income tax

Income tax Dept doesn’t consider iPad a Computer

Income tax Dept doesn't consider iPad a computer

Most of us might have used an iPad as a replacement for office computers while working from home. From writing emails to attending video calls for work, people used the iPad for several computing purposes. As a result, there was a lot of confusion about whether someone can claim tax depreciation on the iPad at … Read more

FM Sitharaman gives ultimatum to Infosys to fix income tax portal

FM Sitharaman gives ultimatum to Infosys to fix income tax portal

As per the latest news, Finance Minister Sitharaman gives an ultimatum to Infosys. As we all know, the Ministry of Finance launched a new income tax portal on June 7, 2021, collaborating with Infosys. However, ever since it was launched, several taxpayers and professionals reported many issues in the portal. It’s almost the end of … Read more

Income Tax dept detects illegal export of medicines

Income Tax dept detects illegal export of medicines

After conducting investigations at sites connected to an organization involved in the sale of telecom equipment, the Income Tax Department uncovered massive illicit exports of pharmaceuticals from India to China, officials said. In this article, we will discuss this latest news of Income Tax dept detects illegal export of medicines in detail. Illegal export of … Read more

CBDT extends due dates for electronic filing of various forms

CBDT extends due dates for electronic filing of various forms

A major update and relaxation for taxpayers as CBDT extends due dates for electronic filing of various forms. In other words, considering the problems faced by taxpayers, the Indian government has given a major relaxation for fulfilling compliances under Income-Tax Act, 1961. In this article, we will understand the latest update by CBDT in detail. CBDT … Read more

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

Step-by-Step Guide to File Income Tax Returns Online & Offline

Step-by-step guide to file income tax returns Online & Offline

A step-by-step guide to file income tax returns Online & Offline is going to be very helpful for all of us.  As we all know, ITR filing is mandatory for every salaried person having an income of over 2.5 Lakhs. Furthermore, if you have no tax liability, even then you have to file ITR. However, … Read more

CBDT extends due date to file Form 15CA/15CB manually

CBDT extends due date to file Form 15CA15CB manually

Big relaxation for taxpayers and foreign currency remitters as CBDT extends the due date to file form 15CA/15CB manually. Many taxpayers reported various issues in the new income tax portal while filing form 15CA/CB. Therefore, addressing this issue CBDT extended the deadline to file these forms. In this article, we will understand this notification in … Read more

Taxpayers Can Do Income Tax Returns Filing At Post Office

Can Do Income Tax Returns Filing At Post Office

Now you do not have to waste your time going to the income tax office, as the government of India has launched a new website and service center for it. Ministry of finance officials released a statement that Taxpayers can do income tax returns filing at Post Office. The initiatives will help the individual and … Read more

Contribution To Patanjali Research Foundation To Get Tax Exemption

Contribution To Patanjali Research Foundation To Get Tax Exemption

The Central Board of Direct Taxes (CBDT), which monitors the tax regulations in India, released a notification on 13th July 2021 about the Contribution to Patanjali Research Foundation to get exemption on tax. Now the Patanjali Research Institute founded by ‘Patanjali Research Foundation Trust’ will fall under the “Research Association” category, said by the central government. … Read more

Income Tax Department issues refunds worth Thousand Crores till 5th July

Income Tax department issues refunds worth Thousand Crores till 5th July

As we all know, the income tax department issues refunds to taxpayers. These refunds are released after taxpayers do ITR Filing. This year too, the Income-tax department issues refunds. In this article, we will read about the Income Tax Department issues refund plus how you can check your Income tax refund status online. Income Tax department … Read more