Income Tax

Income Tax Department Raid On 3 Commission Groups

Income Tax Department Raid On 3 Commission Groups

In Punjab, the Income Tax Department identified tax fraud by three commission agents who were also involved in the field of farmers besides having a business of cold storage facilities and rice mills,  Income tax department raid claimed “suppression” of company revenues and “inflation” of expenditures. In this article, we will read about the latest … Read more

Reduced Penalty for late filing of Income Tax

Reduced Penalty for late filing of Income Tax

For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have … Read more

Learn the Difference Between TDS and TCS

Learn the Difference Between TDS and TCS

TDS Return Filing is one of the most crucial components of financial management in Income Tax. People should maintain track of their earnings, Investments and make plans for a Life Insurance policy, a name plan, or another Tax-saving strategy. The government does not rely just on Income tax to fund its operations. It also receives … Read more

No ITR filing for Senior Citizens aged 75 years and Above

No ITR filing for senior citizens aged 75 years and above

The latest update for Taxpayers, as the government has announced No ITR Filing for citizens aged 75 years and above. The announcement was made in Finance Budget, 2021. Thus, The Central Board of Direct Taxes (CBDT) has now issued regulations and declaration forms that elderly persons must file with the designated bank, which will deduct … Read more

ITR Filing Due Date Extended For FY21

ITR Filing Due Date Extended FY21

A massive relaxation for taxpayers as ITR Filing Due Date Extended For FY21. As most of us know, taxpayers and professionals have reported several glitches and malfunctions in the new income tax portal since its launch. It’s become essential to extend all upcoming income tax filing due dates. Therefore,  the government has now announced the … Read more

Income Tax Benefits Available On Housing Loan

Income Tax Benefits Available On Housing Loan

The administration has given several Income tax benefits to the assessee on accommodation loans. Income Tax Act offers tax advantages on refunding a principal constituent of loan and refunding interest constituent of loan. In this article, we will discuss on Income Tax Benefits Available On Housing loans. Income Tax Benefits Available On Housing Loan Deduction … Read more

Income tax Dept doesn’t consider iPad a Computer

Income tax Dept doesn't consider iPad a computer

Most of us might have used an iPad as a replacement for office computers while working from home. From writing emails to attending video calls for work, people used the iPad for several computing purposes. As a result, there was a lot of confusion about whether someone can claim tax depreciation on the iPad at … Read more

Govt extends deadline for filing of various forms under Income Tax Act

Extension-of-Income-Tax-Return-Filing

The Finance Minister extended the time limits for the electronic submission of different forms covered in the 1961 Income Tax Act. The reason for extending the Deadline for filing various forms under the Income Tax Act is that several taxpayers reported issues in the New Income Tax Portal.  In this article, you will learn about … Read more

FM Sitharaman gives ultimatum to Infosys to fix income tax portal

FM Sitharaman gives ultimatum to Infosys to fix income tax portal

As per the latest news, Finance Minister Sitharaman gives an ultimatum to Infosys. As we all know, the Ministry of Finance launched a new income tax portal on June 7, 2021, collaborating with Infosys. However, ever since it was launched, several taxpayers and professionals reported many issues in the portal. It’s almost the end of … Read more

Professionals can now verify Income Tax Returns of Bankrupt Companies

A piece of good news for insolvency professionals as the central government has increased its powers. Professionals can now verify the income tax returns of bankrupt companies. Furthermore, It is also the duty of professionals to comply with the regulations set forth for certain company tax returns that are governed by income tax (24th Amendment) … Read more