Reasons For Which You Can Receive an Income Tax Notice: You have already paid your entire tax bill. You have faithfully filed your tax returns. Even so, what should you do if you receive an Income Tax Notice? Do not worry; we will discuss the same in this section. Let’s see for which reasons you …
Income Tax Notice- Top Reasons For Which You Can Receive an Income Tax Notice Read More »
last moment check to make the optimum use of tax saving tools before 31 March. Health insurance Amid rising hospital treatment costs, buying health insurance is a must. However, buying health insurance also helps in saving taxes as it allows people to take an exemption of up to ₹1,00,000 in premiums under Section 80D on health …
Last moment check to make the optimum use of tax saving tools before March 31 2023 Read More »
Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …
If an individual makes high-value cash transactions, there is a strong possibility that he/she might get a notice from the Income Tax Department. The high-value transactions must always be reported to the Income Tax Department if the value surpasses a particular threshold limit. The I-T Department has settlements with multiple government agencies to obtain financial …
After you file the income tax return (I-T return), the department sends an intimation notice. If you pay more or less tax, then in both these circumstances the IT department sends an intimation notice. Intimation notice is in case of short tax payment to the taxpayer to pay the balance amount and settle the issue. …
Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22). Your kind attention is drawn where CPC, Bangalore had raised Income Tax demand under section 143(1) for the Financial Year 2020-21 (Assessment Year 2021-22) against some of the Army Officers. In this regard it …
Individual taxpayers (other than those subject to tax audit), who failed to file their Income Tax Return (ITR) before the due date of July 31, 2022 have the option to file their return of income by December 31, 2022 by paying a fine of up to Rs 5,000 as late fee for filing the ITR …
Taxpayers Alert! You have to pay double fine if Income tax return is not filed Read More »
With a 26 per cent increase in tax collection, the government is set to launch the next round of tax administration reforms that are likely to cut down on the number of forms available for filing income tax returns (ITR). This change will bring convenience to tax payers and reduce the time taken for filing …
Good news for taxpayers! Government may make changes in ITR form next year Read More »
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. …
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 …
Good News for Taxpayers: Govt may extend ITR filing deadline beyond December 31, 2021 Read More »
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 …
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 …
Benefits for Retired Employees under Income Tax Law Read More »
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 …
Extension of due date for Income-tax returns, Tax audit reports Read More »
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 …
CBDT grants further relaxation in e- filing of 15CA/15CB Income Tax Forms Read More »
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 …
Tax deducted at source(TDS) U/s. 194A, 194J & 193 of Income Tax Act, 1961 Read More »
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. …
Updated Rates of Depreciation as Per Income Tax Act, 1961 Read More »