Income Tax

Dispute Resolution Committee to have multiple benches- Budget 2021

Dispute Resolution Committee

With the aim of Atamnirbhar Bharat, Finance Minister Nirmala Sitharaman made an important announcement of the Union Budget of 2021-2022 on February 1st 2021. This budget included many reforms in multiple ways. One of the important reforms is about Dispute resolution. In this article, we will read about the Dispute Resolution Committee to have multiple … Read more

Tax holiday for startups extended by one more year

tax holiday for startups extended by one more year

There’s Good news for all the startups in India or the people looking to initiate startups in India. This good news is related to Tax Exemption. The Finance minister of India, Nirmala Sitharaman, has announced that there will be one more year for the tax holiday for startups. In this article, we will discuss the … Read more

No ITR Filing for Senior Citizens aged 75 years and above

IT relaxation for senior citizens

In the Union Budget 2021, the finance minister has declared that senior citizens above the age of 75 years, who simply have pension and interest as a cause of income has exempted from filing the income tax returns. In this article, we will discuss No ITR filing for senior citizens aged 75 years and above. … Read more

Vivad Se Viswas Scheme Last Date of Filing Extended 

VIVAD SE VISHWASH SCHEME

The Central Board of Direct Taxes has further extended the due date for filing a statement under Vivad Se Vishwas Scheme till February 28, 2021. In this article, we will discuss on Vivad Se Viswas Scheme the Last Date of Filing Extended. Vivad Se Viswas Scheme Last Date of Filing Extended The Central government has … Read more

Union Budget 2021-22

Union Budget 2021-22

Budget Finance Minister Nirmala Sitharaman announced Union Budget 2021-22  on the 1st of February, 2021. This Budget assumes enormous importance and effective as it comes amid the novel coronavirus pandemic, which has led to massive economic disruption in India and around the world. In this article, we will discuss on Union Budget 2021 and its … Read more

₹ 450 Crore concealment detected in IT searches in Kolkata

₹ 450 Crore concealment detected

The CBDT has announced in a statement that the Income Tax Department has exposed undisclosed revenue of over Rs 450 crore after it raided some Kolkata-based entities involved in several businesses. In this article, we will discuss on ₹ 450 Crore concealment detected in IT searches in Kolkata. ₹ 450 Crore concealment detected The Income … Read more

ITR, Vivad se Vishwas & GST Annual Return Due Date Extended

DUE DATE Extention

In a relief to taxpayers, the government on Wednesday extended compliance deadlines for income tax, goods and services Tax Vivad se Vishwas direct tax dispute resolution scheme and GST annual Return in view of the challenges arising due to the COVID-19 pandemic. In this article, we will discuss the due date extended For ITR, Vivad … Read more

Avoid small mistakes while filing up ITR form

Avoid small mistakes while filing up ITR form

The deadline to file ITR Filing for FY 2019-20 has been extended to December 31, 2020 Though, while filing your tax return, you should do it with most care. If you make a mistake you could end up with a tax notice from the office asking you to explain the discrepancy and pay tax, if … Read more

Income Tax Dispute Settlement Scheme 2020

Tax Dispute settlement scheme

In order with the announcement by the Government, while presenting the Union Budget 2020, to reduce tax disputes the Direct Tax Vivad Se Vishwas Act, 2020. In this article, we will discuss the Income Tax Dispute Settlement Scheme 2020. About Vivad se Vishwas Act, 2020 Vivad se Vishwas Act has been passed on 17 March … Read more

Income Tax Benefits for Senior Citizens for AY 2020-21

Income Tax Benefits for Senior Citizens

The income tax law of India grants several benefits to senior citizens and very senior citizens. Note that only resident senior citizens can avail these tax benefits through ITR Filing. As per the Income Tax Rules, a person within 60 years and 80 years of age are considered as a ‘senior citizen’ and a person … Read more