Income Tax

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

Income Tax refund for AY 2020-21

Income Tax refund for AY 2020-21

The Income Tax Department has issued the new notifications for Income Tax refund for AY 2020-21 Let’s summaries the Notifications issued:- The Income Tax department has issued the notification for the taxpayers who have filed their income tax return (ITR) for the Assessment Year (AY) 2020-21 and haven’t taken the refund so far, A technical … Read more

Tax on Diwali Gifts

Tax on Diwali Gifts

India is a country of close-knitted families and having a lot of reasons to celebrate Diwali owing to its diversified culture, customs and religion. Various occasions like Diwali where gifts are exchanged or gifting each other is a representation of love and affection and can also are a symbol of social status. However, several times … Read more

CBDT Extends due date for Filing TAX Audit Report for FY 2019-20

Income tax

The Central Government has issued the notifications for extension of the ITR filing date. In this article, we will discuss CBDT extends due date for filing  Tax Audit Report for FY 2019-20. Let’s summaries the Notifications issued:- The Central Government has issued for the income tax return (ITR) filing deadline for FY 2019-20, which has … Read more

Income tax return filing deadline for FY2019-20 extended till Dec 31

Extends due date for ITR Audit Report

The Central Government has issued the notifications for an extends due date for ITR Audit Report. Let’s summaries the Notifications issued:- The Central Government has published for the income tax return (ITR) filing deadline for FY 2019-20, which has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline is November … Read more