Income Tax returns

Individual taxpayers can expect a tax savings between Rs 50,000 to Rs 80,000, in the upcoming Budget. Last week, we informed you of there being an expectation of increase in the current Income Tax exemption limit under Section 80C of…

Income Tax Return Deadline Extended; Rs 10,000 Fine For Not Filing ITR The deadline for filing the income tax return has been extended yet again, this time by 10 days to January 10, 2021. Also, the deadline for filing tax returns by…

IT Returns Extended Till December 31, But Rs 10,000 Penalty If This Happens On Saturday, the Central Board of Direct Taxes (CBDT) has postponed the ITR filing deadline for FY 2019-20 (AY 2020-21) for the second time this year. Now…

Banks Will Deduct Tax From Your Cash Withdrawal By Checking Income Tax Returns Sounds Scary! Isn't it? Now there is no running away for tax collectors anymore as they have imposed these rules. How Does It Work? So, consider the…

Income Tax Officers Ordered To Work From Home & Catch Tax Evaders; But Is This Ethically Correct? The Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending…

Income Tax Dept Launches e-Calculator For Finding Out Tax You Need To Pay: Compare Old & New Tax Rates As per the reports, the Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if…

Income Tax Dept Releases List Of Official Email IDs, SMS IDs To Stop Frauds, Scams (Complete List Here) As per the reports, the income tax department has released a list of all email ids, SMS sender ids and even websites used by the…

97,000 Indians Earn More Than Rs 1 Crore Did you know that more than 97000 people in our country have a taxable income of more than Rs. 1 crore in 2017-18? And that this number was very less 81,344 in the AY 2017-18? Yes, this is…

How to file ITR returns for salaries employees? The last date for filing Income Tax Returns has been pushed ahead by the Finance Ministry to 31 August 2019, which was previously 31 July 2019. Filing your IT returns has always…

Fake rent receipts will not work now Its funny how Indians are mastered in finding out a loophole in every record. It turns out that many tax payers submit fake rent receipts, inspite of owning a house in the same city. This is done in…