income tax return

Govt Collects Rs 2.41L Cr From Income Tax In Q1

Govt Collects Rs 2.41L Cr From Income Tax In Q1

As per the statement of the Finance Ministry India, the Govt collects Rs 2.41L cr from income tax as a direct tax in the first quarter of 2021 i.e. April to June. In the same period, the government of India has collected Rs.1.01 lakh crore on excise duty.¬†At Lok Sabha, the finance minister Mr. Pankaj … Read more

TDS on Purchase of Goods to be effective from July 2021

TDS on Purchase of Goods to be effective from July 2021

As we all know, Till now, there are several TDS provisions to cover services related transactions such as professional services, rent, interest, work contract, etc. Now, The Indian Government has introduced a new section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. As per Section 194Q w.e.f. July, 1st 2021 where … Read more

Why should Form 26AS be checked before Filing ITR

Why should Form 26AS be checked before Filing ITR

Form 26AS be checked before Filing ITR is an essential concept for every taxpayer. As we know, Form 26AS records all the taxes paid on your behalf by your employer or clients. Furthermore, people popularly call it a Tax Credit Statement and is a vital document for ITR filing. Therefore, In this article, we will … Read more

Higher TDS deduction if Income Tax Return not filed for 2 Years

Higher TDS deduction if Income Tax Return not filed for 2 Years

To ensure the taxpayer’s income tax return filing compliance is fulfilled, the government has implemented a new provision in the Income-tax Act, 1961. Furthermore, there have been thousands of cases where TDS on interest income have been deducted, but the individual does not file ITR. Thus, to ensure the correct income gets reported, the government … Read more

Essentials point to keep in mind before filing ITR this year

Essentials point to keep in mind before filing ITR this year

The government provided relief to taxpayers by extending the deadline as the nation is suffering from a frightful coronavirus pandemic. Filing ITR ( Income Tax Return) this year is extended to 30th September 2021 for Financial Year 20-21. Therefore it is essential to keep in mind some points before you do ITR Filing. In this … Read more

Taxation of NRIs under Indian Income Tax Act

Taxation of NRIs under Indian Income Tax Act

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

Know all about TCS on sales of goods

Know all about TCS on sales of goods

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

Received Income Tax Notice? No Need To Panic

Received Income Tax Notice

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

Importance of Form 16 and Form 26AS While Filing a Return

Importance of Form 16 and Form 26AS While Filing a Return

The Indian Income Tax Act 1961 consists of 23 chapters and 298 sections. It requires a lot of in-depth analysis and years of study to gain expertise on the same. This post will restrict itself to the meaning and importance of ITR filing, the documents required for ITR filing, and the importance of Form 16 … Read more

Income Tax Returns 2021-22: Financial Transactions That Will Get Reported To The I-T Department

Income Tax Returns 2021-22 Financial Transactions That Will Get Reported

On 1st February 2021, Annual Financial Statement (Budget) was released by Finance Minister, Nirmala Sitaraman and brought some reform in the ITR Filing. The reform focuses on the listed financial and non-financial bodies to report the transaction of the capital gain and the same should be pre-filled in the Income Tax form. The capital gain … Read more