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Income Tax - Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]...
Read MoreIncome Tax - Note on how to use Java based software utility available for download, where taxpayer does not have MS Excel versions 2010 or later Income Tax department, in its endeavor to cater to different needs of Tax payers to file Income Tax Returns/Statutory Forms, has provided both Online and Offline utilities (Java and Excel Utilities) to [&hell...
Read MoreIncome Tax - While filing Income Tax Returns, many people make errors which can result in a huge amount of penalty and interest which becomes an additional cost to the taxpayer. We are discussing herewith some common errors that a taxpayer can commit while submitting an Income Tax Return. 1. Non submission of Income Tax Return if TDS […]...
Read MoreIncome Tax - Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading ...
Read MoreIncome Tax - Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both an...
Read MoreIncome Tax - Taxpayer Submitting Income Tax Return for Assessment year 2017-18 to ensure Incomes/Receipts and deduction claimed matches with Form 16/16A issued by deductor ...
Read MoreIncome Tax - Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. ...
Read MoreIncome Tax - In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a new facility called the E-filing Vault. In order to use this facility, taxpayers can log in to their E-filing Account and under their profile page select E-filing Vault – higher security...
Read MoreIncome Tax - Income Tax Department is happy to announce the facility of Direct Login from Corporation Bank, Union Bank of India and Oriental Bank of Commerce – Net banking account to the taxpayer’s E-filing Account. Other banks are expected to follow....
Read MoreIncome Tax - Avoid Last Minute Rush; Pay IT in Advance at Bank Branches/RBI: RBI appeals to Public The Reserve Bank of India has appealed to public to avoid last minute rush and remit their Income-tax dues sufficiently in advance of the due date of September 30, 2013. It has also urged the assessees to take advantage of […]...
Read MoreCircular No. 18/2019-Income tax - (08/08/2019) - After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...
Read MoreNotification No. 1/2016 - (19/01/2016) - Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in or Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CD...
Read More2251141/2015/ITA.II - (20/07/2015) - The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of 'persons' specified therein, has introduced Electronic Verification Code ('EVC') as one of the modes for validation of return of income which are filed electronically on or after 01.04.20...
Read MorePRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)] - (20/07/2012) - Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employee has ea...
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