Average household now saves 4 percent of monthly spend due to reduced GST rates, she added.

#4. Finance minister Nirmala Sitharaman says Central government debt reduced to 48.7 per cent of GDP in 2019 from 52.2 per cent.

#5. Sitharaman now starts putting out a 16-point guide to make India an aspirational economy. India is now 5th largest economy in world, the FM says.

#6. Government to incentivise farmers to go solarOver 6 crore farmers under Pradhan Mantri Fasal Bima Yojna have been insured. Pradhan Mantri Kisan Urja Suraksha and Utthan Mahabhiyan (PM KUSUM) to be expanded, providing 20 lakh farmers in setting up standalone solar pumps.

#7. Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan scheme to transport agri products to national as well international destinations to be launched.

#8. Agri-credit target for the year 2020-21 has been set at Rs 15 lakh crore.

#9. Rs 69,000 crores for allocated for the healthcare sector, says Finance Minister Nirmala Sitharaman.

#10. Education and trainingRs 99,300 crore allocated for education in FY21. Govt will start Ind-Sat Exam to promote study in India and a degree-level online education programme for the deprived. A total of Rs 3,000 crore will be given for skill development.

#11. Allocation for Swachh Bharat Mission for 2020-21 stands at Rs 12,300 crore. In further push to PM Modi’s ‘Nal se jaal’ scheme, govt proposes Rs 3.6 lakh crore towards piped water supply to households.

#12. National Textile Mission to be launched with a proposed Rs 1,480 crore allocation, says FM Nirmala Sitharaman.

#13. To boost infrastructure, Sitharaman says 9,000 km of economic corridor will be set up. “Chennai-Bengaluru expressway will also be started. Delhi-Mumbai expressway to be completed By 2023,” says FM.

#14. 550 WiFi facilities have been commissioned at railway stations.
1 lakh gram panchayats to get optical fibre link, says FM Sitharaman. An allocation of Rs 6,000 crore will be provided for BharatNet scheme.

#15. Allocation of Rs 27,300 crore for development of industry and commerce.

#16. FM Nirmala Sitharaman announces Rs 20,000 crore for renewable energy sector in a bid to tackle pollution and climate change. A new scheme of smart meters will be launched, says Sitharaman.

#17. 100 more airports to be developed by 2025, says Sitharaman.  The FM also said 1,150 trains will run under the public-private partnership (PPP) mode, also four stations will be redeveloped with the help of the private sector. Besides, the minister promised more Tejas type trains to connect tourist destinations.

An allocation of Rs 8,000 crore will be made for National Mission on Quantum Computing and Technology.

#18. Rs 35,600 crore allocated for nutritional related programme in FY21 while Rs 85,000 crore has been budgeted for the welfare of Scheduled Castes and other backward classes. Tourism promotion gets Rs 2500 crore.

#19. Women schemes, senior citizens in Budget: Sitharaman says enrolment ration for girls under ‘Beti Bachao Beti Padhao‘ is higher than boys. “Gross enrollment of girls is 94.32 per cent in elementary levels, 81.32 per cent in secondary level and 59.7 per cent in higher secondary level,” she says. Further, Rs 28,600 crore will be allocated in FY21 for women-linked programmes. Allocation for senior citizens and ‘Divyang’ enhanced to Rs 9500 crore.

#20. Here is something for Delhiites! Sitharaman proposes Rs 4,400 crore to tackle Delhi’s air pollution problem. Last year, the Supreme Court had termed the situation as “worse than Emergency” as air quality dipped to hazardous levels.

#21. Your money gets safer! Insurance cover for bank depositors raised from Rs 1 lakh to Rs 5 lakh, says FM Nirmala Sitharaman.
Currently, in the (unlikely) event of a bank going bust in India, a depositor has claim to a maximum of Rs 1 lakh per account as insurance cover — even if the deposit in their account far exceeds Rs 1 lakh. Depositors holding more than Rs 1 lakh in their account have no legal remedy in case of the collapse of the bank.

#22. Foreign direct investment (FDI) into the country has increased to $284 billion during 2014-19 from $190 billion in previous five years.

#23. Nirvik (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce premium for small exporters.

#24. Focus on MSMEs: More than 5 lakh MSMEs benefited from RBI’s restructuring of loans, says FM Sitharaman. “Government has asked RBI to consider extending window of debt structuring by one year to March 2021 for this purpose,” she says.

#25. Fiscal deficit target pegged at 3.8% of GDP for FY 2019-20.  FY21 fiscal deficit target pegged at 3.5% of GDP. Fiscal deficit is considered the most important marker of a government’s financial health. Not letting the fiscal deficit go completely out of control has been one of the standout achievements of the Modi government.

#26. Government to sell part holding in LIC. Besides, govt to also sell stake in IDBI Bank to private investors. That LIC has been identified as a candidate for a potential public listing by the government. The government’s move is a part of efforts to push through an aggressive disinvestment and asset monetisation programme.

#27. Nominal growth of GDP for 2020-21 has been estimated at 10 per cent, says Nirmala Sitharaman.

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#28. Cheer for the middle class! Sitharaman proposes new simplified tax regime soon. New income tax rates: 10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh; 30% tax for income above 15 lakh.

#29. On account of the income tax reliefSitharaman says it will cost the exchequer Rs 48,000 crore revenue loss. “Dividend Distribution Tax to be removed. Dividend shall be taxed at the hands of the recipients,” she said.

#30. To boost investments and shore up the lagging economy, corporate tax for existing companies slashed to 22 per cent. Govt proposes 100 per cent tax concession to sovereign wealth funds on investment in infra projects. Moreover, concessional tax rate of 15 per cent extended to power generation companies.

#31. Coming to affordable housing now: Finance Minister Nirmala Sitharaman extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. In another boost, Sitharaman proposes tax holiday to affordable housing developers.

#32. ‘Vivad se Vishwas’ scheme announced by Sitharaman for direct tax payers whose appeals are pending at various forum. 4.83 lakh direct cases pending in various appellate forums.

“Under the scheme, taxpayer to pay only amount of disputed tax. They will get complete waiver on interest and penalty if scheme is availed by March 31, 2020,” Sitharaman said.

#33. 15th Finance Commission has cut state share of central taxes by one percentage point to 41 per cent.

ECONOMIC SURVEY 2020 PLACED IN LOK SABHA TODAY 31ST JAN 2020

ECONOMIC SURVEY 2020
PLACED IN LOK SABHA TODAY 31ST JAN 2020