income tax article

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ITR refund Process – Check status online

ITR refund Process – Check status online There are two ways for Eligible taxpayers to check their ITR refund status online:   through the official website of the Income Tax Department through the website of the National Securities Depository Limited (NSDL) Mandatory Requirement: Taxpayer’s PAN. Steps to check ITR refund status via Income Tax Portal: …

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How To File Income Tax Return (ITR)? – Quick Bites

The new concept of updated ITR was introduced in Union Budget 2022. The new provision allows taxpayers to rectify errors or omissions on their ITRs within two years of filing the returns, albeit with payment of additional taxes. How To File ITR? Every salaried individual whose pay exceeds a specific income slab is required to …

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Income Tax Return: Be Ready to Pay Higher TDS if you Do Not Do this by March 31

If you have not linked your Permanent Account Number or PAN with Aadhaar card, be ready to pay higher Tax Deducted at Source (TDS) from next month. The last date for linking your Aadhaar number and PAN has been extended to March 31. Failing to link these two documents within the mentioned deadline, will have …

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Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 in the backdrop of technical glitches on the IT portal coupled with Covid-19 third wave

Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 (Representation)

BCAS jointly have made a Representation Smt. Nirmala Sitharaman for extension of various dues dates of filing Audit Reports and Income Tax Return under income tax Act, 1961 in the backdrop of technical glitches on the IT portal coupled with COVID19 third wave ITR Date: 08.01.2022 To, Smt. Nirmala Sitharaman Hon’ble Union Minister for Finance …

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Have you missed the deadline of December 31? Know what are the options now?

The last date for filing Income Tax Return i.e. ITR (Income Tax Returns) for the assessment year 2021-22 was 31 December 2021, which has now passed. If you have not filed your ITR till this date, then there is no need to panic. You can still file your ITR. There is an opportunity to file …

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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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PRPER CREDIT OF INCOME TAX DEDUCTION COLLECTED

Proper Credit of Income Tax Deducted/Collected?

WORRIED ABOUT PROPER CREDIT OF INCOME TAX DEDUCTED/COLLECTED? (A) The possible reasons for no credit of TDS/ TCS being displayed in your Form 26AS: Deductor/ collector has not filed the TDS/ TCS statement You have not provided PAN to the deductor/ collector You have provided incorrect PAN to the deductor/collector The deductor/ collector has made …

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Process Flow for Filing Audit Forms

Income tax action against Oppo and Xiaomi group, raids on officials’ locations

The Income Tax Department is taking major action against Chinese mobile company Oppo Group and Xiaomi Group. Several senior Income Tax officials raided the offices of Chinese mobile companies. According to sources, raids are going on at the locations of Gurgaon, Rewari in Mumbai, Delhi-NCR. Let us tell you that some time ago in many …

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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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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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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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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 »

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Income Tax Quarterly Updates (April 2021 to June 2021)- Including Covid-19 relaxations / updates

Income Tax Quarterly Updates (April 2021 – June 2021)– Including Covid-19 relaxations / updates Income Tax is the tax that is collected by the Central Government for each financial year levied on the total taxable income of an assessee during the previous year.The Income Tax Act is a comprehensive statute that focuses on the different …

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INCOME TAX

A month after its launch, how is the new income tax website going now?

It has been a month since the new Income Tax Portal was launched, but so far its technical shortcomings have not been overcome. The Finance Minister had also reviewed the functioning of this portal two weeks ago. Chartered Accountants (CAs) say that many things on this portal such as e-processing and digital signature certificates are …

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Some important dates related to income tax

Updated Some important dates related to income tax

The Income Tax Department has extended the deadline for completing many tasks related to income tax for the convenience of taxpayers. In a notification issued by the Ministry of Finance, it has been said that in view of the difficulties being faced by the taxpayers due to Kovid-19, the deadline for tax related work has …

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filling fake ITR and making fake documents

ICAI took action in the case of filling fake ITR and making fake documents, Fifty thousand fine imposed on CA

The Institute of Chartered Accountants of India (ICAI), the regulatory body of chartered accountants, New Delhi has imposed a fine of Rs 50,000 on Suresh Kumar Goklani, CA of Jodhpur. Also, licenses have been suspended for 3 months. CA Goklani has been found guilty of filing ITR on the basis of false facts and making …

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EASY WAY OF Income Tax Return FILING

Easy Income Tax Return: Chartered Accountant (CA) & ERI will be able to add on the new income tax e-portal, know how to take advantage of ‘My CA Service’

Income Tax Return: This will give great relief to those taxpayers who find it difficult to fill their income tax return or any other form. This work will be done by the CA or ERI on behalf of the taxpayers. You can add or remove them. You can add and assign any CA for yourself …

Easy Income Tax Return: Chartered Accountant (CA) & ERI will be able to add on the new income tax e-portal, know how to take advantage of ‘My CA Service’ Read More »

INCOME TAX RAID

Income Tax: Big Relief to the Taxpayers! Know Income Tax related Updates and Extended Due Dates

In view of the second wave of Corona epidemic, the central government has given many concessions to the common man on the income tax front. Deadline for TDS Return Extended The last date for submission of TDS statement for the fourth quarter (January-March) of the financial year 2020-21 has now been extended to July 15, …

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INCOME TAX COMPLIANCES

Extension of Time Limits For Ease of Tax Compliance Related to Filing of Statement /Certificate/Vivad se Vishwas/ Linkage Aadhar with PAN and Other Compliances

Central Govt provides further relief to taxpayers during these difficult Covid times by extending timelines of certain compliances. Here is a quick look at the list of compliances that have been extended by CBDT Circular No 12/2021, Notification Nos 74/2021 &75/2021 dt 25.06.2021. Extension of Time Compliances related to filing of Statements/ Certificate Extension of …

Extension of Time Limits For Ease of Tax Compliance Related to Filing of Statement /Certificate/Vivad se Vishwas/ Linkage Aadhar with PAN and Other Compliances Read More »

EASING OF INCOME TAX COMPLIANCE

Snapshot of Income Tax related announcements

Govt announces tax exemption for expenditure incurred on Covid treatment &ex-gratia amount recd on death due to Covid. Granting further relief in difficult Covid times, dates of several compliances extended vide Notification Nos 74/2021 & 75/2021 &Circular No 12/2021 dt25.06.2021 Tax Concessions for Payment towards COVID Treatment/Death. Easing of IT Compliance Burden during COVID Additional …

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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

Breaking: Government grants further extension in timelines of compliances

Relief to the Taxpayers !! TDS Returns has been extended now up to 15th July 2021 and generation of Form 16 would be 31st July 2021 A. Tax exemption Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no …

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Most Important Update in Income Tax Now Govt has issued a circular regarding to remove the extra burden on the deducters : stated the new option has to introduced : Compliance Check for Section 206AB & 206CCA

Important Update in Income Tax: CBDT Issues Circular to Remove Extra Burden on Tax Deducters [Read Circular]

Circular regarding use of functionality under section 206AB AND 206CCA of the INCOME-TAX ACT, 1961 Most Important Update in Income Tax Now Govt has issued a circular regarding to remove the extra burden on the deducters : stated the new option has to introduced : Compliance Check for Section 206AB & 206CCA

Income Tax Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know the rules

Income Tax Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know Rules

Alert! If you have not filed income tax return for the Preceeding 2 financial years before 31st June, then payments made to you will be liable to be deducted at twice the previous rate. That is, you have only till 30th June to file income tax return of the Preceeding years. Preceeding year for the …

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Stringent Provisions Section-194Q, 206AD and 206CCA

STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961- W.E.F. 1ST JULY, 2021

DID you KNOW? The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1stof July, 2021. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) – W.E.F 01st-Oct-2020) TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my …

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CBDT CLARIFICATION REGARDING CARRY FORWARD OF LOSSES

IT Return Filing: These Taxpayers May Have to Pay Double TDS from Next Month

There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. One of the important changes that will come into effect from next month is related to your income tax returns filing. Come July 1 and you may have …

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NEW INCOME TAX PORTAL

The new income tax portal will be system stable within a week: Nandan Nilekani (co-founder of Infosys)

The new e-filing website of the Income Tax Department was launched on 7 June. The new e-filing portal will facilitate the filing process and enhance the end user experience. Nirmala Sitharaman ji, we saw some technical problems on the first day and are fixing them. Infosys is sorry for these issues and expects the system …

The new income tax portal will be system stable within a week: Nandan Nilekani (co-founder of Infosys) Read More »

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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