ITR filing

Essentials point to keep in mind before filing ITR this year

Essentials point to keep in mind before filing ITR this year

The government provided relief to taxpayers by extending the deadline as the nation is suffering from a frightful coronavirus pandemic. Filing ITR ( Income Tax Return) this year is extended to 30th September 2021 for Financial Year 20-21. Therefore it is essential to keep in mind some points before you do ITR Filing. In this … Read more

How to file form 10BA of Income Tax

How to file form 10BA of Income Tax

Form 10BA is the report to be filed by the taxpayer who is required to keep tax deduction under section 80GG for rent paid on rental land. This article gives information about How to file form 10BA under section 80GG. Requirements to claim a deduction There are the following two requirements to claim deduction under section … Read more

Taxpayers facing issues on filing form- 15CA & 15CB

Taxpayers facing issues on filing form- 15CA & 15CB

Recently The Department of Income Tax announced the launch of a new income tax website on 7th June 2021 for better taxpayer’s experience and functioning. Consequently, the income tax department announced that the income tax website was on halt for a short period of six days. Users were not able to access the Department’s existing portal … Read more

Taxpayers have to re-register DSC for Income Tax Return Filing

Taxpayers have to re-register DSC for Income Tax Return filing

Taxpayers have to re-register DSC for Income Tax Return Filing is a piece of important news for everyone. Anyone who wants to file an income tax return must get DSC as soon as possible. The tax department has launched a new platform ( e-filing portal) to facilitate taxpayers. The updated portal is now more customer-friendly. … Read more

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

All you need to know about ITR 7 Form- ITR Return Filing

All you need to know about ITR 7 Form- ITR Return Filing

ITR (Income Tax Return) is the form in which evaluate files information about a person’s tax and Income thereon to the Income Tax Department. There are several forms of ITR that taxpayers must file. The applicability of Income Tax Return forms depends on the income earned, returns sources of the taxpayers, and the grouping of … Read more

Taxation of NRIs under Indian Income Tax Act

Taxation of NRIs under Indian Income Tax Act

NRI taxes are confusing to many. It is essential to understand the Taxation of NRIs because several Indians visit their motherland to see family or because they are stuck in India due to the Covid-19 pandemic. In addition, in ITR Filing, the NRIs face various hurdles. Thus, we shall study this article in-depth to know … Read more

Due Date of ITR Filing Extended & Other Deadlines Relaxed

Due Date of ITR Filing Extended Form 16 Delayed, Other Deadlines Relaxed

In the recent move by the Income Tax department, keeping the pandemic in view, several Due Date of ITR Filing Extended for the year 2020-2021. The extended ITR filing date is a relaxation that aims for individuals and businesses to maintain the business sentiments amidst this pandemic. The extension in the deadline for income tax filing … 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