ITR

Income-Tax department keeps a tab on high value cash-related transactions such as banks, mutual fund houses, brokerages and registrar of properties. Such big-ticket transactions, beyond a certain limit, are reported to IT department. …

On Saturday, government in a statement informed that in the light of the prevailing coronavirus disease (Covid-19) situation, timelines for certain compliances have been extended after receiving requests from taxpayers, tax consultants…

Taxpayers must heed the following updates as announced in this year's Union Budget As the financial year draws to a close today, so does the deadline for completing important tax related activities. There are some changes to the…

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…

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…