ITR Filing

Simpler & Common ITR filing form soon to be launched

Simpler & Common ITR filing form soon to be launched

The Central Board of Direct Taxes (DBDT) has suggested a standardized income tax return (ITR) form in an effort to streamline the tax filing process for individuals and businesses alike. Except for Form-7, the CBDT has recommended consolidating all ITR forms. Let’s learn about the latest updates regarding a simpler and common ITR Filing form … Read more

Filing of Form ITR-U – Last 2 Year ITR filing

Filing of Form ITR-U - Last 2 Year ITR filing

In the Union Budget 2022, the government suggested the idea of an updated return for income tax purposes. This article will discuss all about Filing of Form ITR-U. So, what exactly is a revised ITR or Updated ITR or ITR-U? In accordance with section 139(8A) of the Income Tax Act, taxpayers who subsequently learn they … Read more

Tax Audit Report for AY 2022-23 due date extended

Tax Audit Report for AY 2022-23 due date extended

The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due … Read more

Form 10IE is mandatory for ITR Filing in new regime

Form 10IE is mandatory for ITR Filing in new regime

The Government of India has given the opportunity to the taxpayers for selecting either of two income tax regimes. The new tax regime was launched in the Union Budget 2020. Both of these regimes have pros and cons. Thus, Taxpayers must choose wisely between these two as both of these regimes involve complex concepts necessary … Read more

Bank Cash Deposit Rule Changes in India

Bank Cash Deposit Rule Changes in India

Important update for all of us as Bank Cash Deposit rule changes in India are now effective. These new rules were  issued by the CBDT through a notification under  Income Tax (15th Amendment) Rules, 2022. Lets understand the Bank Cash Deposit Rules changes in India through this article. Understand the Latest Bank Cash Deposit Rule … Read more

Cryptocurrency Exchanges to pay 1% TDS from Next Month

Cryptocurrency Exchanges to pay 1% TDS from Next Month

A tax deducted at source (TDS) of one percent will be implemented from July 1, 2022, after a 30 percent tax on crypto asset gains, which will take effect on July 1, 2022. There is still a lot of confusion about how the government intends to collect taxes and the different parts of the TDS, … Read more

Penalty if PAN not linked with AADHAR

Penalty if PAN not linked with AADHAR

An important update for taxpayers as the government will now impose a penalty if PAN Card is not linked with Aadhar. The deadline for linking PAN cards with Aadhar Cards was extended till March 31, 2023. The previous deadline was March 31 this year. However, now taxpayers who haven’t linked their PAN Card with AAdhaar … Read more

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

The income tax department is working aggressively to tax unaccounted income and the taxpayers now need to be very careful while declaring/her income during Income Tax Return filing. ITR Filing disclosing all income should now be done on time and with transparency. Not doing so will result in a notice from the income department and … Read more