income tax

Income Tax collections exceed Corporate Tax after 21 years

Income Tax collections exceeds Corporate Tax after 21 years

Due to the pandemic and subsequent nationwide lockdown, India’s economy had gone through many changes. The significant population was stuck inside their homes. Consequently, people tried to find other sources of income. For example, people who lost their job due to lockdown started Freelancing. Moreover, Housemakers and Students also started working in various fields of freelancing … Read more

CBDT issues Clarification on Limitation for Appeals Filings before CIT

CBDT issues Clarification on Limitation for Appeals Filings before CIT

There’s a new notification ( No. 10/2021) as CBDT issues Clarification. The taxpayer in India needs to file CIT(Appeal) within 30 days from the date of order of assessment issued. However, due to lockdown, taxpayers are facing timely filing of appeals. Earlier we have seen that CBDT has issued Circular No. 08/2021 on which the … 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

Income Tax Return Filing Due Dates for AY 2021-22 Extended

Income Tax Return Filing Due Dates d

Due to the Covid-19, the Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. In this article, we will discuss Income Tax … Read more

Income Tax Department issues Income tax refunds of Rs 24,792 cr

Income Tax Department issues Income tax refunds of Rs 24,792 cr

Due to the Covid-19, the Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have … 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

No income tax penalty on Hospitals accepting cash from patients

Due to the Covid-19 pandemic, the Ministry of Finance issued notification in this regard on Friday announcing relaxation for the Covid Care hospitals in Section 269ST of the Income Tax Act. In this article we will discuss on No income tax penalty on hospitals. No income tax penalty The central government has facilated Income Tax … Read more

ITR Revise / Belated return due date extended

Income tax due date extended

Due to the Covid-19 pandemic intensely spreading unhindered across the world, affecting the lives of our citizens, and in light of service requests from citizens, tax experts, as well as other investors, various time barrier dates, which had previously been extended to 30th April 2021 is now again increased. So, it’s a good decision for … 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

CBDT enables ITR Offline utility for AY 2021-22: Income Tax Return

The Income Tax Department has initiated the Income Tax Return (ITR) Offline utility for Assessment Year 2021-22. The department has made usable the Offline utility of ITR-1 and ITR-4 as of now. In this article, we will discuss CBDT enables ITR Offline utility. CBDT enables ITR Offline utility The Income Tax Department has inaugurated the … Read more