income tax return

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

Government Increases Tax Audit Limit to Rs. 10 crores – Budget 2021

Government Increases Tax Audit Limit to Rs. 10 crores

Under the Union Budget 2021, Finance Minister Nirmala Sitharaman has announced the notification to increase the tax audit threshold limit from Rs. 5 crores to Rs. 10 crores. Also, this decision provides much-needed help to organisations and businesses that transact electronically. It aims to promote cashless digital transactions and reduce the burden of compliance for … Read more

₹ 450 Crore concealment detected in IT searches in Kolkata

₹ 450 Crore concealment detected

The CBDT has announced in a statement that the Income Tax Department has exposed undisclosed revenue of over Rs 450 crore after it raided some Kolkata-based entities involved in several businesses. In this article, we will discuss on ₹ 450 Crore concealment detected in IT searches in Kolkata. ₹ 450 Crore concealment detected The Income … Read more

Avoid small mistakes while filing up ITR form

Avoid small mistakes while filing up ITR form

The deadline to file ITR Filing for FY 2019-20 has been extended to December 31, 2020 Though, while filing your tax return, you should do it with most care. If you make a mistake you could end up with a tax notice from the office asking you to explain the discrepancy and pay tax, if … Read more

Income Tax Benefits for Senior Citizens for AY 2020-21

Income Tax Benefits for Senior Citizens

The income tax law of India grants several benefits to senior citizens and very senior citizens. Note that only resident senior citizens can avail these tax benefits through ITR Filing. As per the Income Tax Rules, a person within 60 years and 80 years of age are considered as a ‘senior citizen’ and a person … Read more

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

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

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