income tax

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

Income Tax Rebate Under Section 87A For Income Up To ₹5 Lakh – Explained

Income Tax Rebate Under Section 87A For Income Up To ₹5 Lakh – Explained

The prime source of the Government to generate revenue from the public is the tax. The Government spends these generated revenues on public infrastructure, hospitals, education, and many programs. So, Government has made some changes in the tax structure to give relief to lower-income groups. However, a person whose income is more than Rs 5 … 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

CBDT notifies Income Tax Return forms for 2020-21

The Income Tax department has announced forms for filing I-T returns for the 2020-21 fiscal, the Central Board of Direct Taxes explained on Thursday. In this article, we will discuss CBDT notifies Income Tax Return forms. CBDT notifies Income Tax Return forms The Income Tax department has announced the notification forms for filing I-T returns … Read more

CBDT Defers GST & GAAR reporting till 31.03.2022.

CBDT Defers GST & GAAR reporting

The Central Board of Direct Taxes (CBDT) postponed the Tax Audit Clause 30C and 44  till 31st Mar 2022 due to COVID-19. The CBDT has lengthened the due date for filing Form 3CD. In this article, we will discuss on CBDT Defers GST & GAAR reporting till 31.03.2022. CBDT Defers GST & GAAR reporting till … Read more