income tax return

₹ 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

Clarification issued on the Investment and Turnover for MSMEs Classification

msmes investment

The government had recently introduced a new definition for Micro, Small, and Medium Enterprises (MSMEs). This was based on investment as well as turnover. Government Introduces a New Definition of MSMEs   However, notification left MSMEs in dilemma on how to compute the investment and turnover figure. This is necessary to find out the correct … 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