The due date for filing your Income-tax returns is fast approaching. Many think that only if you have Income you need to file your Income-tax returns on time. But the fact is even if you are facing losses, it becomes important to file your returns on time, on or before the statutory due date. There […]
File your Income-tax returns before due date if you have any losses… Read More »
As per the existing guidelines , Retail and Wholesale trade is out of the ambit of MSME. The trade has been requesting the Government of India to include Retail & Wholesale Trade also within the ambit of MSME there by the benefits of MSME will reach these type of businesses also. With the revised guidelines,
Retail & Wholesale Trade is now MSME Read More »
Extension of various deadlines under Income-tax vide CBDT Circular F.No 225/49/2021-ITA-II dtd 20th May 2021 Sl. No Name of the Compliance OriginalDue date ExtendedTime line 1 Statement of Financial Transactions (SFT) for the year 2020-21 31st May 2021 30th June 2021 2 Statement of Reportable Account for the year 2020 31st May 2021 30th June
Extension of various time lines for filing under Income-tax for the year 2020-21 Read More »
As per the Press release by the CBDT dtd 24th Apr 2021 , the time limits for the following are being extended :- Time Limit for passing any order of Assessment or Re assessment ; Time Limit for passing any order consequent to order of DRP ; Time Limit for reopening assessment in case income
Various Time limits under Income-tax extended. Read More »
The Finance Act,2020 has introduced a new provision for Tax Collection at Source (TCS) u/s. 206C(1H) of the Income tax act,1961. This is w.e.f. 1st Oct 2020. As per this provision, Tax has to be Collected at source (TCS) in respect of Sale of Goods @ 0.1% on the consideration received on sale of such
New provision – TCS on Goods Sold (Tax On Purchase) Read More »
CBDT provides one time relaxation for verification of electronically filed IT Returns for Assessment Yrs 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns. CBDT Circular No.13/2020 dt 13th July,2020 issued.
One time relaxation for verification of old Income-tax returns Read More »
The Central Board of Direct taxes (CBDT) vide its Notification No 12 of 2020 dtd 19th March 2020 has notified the procedure to be followed for making declaration under Vivad Se Vishwas Scheme 2020. The relevant notification is reproduced below
Procedure to make declaration under Vivad Se Vishwas Scheme Notified Read More »
The Central Board of Direct Taxes (CBDT) has released a document containing Frequently Asked Questions (FAQs) on Vivad Se Vishwas Bill ,2020. The FAQ is provided below :- www.incometaxindiaefiling.gov.in
Vivad Se Vishwas Scheme – FAQs Read More »
The announcement of the finance minister regarding the reduction of rate of Income-tax in respect of Domestic Companies to 22% has created lot of interest amongst all entrepreneurs to go into corporate form of business considering the tax benefits. The below table is a comparison of tax liability for various types of Organisations for different
The Central Board of Direct Taxes (CBDT) vide its Order u/s. 119 of the Income-tax Act,1961 , dated 23rd July 2019 has extended the due date for filing the Income-tax returns in respect of all taxpayers who are liable to file Income tax returns. The extended due date is 31st Aug 2019 (earlier due date
Due date for filing Returns (Non Audit) extended Read More »
The due date for payment of Advance tax for the year 2019-20 (AY 2020-21) falls on 15th June 2019. Click here to open a tool which will help you calculate your Advance tax liability. Click here for the link for Payment of Advance Tax online. Please ensure to give your correct PAN , Address ,
Advance Tax Calculator for AY 2020-21 Read More »
The following are the statutory obligations for the month of April 2018 [table id=21 /]
Statutory Obligations for the month of April 2018 Read More »
The following are the Statutory obligations for the month of January 2018. [table id=16 /]
Statutory Obligations for the month of January 2018 Read More »
As per Section 139 AA of the Income-tax Act,1961 , all the taxpayers are mandatorily required to link their PAN with their Aadhaar Numbers. The earlier due date was 31st August 2017, which was extended to 31st December 2017. In view of the representations received and also on account of the difficulties faced by the
Time limit for linking Aadhaar & PAN extended to 31st March 2018 Read More »
The Income-tax Department had recently made linking of Aadhaar & PAN madatory for assessees. A facility for the same was also introduced in the income tax efiling website www.incometaxindiaefiling.gov.in. Now the Income-tax Department vide its Notification No S O 1513(E) dtd 11th May 2017 has exempted the following assessees :- Persons residing in the States of
Exemption from Aaadhaar – PAN Linking Read More »
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