ITR

Why PAN of Foreign Companies having investment in India is mandatory & their ITR filing requirement?

Income Tax - In this Article, we will understand why PAN of Foreign Companies are must and why the consultant & Indian Companies having foreign investment often insist Investors to apply PAN in India. Whenever a foreign company or non-resident invests in Indian Company or LLP, maximum compliances are related to RBI, FEMA or MCA (ROC) where PAN [&h...

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ITR forms applicable for Individuals for AY 2021-22

Income Tax - The Deadline for filing income tax return for the AY 2021-22 is extended to September 30, 2021.The following are forms applicable for an Individual who are required to file their returns for the Previous Year 2020-21 and ITR-1 (Sahaj)- This form  is applicable for a Resident individual Having a total income upto ₹50 lakhs from [&hellip...

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How to link PAN with Aadhaar in new e-filing portal

Income Tax - Applicability and Benefits in filing of Income-Tax return | How to link PAN with Aadhaar in the new e-filing portal It’s that time of year again!! And if you think you are only required to file your income tax return if your employer has deducted TAX from your salary, then you are WRONG! Who has […]...

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Taxability of salary income & ITR Filing for Salaried Individuals

Income Tax - All about taxability of salary income and Income Tax Return (ITR) Filing for Salaried Individuals: What is Salary and its Components: The provisions pertaining to salary are contained in sections 15, 16 and 17 of the Income Tax Act, 1961. Salary income refers to the compensation received by an employee from a current or former […]...

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Stay to petitioner to not to deduct TDS u/s 194N till 30.09.2021

Income Tax - The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September,...

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Shocking! Income Tax CPIO not maintains details of ITR Filed

Income Tax - Recently CA Pallaav Parashar has filed an RTI application with Income Tax Department and asked  data of total income tax returns filed between 07th June, 2021 to 21st June, 2021 on new E-filing portal including daywise details of ITR Filed. In response it was replied that that no such data is being maintained and it […]...

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Representation for extending dates for furnishing belated/Revised Returns

Income Tax - We humbly make a revenue friendly as well as taxpayers friendly suggestion for extending dates for furnishing belated/ Revised Returns for AY 2020-21....

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Instructions for filling ITR-3 For A.Y. 2021-22 | F.Y. 2020-21 | Part II

Income Tax - Annexure 1 Important points to remember while filing return of income in ITR utility for ITR-3 (online or offline) Validation Rules The validation process at e–Filing/CPC end is to be carried out for ITRs based on the category of defect. Category A defect are the defects, wherein return will not be allowed to be uploaded […]...

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Instructions for filling ITR-3 For A.Y. 2021-22 | F.Y. 2020-21 | Part I

Income Tax - Instructions to Form ITR-3 (A.Y 2021-22) Instructions for filling out FORM ITR–3 These instructions are guidelines for filling the particulars in Income-tax Return Form-3 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and t...

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New e-filing Portal to provide Free ITR Preparation Software

Income Tax - Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly;...

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Uttarakhand HC directs CBDT to consider representation on due date extension

The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) - The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants ...

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Gujarat HC rejects TAR/ITR due date date extension writ applications

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard....

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Consider extension of Income Tax Due dates: Gujarat HC to UOI

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page ...

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Extension of Due date for TAR & IT Returns- Gujarat HC fixes next hearing on 31.12.2020

Gujarat Federation of Tax Consultants Vs Union of India (Ahmedabad High Court) - Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) Gujarat High Court heard petition for extension of due dates in TAR and ITR for A Y 2020-21 on today. Court issued notice and fix next hearing on tomorrow. FULL TEXT OF THE HIGH COURT ORDER/JUDGEMENT Heard Mr. S. N. Soparka...

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Allow ITR filing without Aadhaar linkage atleast till 31.03.2019: Delhi HC

Shreyasen, & ANR Vs Union of India & ORS (Delhi High Court) - Delhi HC held that that at least for the period till 31.03.2019, the CBDT shall issue an appropriate direction, and also create a platform by amending the digital form of substituting them properly to enable opt out from the mandatory requirement of having to furnish Aadhar Registration or Aadhar li...

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CBDT notifies ITR Forms for AY 2021-22

Notification No. 21/2021-Income Tax/G.S.R. 242(E) - (31/03/2021) - CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms. The Central Board of...

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Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme

Notification No. 93/2020-Income Tax [S.O. 4805(E).] - (31/12/2020) - Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 93/2020-Income Tax New Delhi, the 31st December, 2020 S.O. 4805(E).—In exercise...

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Govt extend due dates of Tax Audit/ITR/VSV Scheme/GSTR 9/9A/9C

NA - (30/12/2020) - In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Due date for filing ITR (Non tax audit) extended till 10/01/2021. Due date for filing Tax Audit and TP Audit Report extende...

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CBDT notifies extended Due dates of Return & Tax Audit Report for A.Y.2020-21

Notification No. 88/2020-CBDT [S.O. 3906(E)] - (29/10/2020) - CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pri...

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Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 - (24/10/2020) - The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

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Recent Posts in "ITR"

Why PAN of Foreign Companies having investment in India is mandatory & their ITR filing requirement?

In this Article, we will understand why PAN of Foreign Companies are must and why the consultant & Indian Companies having foreign investment often insist Investors to apply PAN in India. Whenever a foreign company or non-resident invests in Indian Company or LLP, maximum compliances are related to RBI, FEMA or MCA (ROC) where PAN [&h...

Read More
Posted Under: Income Tax |

ITR forms applicable for Individuals for AY 2021-22

The Deadline for filing income tax return for the AY 2021-22 is extended to September 30, 2021.The following are forms applicable for an Individual who are required to file their returns for the Previous Year 2020-21 and ITR-1 (Sahaj)- This form  is applicable for a Resident individual Having a total income upto ₹50 lakhs from [&hellip...

Read More
Posted Under: Income Tax |

How to link PAN with Aadhaar in new e-filing portal

Applicability and Benefits in filing of Income-Tax return | How to link PAN with Aadhaar in the new e-filing portal It’s that time of year again!! And if you think you are only required to file your income tax return if your employer has deducted TAX from your salary, then you are WRONG! Who has […]...

Read More
Posted Under: Income Tax |

Taxability of salary income & ITR Filing for Salaried Individuals

All about taxability of salary income and Income Tax Return (ITR) Filing for Salaried Individuals: What is Salary and its Components: The provisions pertaining to salary are contained in sections 15, 16 and 17 of the Income Tax Act, 1961. Salary income refers to the compensation received by an employee from a current or former […]...

Read More
Posted Under: Income Tax |

Stay to petitioner to not to deduct TDS u/s 194N till 30.09.2021

The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September,...

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Posted Under: Income Tax |

Infosys totally failed in handling GST and New income tax portal

With my experience as Chartered Accountant I can say that Infosys has totally failed in handling GST portal  as well as the New income tax portal. It is surprising to see that despite failure of Infosys Cenhtral government has not imposed any penalty on Infosys for Its Sub-standard performance in website maintenance and implementation. I...

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Posted Under: Income Tax |

Shocking! Income Tax CPIO not maintains details of ITR Filed

Recently CA Pallaav Parashar has filed an RTI application with Income Tax Department and asked  data of total income tax returns filed between 07th June, 2021 to 21st June, 2021 on new E-filing portal including daywise details of ITR Filed. In response it was replied that that no such data is being maintained and it […]...

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Posted Under: Income Tax | ,

Govt. Should Make Alternate Arrangement for Filing of ITRs

IT Portal Not Working GOVT. SHOULD MAKE ALTERNATE ARRANGEMENT FOR FILING OF ITRs The income tax portal on which taxpayers from all over the country file their returns is not working for the last one month or more. Taxpayers are not able to file their returns and due to this the professionals are also worried […]...

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Posted Under: Income Tax | ,

Income Tax Return Forms for Individual & HUF For AY 2021-22

1. ITR – 1 (SAHAJ) – Applicable for Individual– This form is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources upto Rs. 50 lakh. ♦ Salary/Pension ♦ One House Property ♦ Other sources ♦ Agricultural Income upto Rs.5000. But, this ITR – 1 cannot [&...

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Posted Under: Income Tax |

ITR for assessment year 2021-22- Who can use & which ITR

Forms of income tax return prescribed under Income tax law What is ITR ? ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry […]...

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Posted Under: Income Tax |

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