most of these small errors can be avoided. In this blog, we will discuss 14 common tax filing mistakes you must avoid for a smooth ITR filing experience. Mistake 1: Missing The Due Date For Filing Returns For individuals, generally, the due date for an income tax return (ITR) is falling is 31 July of …
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 might …
Top Reasons For Which You Can Receive an Income Tax Notice Read More »
March 31 deadline for 2022–23 tax-saving investments implies that taxpayers should start their tax planning as soon as they can to prevent a last-minute rush. Taxpayers should be aware that they can reduce their total tax liability and increase their income without making any investments, even though the income tax act provides deductions under various …
How taxpayers can save tax only through expenses and without any investment Read More »
Individual taxpayers must pay income tax based on the slab system into which they fall. Individuals may fall into a different tax bracket depending on their Income. As a result, persons with higher incomes will have to pay more taxes. The slab system was implemented to keep the country’s tax system equitable. The slabs change with each …
ITR Filing Rules: Many times due to non-availability of necessary documents, or due to non-updation, people’s income tax return remains stuck in half and people may forget to file their return. The Income Tax Department is taking special steps for such people. There is important news for those who pay income tax. Now you are …
Income Tax E-filing Portal has posted an update that: Online form for filing ITR-3 for AY 2022-23 has also been enabled.
Link Aadhaar- PAN option has been enabled at income tax e-filing portal and the same can be accessed by Clicking Here Information about Aadhaar- PAN linking option as mentioned at income tax e-filing portal: As per CBDT circular F.No. 370142/14/22-TPL dated on 30th March 2022, every person who has been allotted a PAN as on …
Breaking: Link Aadhaar- PAN Option Enabled At Income Tax E-filing Portal Read More »
Income Tax E-filing Portal has posted an update that: The timeline to update UDIN is extended till 30th June 2022 to give more time to CAs to correctly verify and upload UDINs.
How to Authenticate Notice/ Order Issued By Income Tax Department First, Please Click Here Now, Select one option from these two: (1.) PAN, Document Type, Assessment year, Date of Issue and Mobile Number (Notice/ Letter/ Order issued for Assessment Year 2011-12 and subsequent years only) (Choose this if you do not have Document Number) (2.) …
How To Authenticate Notice/ Order Issued By Income Tax Department Read More »
Income Tax E-filing Portal has posted an update that: A Help video on how to file Form 10BD is available in the “How To Videos” section of the e-Filing Portal. To Watch the Video, Please Click Here
Income Tax E-filing Portal has posted an update that: A DR drill is in progress and e-Filing operations of Income Tax Department have been shifted to DR site. All precautions have been taken to prevent disruption, in case of any minor issues please bear with us.
Useful Contents Provided By Income Tax Department Say No to cash transactions: Click Here to Read PDF Income Tax Rates for AY 2021-22 and AY 2022-23: Click Here to Read PDF Tax Collected at Source (TCS): Click Here to Read PDF Instant PAN: Click Here to Read PDF How to Apply for TAN: Click Here …
Useful Contents Provided By Income Tax Department For Ease Of Compliance Read More »
New update for the income tax e-filing portal is that ITR-1 and ITR-4 filing for AY 2022-23 (FY 2021-22) has been started at e-filing portal. Reportedly ITR forms for AY 2022-23 were notified on 1st April 2022.
The Income Tax Department, in its investigation, found that huge amounts of funds of an educational trust were embezzled for the personal benefit of its promoters. The group that owns this trust has many schools and colleges in the country and abroad. The Central Board of Direct Taxes (CBDT) on Thursday said that over 25 …
The Income Tax department’s action against real estate conglomerate Omaxe on March 14 has now reportedly exposed unaccounted cash transactions of over Rs 3000 crore with customers. Income Tax officials shared this information on Tuesday. It is worth noting that Omaxe is one of the leading real estate developers in Delhi and NCR. The Central …
Income Tax Raid: Cash Transactions Of 3000 Crores Detected, CBDT Gave A Big Statement Read More »
The Central Board of Direct Taxes (CBDT) on Sunday said that the Income Tax Department has detected undisclosed income of around Rs 224 crore after the recent raids on unicorn start-up group based in Pune and Thane in Maharashtra. On March 9, searches were conducted at 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh …
A big news has come from the Income Tax Department. In fact, the department has made the highest ever income tax collection in the current financial year. This information has been shared by the Central Board of Direct Taxes. CBDT Chairman JB Mohapatra said that there has been a growth of 48 per cent in …
Highest Tax Collection in The History Of Income Tax Department Read More »
Income Tax Department carried out a search operation on 08.03.2022 on a cable operator of Mumbai, a State Govt employee and the businesses related to him. A total of 26 premises spread over Mumbai, Pune, Sangli and Ratnagiri were covered. During the search, it was found that a parcel of land at Dapoli was purchased …
Income Tax Department Conducts Searches in Mumbai Read More »
The offices of the Income Tax Department will also open on all Saturdays of this month (March 2022) across the country. A senior official said on Friday that Finance Minister Nirmala Sitharaman had directed this to be done to address the grievances and cases of taxpayers. The income tax offices will be open every Saturday …
Good Step By Income Tax Department To Help Taxpayers Read More »
If you are one such taxpayer and you have come under the scanner of income tax then this news is for you. The Income Tax Department has asked the taxpayers under investigation to respond to the notice by March 31, 2022. The Income Tax Department appealed to the taxpayers by tweeting about this on Wednesday. …
Alert: Income Tax Department Alerts Taxpayers To Reply To Notices By 31 March Read More »
The Income Tax Department has notified email format for sharing queries with help-desk emails. Two new emails namely ITR.helpdesk@incometax.gov.in (for ITR-1 to ITR-7) and TAR.helpdesk@incometax.gov.in (for 3CA-3CD, 3CB-3CD) have been launched. The taxpayers are requested to share the relevant details at these emails. This advisory is mentioned at the Income Tax Portal. Email Format for …
Breaking: Want To Get Quick Resolution From Income Tax Department? Read This Article Read More »
Introduction:- The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a part of the principles of natural justice, before an order is passed under some of the provisions of the Income-tax Act 1961, is not specifically …
Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis 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 …
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 »
Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action (including bank lockers of such unconnected third parties) Introduction:- The authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned …
Bank Lockers And Income Tax Search & Seizure: A Study By CA Mohit Gupta Read More »
If advance is deducted on the basis of your estimated investment in a financial year, but after the final paper is submitted by the end of the financial year, it is found that more tax has been deducted according to your liability, then income tax You have to apply for ITR refund to get the …
Not Received Income Tax Refund Yet? Know How To File Complaint To Income Tax Department! Read More »
A Taxpayers’ Lounge has been set up by the Income Tax Department in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from 14th – 27th November 2021, for fostering awareness about various services provided by the Income Tax Department to taxpayers and to facilitate compliance with the various Income-tax rules and procedures. Shri …
Income Tax Department Sets Up Taxpayer’s Lounge At New Delhi. Know Details Here Read More »
Attention taxpayers! Check out the new Annual Information Statement (AIS). Provides a comprehensive view of information available with Income Tax Department about taxpayer. Please click on link ‘AIS’ under ‘Services’ tab on incometax.gov.in to access. Benefits of AIS: Comprehensive taxpayer info, ease of accessibility in various downloadable formats, instant feedback, summarized info for ITR pre-filling, …
Income Tax Department has tweeted that: Beware of fraudulent communication! ITD never asks for personal details over calls, SMS or email for issuing refund. Never share bank, credit/debit card details, CVV, Password or OTP with anyone. The correct URL for e-Filing portal is incometax.gov.in
Now the firms or business establishments, where there will be raids by the Income Tax Department and documents of large-scale malpractices or evasion of tax are found from there, then the CA who conducts regular audit of these will also be questioned. If there is misappropriation of crores of rupees of tax in a firm, …
Big Breaking: Firm’s CA Will Also Be Questioned If Tax Evasion Is Caught Read More »