Income Tax Return Filing

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

CBDT Notification on Tolerance Range for Wholesale Trading for AY 2020-21

The Central Board of Direct Taxes (CBDT) has issued the notification on tolerance range for wholesale trading for the assessment year 2020-21. Let’s summarise the notification in detail – Tolerance range for wholesale trading for AY 2020-21 The Central Board of Direct Taxes (CBDT) has declared that the tolerance range of 1 per cent for … Read more

PM Modi announces New Tax Reforms to boost transparent taxation

Faceless, seamless, painless

A new Tax Reforms has been introduced called Faceless Assessment, Transparent Taxation launched by CBDT (Central Board of Direct Taxation). It is beneficial for the entrepreneur and ease the compliance burden of taxpayers and reward honest taxpayers by Faceless, seamless, and painless. Also, it provides a transparent system by digital transactions and electronic modes of … Read more

MSME in India – New Guidelines for Udyam Registration

GST and ITR for MSME

Recent Notification issued by the Government of India notified on new eligibility, and guidelines for Udyam Registration for Micro Small & Medium Enterprises(MSME). Every business has to obtain GST registration and file Income tax return on or before 31st march 2021 to sustain the validity of the MSME Certificate. According to the Government’s revised guidelines, MSME is now placed under the … Read more

Income Tax Return Filing (ITR) date extended

ITR Filing

  To offer some relief to taxpayers in the pandemic, the Central Board of Direct Taxes newly extend Income Tax Return Filing (ITR) date extended for Financial Year 19. On Wednesday, the government increased the period for ITR Filing for FY2018-19 by a month till July 31, 2020. The scheduled date for the income tax return … Read more

5 Key Tax reliefs while COVID-19 Lockdown

5 tax reliefs

The government has given certain tax reliefs to the taxpayers during COVID-19 Lockdown. The COVID-19 pandemic has an adverse impact all over the globe and sent economies spinning. Indian government is doing its best to revive the economies and has provided some relaxations as regards ITR filing and GST return filing. Here are those key … Read more

Cost Inflation Index for Financial Year 2020-21 Notified

Cost Inflation Index

Central Board of Direct Taxes (CDBT) has recently notified the Cost Inflation Index (CII) for FY 2020-21.   Cost Inflation Index for Financial Year 2020-21 Central Board of Direct Taxes (CDBT) has notified the Income Tax Cost Inflation Index for FY 2020-21 or AY 2021-22 at 301. Read the CBDT Notification. Now, we understand the concept … Read more