Income Tax : Missed the ITR filing deadline? Learn the penalties, interest charges, and restrictions. Understand the consequences and how to fi...
Income Tax : Discover why taxpayers are urging for an extension of July 31 ITR filing deadline in 2024. Learn about ITR forms, filing steps, co...
Income Tax : Discover who must file an ITR even with income below the exemption limit. Understand key scenarios and benefits to stay compliant ...
Income Tax : Discover hassle-free tips for filing your Income Tax Return (ITR) before the July 31, 2024 deadline. Learn about necessary documen...
Income Tax : Discover the benefits of filing Income Tax Returns (ITR), including compliance with tax laws, improving credit score, visa applica...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Corporate Law : A record 7.28 crore ITRs filed for AY 2024-25, with 5.27 crore in the New Tax Regime. Over 69.92 lakh ITRs were filed on 31st July...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : Delhi High Court dismisses Income Tax Department's appeal in PCIT Vs Satya Prakash Gupta case, finding no evidence of commission r...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Corporate Law : The Punjab & Haryana High Court orders a father to pay maintenance for his minor son despite his claim of unemployment, considerin...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 13...
These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year2019-2020. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962.
The Pre-filled Income Tax Return (ITR) forms are going to be available for taxpayers. This measure has been adopted in order to make the tax compliance convenient for the individual taxpayers, as notified by the Finance Minister, Nirmala Sitharaman.
Many salaried as well as retired individuals are under the impression that as tax has been deducted from their income; they do not have to file their ITR. Filing of an ITR is a distinct and different responsibility from payment of taxes on your income and both have to be discharged separately. So in order […]
With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further extension of deadlines for filing […]
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 pricing etc) – 31.12.20 C. Income tax […]
Tax on incomes, earnings and gains is levied by the Income Tax Act, 1961 (‘Act’) in India and the same is enforced and administered by the Income Tax Department. Income tax is either collected directly from the taxpayer in the form of advance tax and self-assessment, or they are collected indirectly through the persons paying income or charging expenses to the taxpayer, in the form of tax deducted at source (‘TDS’) or tax collected at source (‘TCS’) respectively.
Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dates, which has now […]
Extension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish […]
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.
CA N. D. Gupta who is also Member of Parliament, Rajya Sabha has requested Smt. Nirmala Sitharaman, Honourable Minister of Finance for Extension for due date of Filing Income Tax Returns and Audit Report under the Income Tax Act for Financial year ended 31.03.2020. N. D. Gupta B.Com (Hons.), FCA Member of Parliament, Rajya Sabha […]
