Tax Bar Association made a request to Minister of Finance & to CBDT for Extension of Due date in filing the Returns of Income under Income tax act for the Assessment year 2019-20 [Financial year ending 31st of March 2019].
As we know, a company is a safer form of doing business. A company is a separate person than its shareholders/ members; it has its own personality and having power to assessed separately. The shareholders or members of the company are the real owners of the assets of the company. The company is doing business for the benefit of its stake holders. The Shareholders may appoint Board
Article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes.
Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. 35/2020, dated 24-06-2020. Here we have compiled due date of filing TDS/TCS statement (Form 24Q, 26Q, 26QB, 26QC, 26QD 27Q and 27EQ) of FY 2019-20 and due date for issue of TDS/TCS certificate (Form 16 and Form 16A). EXTENSION […]
Upcoming changes in GST return filing & GST online portal GST has been the chest of confusion since its inception. With every new amendment & notification, Traders, Manufacturers etc. rides a roller coaster ride. This lockdown imposed by the government brought some stability & relaxations in this ride. This has given some time to the […]
Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. Undoubtedly throughout, […]
After the fear of real pandemic of Covid-19, the stories of hugely high cost of treatment of corona in private hospitals has created another pandemic of fear amongst almost all the persons specially those who presently do not have any health insurance. In order to help such persons to get at least financially secured against […]
32 Amendments relating to Assessment Year 2020-21 (Finance Act 2019) alongwith Section 111A, 112, 112A, 115JB, 115JC, 115BAA and 115BAB explained RATES OF TAXES APPLICABLE TO ASSESSMENT YEAR 2020-2021 (FINANCIAL YEAR 2019-2020) A. INDIVIDUAL AND HINDU UNDIVIDED FAMILY a) Individual Below 60 years /HUF Particulars of Taxable income Rate a Income up to Rupees 2.50 […]
Income Tax Department issue notices to non-filer of Income Tax Returns from time to time and Taxpayer needs to submit his reply to such notices. Department has enabled a facility by which taxpayer can submit his response online to such notices.
On e filing of income tax return, an acknowledgement is generated by the Income Tax Department in a form named as ITR V. This ITR V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth / its date of formation.
