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Looking to grow the routes for the market but plunge by maintaining the balance sheet? Or a freelancer who has no time to maintain the balance sheet? If the answer is yes, then the burden for conserving the tax can be released, and one does not have to worry during the tax filing season. What […]
Latest Amendments Under Section 44AB Section 44AB of the Income Tax Act, 1961 was inserted which come into force from the date 1.4.1985 (AY 1985-86) and additional revisions were incurred over time. Currently, the section exists 44AB under the AY 2022-23. Latest Update An Audit of the Individual’s Accounts Relating Businesses or Professions According to […]
Any individual or a Hindu divided family other than the person referred to the second provision to section 194-I, who is responsible for furnishing to the resident any income through the rent of more than Rs 50000 for a month or a section of the month in the preceding year, then the amount cut is […]
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) ruled that the taxpayer, the legal owner, is not liable for TDS under Section 194C, where a declaration under Section 194C(6) accompanying a PAN is received via the payees who have the vehicle, but they are not registered owners. The bench of S. Seethalakshmi (Judicial Member) […]
As per a tweet from IT department’s official twitter handler “File Karo Jhat Se, Processing Hogi Pat Se”, the department is ready to introduce a new technologically upgraded platform CPC 2.0 for faster processing of ITRs. And the filing of Income Tax Return for financial year 2019-20 (AY 2020-21) will be processed on CPC 2.0. […]
Income Tax Return Forms – ITR 1 (Sahaj) and ITR 4 (Sugam) for the Assessment Year 2020 – 21 have been notified by the Central Board of Direct Taxes ( CBDT ) in the first week of January 2020. The ITR 1 Sahaj is an ITR form Get to know easy guide to file ITR […]
The ITR-6 Form for Income Tax Return filing with the IT department of India is meant for only those companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes). Note: The ITR-6 offline utility, Mac (V1.1.7) and the JSON schema (V1.2) have been released on the official portal. […]
The Government of India has made several changes to the ITR forms that individuals must use when filing their income tax returns. The new forms (ITR-1, 2, 3, 4, 5, 6, and 7) have been currently used for the Assessment Year 2025-26. The IT department has enabled the common offline utility for Windows platforms for […]
What is the ITR 4 Sugam Form? ITR stands for Income Tax Return and ITR 4 Sugam Form is for the taxpayers who are filing return under the presumptive income scheme in Section 44AD, Section 44ADA and Section 44AE of the Income Tax (IT) Act. If the turnover of the aforementioned business becomes more than […]
