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Income Tax - Top 17 issues to consider While preparing Income Tax Return (ITR) for Businesses 1. Part A General is linked to many schedules and hence must be accurately filled. Inconsistency may result in incorrect processing or defective notice. 2. Status and sub-status of the entity need to be mentioned correctly in the ITR- Cooperative Society, Tru...
Read MoreIncome Tax - Schedule SH-1: Shareholding of Unlisted Company (An understanding on how to fill it along with Illustration) SCHEDULE SH-1: SHAREHOLDING OF UNLISTED COMPANY (An understanding on how to fill it along with Illustration) Each year CBDT notifies new ITR’s and brings changes in the Income Tax Return and requires new information from the taxp...
Read MoreIncome Tax - How to File Income Tax Return (ITR) by your ownself – FAQ’s And Procedure Section 139 of Income Tax Act, 1961 specifies the persons who are under statutory obligation to file return of Income. It is commonly observed that, many persons who are mandatory required to file Income Tax Return within specified period are not […]...
Read MoreIncome Tax - The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belated...
Read MoreIncome Tax - All India Federation of Tax Practitioners has submitted a Memorandum to request for Extension of Date for filing Income Tax Return for assessment year 2019-20 considering hardship of taxpayers....
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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Circular No. 18/2019-Income tax - (08/08/2019) -
