Income Tax Return Filing

Western Union Profit Not Taxed In India

Western Union Profit Not Taxed In India

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) declared that the Western Union is to do ITR Filing for profits earned in India. The business of the assessee includes the transfer of money across international borders: the assessee, a US company, deals in the business of rendering money transfer services In this article, … Read more

Infosys’s deadline Ends, but Bugs are still in the Income Tax Filing portal.

Infosys's deadline Ends, but Bugs are still in the Income Tax Filing portal.

Taxpayers flag a range of ongoing anomalies like belated pre-corroboration by the banks and issues in register digital sign official documents. The article discusses Infosys’ deadline ends; however, bugs are still in the income tax filing portal in detail. Infosys’s deadline ends, but several issues were found on the portal  The time limit outlined by … Read more

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

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

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

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

Income Tax dept detects illegal export of medicines

Income Tax dept detects illegal export of medicines

After conducting investigations at sites connected to an organization involved in the sale of telecom equipment, the Income Tax Department uncovered massive illicit exports of pharmaceuticals from India to China, officials said. In this article, we will discuss this latest news of Income Tax dept detects illegal export of medicines in detail. Illegal export of … Read more

Income Tax Department launches dedicated emails for taxpayers grievances

Income Tax dept launches dedicated emails for taxpayers’ grievances

Good news for taxpayers, as the Income-tax department has launched three new official email addresses. The Income Tax Department launches dedicated emails for taxpayers’ grievances. The government said the decision is intended to further improve services in accordance with the taxpayers’ charter. In this article, we will read about this latest update of new emails … Read more