ITR

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…

TDS of 1% will be levied on all payments made to e-commerce participant/sellers/retailers by e-comm operators (Amazon, Flipkart, etc), under the Section 194-0 from October 1, 2020. With the number of vendors enrolling themselves with…

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…

Not Filing Income Tax Returns? You Will Be Jailed The deadline to issue Form 16 to file an Income Tax Return (ITR) has been extended to 31 July, while the initial deadline was 10 July. Unfortunately, if you plan on filing the ITR by the…

Last week, Lok Sabha finally passed the Finance Bill 2017, which incorporates provisions declared under the Union Budget. One of the most important changes mentioned under this new Bill is making Aadhaar as a mandatory requirement for…

Various reforms introduced by the Indian Govt. for increasing income tax filing is slowly, but gradually showing results as more and more Indians are now actually paying Income Tax. During 2012-13, only 1% of Indians paid any form of…

After a lot of criticism in the past two months for the complicated Income Tax mechanism, the Government has rolled out new Income Tax Return forms and Tax filing procedures, this week. The Income Tax Department (ITD) has introduced…

Its not just ecommerce companies which are keenly exploring the mobile landscape in India; Income tax department too is interested to tap this potential. In a historical move, Income Tax Department of India has announced that a…

Coming in as a good news for the large number of tax paying populous in the country, the Income Tax Department will now be sending across refunds in just about 7-10 days. This move follows what we have lately seen, as to how the use of…

The NRIs (Non Resident Indians) are having lots of taxation issues especially when it comes to sale or purchase of property, securities, investments settlement, filling of returns, other various compliances etc. So, we will be…