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...
What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.
National Association of Tax Professionals (Haryana Chapter) submitted a representation to The Central Board of Direct Taxes requested for Extension of Date of Filling of ITR and Audit Report. From: National Association of Tax Professionals (Haryana – Chapter) SCO-409,First Floor Mugal Canal, Karnal Haryana 5th, September, 2020. To, The Chairman, The Central Board of Direct […]
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 the xml? Validate button is not working in Return Preparation software provided by the Department.
31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individual & HUF who are having Total Income Exceeding Rs. 10 lakh. In this article we have given below the steps to be taken to file online Income tax Return for Assessment year 2012-13 :-
Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any other case;
The Government has mandated use of Aadhaar Number in most of the Subsidy Schemes where the benefit of Subsidy is directly transferred to beneficiary instead of the earlier practice of through Suppliers. This has resulted in plugging leakages in Subsidies
Central Board for Direct Taxes CBDT has come up with some changes in ITR Forms for AY 2020-21 like every year. Now taxpayers are requested to answer some more questions of high value transactions like deposits in current accounts more than 1 crore, electricity bills aggregating of more than 2 lakhs, etc., Changes in Form […]
It is advised to choose the correct ITR form in order to avoid further notice of defective return. Following forms below gives you insight to file correct ITR form as per Nature of Income and Status of person A.Y. 2020-21: ITR 1: (SAHAJ) 1. Resident Individual whose total income does not exceed 50 lakhs can […]
Step by step procedure for online filing of ITR-2 (AY 2020-21) for individuals with income over Rs 50 lakhs or foreign income. Extend the deadline for filing return of income.
Discover the implications of filing your IT return after the extended due date. Learn about the applicability of interest u/s 234A and its impact on your tax liabilities.
