income tax act

Request for waiver of Late Fees u/s. 234F of the IT Act and extension of Audit report & Income-tax Return for A.Y. 2021-22

Request for waiver of Late Fees u/s. 234 F of the Income Tax Act and extension of Date for filing of audit report & audited I T Return for A.Y. 2021-22 Tax Advocates Association Gujarat To,1. Hon’ble Smt Nirmala SitharamanjiUnion Minister of Finance,Ministry of Finance Govt. of IndiaNorth Block, NEW DELHI – 110001Email : fmo@nic.in 2. …

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Good News for Taxpayers: Govt may extend ITR filing deadline beyond December 31, 2021

The Union government is mulling extension of the deadline for filing Income Tax returns beyond December 31, 2021, CNBC-TV18 reported on December 27, owing to complaints regarding the new I-T portal. Earlier on December 26, the I-T department informed that over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, including over 11.68 lakh returns …

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Biggest recovery ever in the history of CBIC

WHAT IS e-FILING ? ADVANTAGES OF e-FILING

WHAT IS e-FILING ? THE PROCESS OF ELECTRONICALLY FILING INCOME TAX RETURN, THROUGH THE INTERNET, IS KNOWN AS e-FILING WHO CAN e-FILE? Individuals HUF Companies / BOI / AOP / Firms / Trusts / Local authorities / Artificial juridical person External Agencies Tax professionals – Chartered Accountants Tax Deductors and Collectors Electronic Return Filing Intermediaries …

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Benefits for Retired Employees under Income Tax Act 1961

Benefits for Retired Employees under Income Tax Law

Highlight Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office …… and many more BENEFITS UNDER DIRECT TAXES FOR RETIRED EMPLOYEES I have retired from service, after serving …

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Extension of due date for furnishing of Income-tax returns, Tax audit reports

Extension of due date for Income-tax returns, Tax audit reports

extension of due date for furnishing of Income-tax returns, Tax audit reports etc. & [b] Issues faced by us after launching of new website MAHARASHTRA TAX PRACTITIONERS’ASSOCIATION (Formerly known as The Western Maharashtra Tax Practitioners’ Association) “Dnyan Mandir”, Yadav Vyapar Bhavan,Shivaji Road, 602, Shukrawar Peth,Pune – 411 002 Maharashtra 020-2447-0237mtpa81@gmail.comhttp://www.wmtpa.org SS / MTPA / IT representation …

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CBDT

CBDT grants further relaxation in e- filing of 15CA/15CB Income Tax Forms

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance. In view of the difficulties reported by …

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The Income Tax Department has issued income tax refunds to about 24 lakh taxpayers in the country till 30 August 2021. This includes both individual and corporate income tax payers, read full news

Tax deducted at source(TDS) U/s. 194A, 194J & 193 of Income Tax Act, 1961

Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called …

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Depreciation

Updated Rates of Depreciation as Per Income Tax Act, 1961

Depreciation is an accounting method of allocating the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represents how much of an asset’s value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use. …

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