Due to the pandemic and subsequent nationwide lockdown, India’s economy had gone through many changes. The significant population was stuck inside their homes. Consequently, people tried to find other sources of income. For example, people who lost their job due to lockdown started Freelancing. Moreover, Housemakers and Students also started working in various fields of freelancing … Read more
ITR (Income Tax Return) is the form in which evaluate files information about a person’s tax and Income thereon to the Income Tax Department. There are several forms of ITR that taxpayers must file. The applicability of Income Tax Return forms depends on the income earned, returns sources of the taxpayers, and the grouping of … Read more
NRI taxes are confusing to many. It is essential to understand the Taxation of NRIs because several Indians visit their motherland to see family or because they are stuck in India due to the Covid-19 pandemic. In addition, in ITR Filing, the NRIs face various hurdles. Thus, we shall study this article in-depth to know … Read more
In the recent move by the Income Tax department, keeping the pandemic in view, several Due Date of ITR Filing Extended for the year 2020-2021. The extended ITR filing date is a relaxation that aims for individuals and businesses to maintain the business sentiments amidst this pandemic. The extension in the deadline for income tax filing … Read more
There’s a new notification ( No. 10/2021) as CBDT issues Clarification. The taxpayer in India needs to file CIT(Appeal) within 30 days from the date of order of assessment issued. However, due to lockdown, taxpayers are facing timely filing of appeals. Earlier we have seen that CBDT has issued Circular No. 08/2021 on which the … Read more
The Ministry of Finance has recently made some amendments to the Finance Act to smoother the tax collection process. The amendment is the introduction of a new sub-section (1H) in section 206 C. The sub-section defines that the person whose annual sale of goods is more than Rs 50 Lakh compared to last year, then … Read more
Corporate Tax in India is one of the crucial sources of income to the Indian Government. Most of us know about Income Tax or ITR Filing, but only a few of us know about Corporate Tax. Therefore, in this article, we will read about Indian Corporate Tax in detail. Whether you are a corporate or … Read more
Due to the Covid-19, the Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. In this article, we will discuss Income Tax … Read more
Due to the Covid-19, the Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have … Read more
The income tax department comes under the Ministry of Finance (Department of Revenue) whose primary aim is to monitor the taxpayers. There are many circumstances when there is a mismatch between the ITR filing and the transaction of the taxpayers. At this point, the I-T department issues notice against such a person. Officials states that … Read more