Post by: Renu Suresh in Income Tax
What are the common mistakes while Filing ITR? The deadline for submitting Income Tax Returns for the fiscal year 2023-24 (Assessment Year 2024-25) is quickly approaching, with the due date set for July 31, 2023. Last-minute rush in filing can…
Post by: Renu Suresh in Income Tax Notice
What is Income Tax Notice? Receiving an income tax notice can be daunting, especially if you believe you've paid all your taxes and filed your returns correctly. Understanding these notices can make them seem less intimidating. Income tax notices are…
Post by: Renu Suresh in Income Tax
One-Time Relaxation For Verification of Income Tax Returns The Central Board of Direct Taxes (CBDT) via a circular No.21/2021 dated December 28, 2021, has announced that all the income tax returns that were filed last year and are pending for…
Post by: Arnold Thomas in Government Initiatives Income Tax
Due Date Extension for Compounding of Offences - Income Tax The income tax department has relaxed the timeline for applying for compounding of offences made by taxpayers including offences such as failure to furnish income-tax returns, under-reporting of income, and failure to…
Post by: Sreeram Viswanath in GST
Scheme for Revocation of Cancellation of GST Registration The Central Board of Indirect Taxes and Customs (CBDT), vide the Central Goods and Services Tax (Fifth Removal of Difficulties) Order 2019, has extended the time limit for filing the application for…
Post by: Bennisha in Income Tax
Section 55A of Income Tax Act The income-tax laws may in certain cases require the tax authorities to ascertain the value of any capital asset while completing the assessment of a taxpayer or for other purposes. In such cases, the…
Post by: Sreeram Viswanath in GST
Section 43A of CGST Act Section 43A of CGST Act has been recently introduced into the GST framework to simplify the procedures concerning return filing and availing Input Tax Credit (ITC). Though notified to be effective from 1st February 2019,…
Post by: Bennisha in Income Tax
Income Tax Welfare Fund Rules, 2007 The Income Tax Welfare Fund Rules 2007, has been formulated to govern the administration of the income tax welfare fund, which has been established to cater to the officers and the staffs of the…
Post by: IndiaFilings in Income Tax Personal Finance
Matching Form 26AS & Form 16 According to the Income Tax Act, 31st July is the last day for filing an income tax return for the specified categories of person. Section 234F of the Act mentions that in case of…
Post by: Sreeram Viswanath in Income Tax Personal Finance
Generating EVC Through ATM Taxpayers who have a taxable income which exceeds the basic exemption limit are required to file an income tax return every financial year. The return should be filed before the due date specified in the Income…