INCOME TAX

INCOME TAX RETURN 2021, Due Date & Importance

INCOME TAX RETURN: Quick Steps to file ITR 2021, Due Date & Importance

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and …

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INCOME TAX DATE EXTENDED

Date Extended Under Section 3 of the Direct Tax Vivad se Vishwas Act

The last date under section 3 of the Direct Tax Vivad Se Vishwas (VSV) Act has been extended to 30 September. The Central Board of Direct Taxes (CBDT) took this decision. Earlier this date was 31st August. This change was made under Section 3 of the Direct Tax Vivad Se Vishwas (VSV) Act. The Board …

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NGO SECTOR UPDATE

NGO/NPO Sector Update: Extension of due date for Renewal of Registration under 12AB, 10(23C) and 80G

The Ministry of Finance vide Circular No. 16 dated 29th August, 2021, has extended the due dates for various Compliances under the Income Tax Act, 1961 One of the significant change for the NGO sector is that the last date for revalidation of registration under 12AB, 10(23C) and 80G of the Act has been extended The application …

NGO/NPO Sector Update: Extension of due date for Renewal of Registration under 12AB, 10(23C) and 80G Read More »

INCOME TAX RAID

Extension of time lines for electronic filing of various Forms under the Income-tax Act, 1961 [Extension Table]

Income Tax (CBDT) Due Date Further Extended on 29.08.2021 The Board of Direct Taxes (Income Tax Department) vide circular No. 16/2021 dated 29.08.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time lines for electronic filing of various …

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Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation

Income Tax Department conducts searches in Maharashtra and Goa, group is a prominent steel manufacturer and trader

The Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation. During the course of the search and seizure operation, …

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Income Tax Department ordered to accept the applications related to tax settlement by 30 September

Income Tax Notice: High value transactions, due to which you can get notice of Income Tax Department

There are many such transactions, which the Income Tax Department keeps an eye on and can answer questions from you. Banks, mutual funds, brokerage houses and property registrars have to inform the Income Tax Department if you do cash transactions in excess of the prescribed limit. Cash Deposit in Bank Account CBDT has made this …

Income Tax Notice: High value transactions, due to which you can get notice of Income Tax Department Read More »

Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation

Income-tax (24th Amendment) Rules, 2021 [NOTIFICATION]

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 18th August, 2021 G.S.R. 578(E).—In exercise of the powers conferred by clause (c) and clause (cd) of section 140 and clause (viii) of sub-section (2) of section 288 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of …

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Ministry of finance via press release provide information regarding department conducts searches in NCR

Ministry of finance via press release provide information regarding department conducts searches in NCR Posted On: 17 AUG 2021 8:05PM by PIB Delh The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were …

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Check refund status from the new website of Income Tax Department

Suggestion on an error in Income Tax Portal

Suggestive measures against going on technical glitches at Income Tax Portal 1 Availability of ITR 3 Form It is now available by JSON format for selection 2 ITR V (acknowledgement) and ITR Forms not available for download The Forms are available for download now. Works faster in non-working hours. Try downloading before 10 AM or …

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Things individuals should keep in mind while filing ITR for AY 2021-22

It is very important to file an income tax return (ITR) on or before the due datewith complete and accurate information about income and other information askedto fill in the ITR form. Incomplete ITR details or inaccurate information may leadto an ITR being treated as invalid or even imposition of a penalty on the assessee. …

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New Regime of Income Tax Search and Seizure Assessments- Glaring Implications

New Regime of Income Tax Search and Seizure Assessments- Glaring Implications

Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman had presented the Union Budget 2021 of India on the 1st of February, 2021. In significant changes to the taxation process, among other tax measures, the Hon’ble Finance Minister recommend paradigm changes to the provisions relating to Assessment in case of Search or requisition. The Finance Bill, 2021 received …

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Income Tax Department conducts searches in NCR

Income Tax Department conducts searches in NCR, Company engaged in trading of telecom equipment and installation

The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a …

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SOP for Penalties under Faceless Penalty Scheme-2021

SOP for Penalties under Faceless Penalty Scheme-2021   National Faceless Assessment Centre, Delhi2nd Floor, E-RampJawaharlal Nehru Stadium, Delhi-110003email: ashish.abrol@qov.inPhone No: 011-24360103 F. No.A.A(N.A.F.A.C)-1/2021-22/439 Dated: 09.08.2021 To, All Chief Commissioners of Income-tax,Regional Faceless Assessment Centres Sub: – SOP for Penalties under Faceless Penalty Scheme-2021 I am directed to convey that the following Standard Operating Procedure (SOP) is prescribed …

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ITR Refund

Big relief to taxpayers! Additional interest and late fee will be refunded to taxpayers, Income Tax Department said – due to software glitch

If you have also been charged late fee and more interest during Income Tax Return Filing for the financial year 2020-21, then the money of additional interest and late fee will be returned to you. The Income Tax Department has extended the ITR filing deadline for the last financial year from July 31 to September …

Big relief to taxpayers! Additional interest and late fee will be refunded to taxpayers, Income Tax Department said – due to software glitch Read More »

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come.

Cash transactions: Those cash transactions which are monitored by the Income Tax Department

Under the rules of Income Tax, cash transaction of more than 2 lakhs is not allowed in any case. In which if the rules are ignored, then the notice of the tax department can come. If 10 lakh cash has been withdrawn or deposited from savings accounts in a financial year, then the bank shares …

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NEW INCOME TAX PORTAL

As New Income Tax Portal is Not Functional, Professionals are Tweeting on “Provide GlitchFree Income Tax Portal”

As you know that after the launch of new income tax portal on 7th June 2021, it is not fully functional till date. All stakeholders are facing issues in the portal. Today, professionals are tweeting on “#Provide_GlitchFree_Income_Tax_Portal” Some of the tweets are mentioned as under: CA Raj Bagri: Govt must understand difficulties faced by taxpayers …

As New Income Tax Portal is Not Functional, Professionals are Tweeting on “Provide GlitchFree Income Tax Portal” Read More »

E-filing of ITR 1 and ITR 4 for AY 2022-23 enabled. Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same. Online filing of these ITRs shall be enabled shortly.

Is Income tax portal not updated? levies late fee for filing ITR despite the deadline extended

The tax department extended the return filing deadline for individual taxpayers for the financial year 2020-21 (assessment year 2021-22) to September 30, 2021, in light of the COVID-19 second wave. The government had given multiple such extensions to taxpayers last year also, considering the hardship caused by covid-19. However, many taxpayers are complaining that the …

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TAXATION NEWSLETTER

40th Weekly Taxation Newsletter

We thought it would help to give you a sense of what’s available to you by subscribing to this 40th WEEKLY TAXATION NEWSLETTER. ü    Income Tax Updates ü    GST Updates ü    Custom/Excise Updates ü    Important Case Laws ü    International Updates ü    NRI’s Updates  ü    Brain Bites – Do you Know ?    We have been thrilled with the amazing response we received from our passionate …

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Income Tax Department Recruitment 2021

Income Tax Department Recruitment 2021: Income Tax Department has taken out recruitment, know the process of applying

If you have sincere passion and desire to work hard, then it is very easy for you to get a government job. All you need is the right opportunity. Principal Chief Commissioner of Income Tax, Mumbai has invited applications for recruitment to the posts of Multi-Tasking Staff (MTS), Income Tax Inspector and Tax Assistant under …

Income Tax Department Recruitment 2021: Income Tax Department has taken out recruitment, know the process of applying Read More »

Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation

Income Tax (CBDT) Due Date Further Extended on 03.08.2021 [Extension Table]

The Board of Direct Taxes (Income Tax Department) vide circular No. 15/2021 dated 03.08.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time lines for electronic filing of various Forms under theIncome-tax Act,1961to provide relief to taxpayers in …

Income Tax (CBDT) Due Date Further Extended on 03.08.2021 [Extension Table] Read More »

Income Tax Department ordered to accept the applications related to tax settlement by 30 September

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961 [Read Circular]

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 (Act) read with Income-tax Rules,1962 (Rules), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the due dates for electronic filing …

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Section 206AB & Section 206CCA – Implementation Guide (Including reference to all relevant circulars)

As per  Section 57 of Finance Act 2021 which is given effect from 1/07/2021- Section 206 AB and 206CCA was introduced which specifies deduction of TDS/TCS at double the rate of original rate with a minimum  limit of 5%  if the payee  has not filed the ROI for the 2 immediately preceding Assessment  years if …

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Income Tax Department ordered to accept the applications related to tax settlement by 30 September

BREAKING: Income Tax Department conducts searches in Kanpur the business of manufacturing Pan Masala and in real estate

The Income Tax Department carried out a search action on 29.07.2021 on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A total of 31 premises were searched spread across Kanpur, Noida, Ghaziabad, Delhi and Kolkata. The group has been earning huge …

BREAKING: Income Tax Department conducts searches in Kanpur the business of manufacturing Pan Masala and in real estate Read More »

itr filing last datai: inakam taiks se jude ye phorm jald bhar den, 31 julaee ke baad nahin milega mauka taiksapeyar ko ek badee raahat dete hue kendreey pratyaksh kar bord chbdt ne vitt varsh 2020-21 aur esasament eeyar 2021-22 ke lie aayakar ritarn daakhil karane kee samay seema ko badha diya hai. ab koee vyakti 30 sitambar tak apana inakam taiks ritarn daakhil kar sakata hai. kampaniyon ko 31 julaee se pahale har haal mein apane karmachaariyon ko phorm 16 jaaree kar dena hai. karmachaaree kee dyootee hai ki ise vah 31 julaee tak praapt kar le. 2. inakam taiks se jude phorm nambar 64ch ke sabhee kaam 31 julaee se pahale nipata len. isamen inavestament phand kee pooree jaanakaaree hotee hai. holdar ke khaate mein 2020-21 ke dauraan kya phand jama hue ya kredit hue, isaka stetament phorm 64ch mein darj hoga. kendr sarakaar ke mutaabik yah kaam 31 julaee 2021 tak nipat jaana chaahie 3. phorm 15chch mein otharaij deelar ko timaahee ka stetament bharana hai. 30 joon 2021 tak use jo bhee kamaee huee hai, usakee jaanakaaree 31 julaee 2021 tak dena jarooree hai. baad mein isaka mauka nahin milega 4. phorm 1 mein ikvalaijeshan levee stetament kee pooree jaanakaaree denee hogee. yah kaam bhee 31 julaee tak kar dena hai 5. inakam taiks kee dhaara 9a ke antargat sab sekshan (5) mein saalaana stetament kee jaanakaaree denee hai. jo log phorm nambar 3chaik mein phand ke nivesh kee jaanakaaree dete hain, unhen 2020-21 ke lie yah phorm bharana hoga. yah kaam bhee 31 julaee tak kar dena hai 6. phorm sankhya 34bb mein inakam taiks kee dhaara 245em ke sab sekshan (1) ke tahat lambit aavedan (tatkaaleen aayakar nipataan aayog ke samaksh daayar) ko vaapas lene ka vikalp, 31 julaee, 2021 ko ya usase pahale prayog kiya ja sakata hai ye hain do aham taareekh ज़्यादा दिखाएं 1526 / 5000 अनुवाद के नतीजे ITR filing last date: Fill this form related to income tax soon, no chance will be available after July 31

Income Tax Alert! Fill this form related to income tax soon, no chance will be available after July 31

In a big relief to the taxpayer, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the financial year 2020-21 and assessment year 2021-22. Now a person can file his income tax return till 30 September. Companies have to issue Form 16 to their employees before July …

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NEW INCOME TAX PORTAL

New Portal of Income Tax: Improvements in the new portal of Income Tax Department! So many lakh ITRs filed

The Income Tax Department launched its new portal last month. Then there were complaints of many technical glitches in this portal. More than 25 lakh Income Tax Returns (ITR) have been filed on this. There have been complaints of many technical glitches in the new website of the Income Tax Department. But now the Income …

New Portal of Income Tax: Improvements in the new portal of Income Tax Department! So many lakh ITRs filed Read More »

Salary Calculator 2022-23 - Take Home Salary Calculator India

IT Refund: Income Tax Department sent Rs 43,991 crore to taxpayers till July 26

CBDT issues refunds of over Rs. 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021. Income tax refunds of Rs. 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs. 30,651 crore have been issued in 1,12,567 cases. READ REGULAR BUSINESS NEWS? CLICK HERE TO …

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