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It is worthwhile mentioning that the Central Board of Direct Taxes through its press release dated November 26, 2020, has made mandatory the authentication of the Unique Document Identification Number (UDIN) Here, we explained all steps of registration and generation UDIN on ICAI portal. The ICAI has provided a Unique Document Identification Number for the […]
The due date for filing Income Tax Return (ITR) changes based on the category of taxpayer i.e. whether a taxpayer is an Individual or HUF or Firm or other entity. Although the last due date for filing the Income Tax Return Get all due dates of income tax return and payment of advance taxes for […]
The income tax returns furnished this year have raised to 5% which is nearer to 6 cr as more businesses along with the entities furnished yearly income statements. Covering of 5.95 crore income tax returns (ITRs) for the financial year closed March 31, 2020 (2019-20) was furnished through January 10, declared by the Income Tax […]
After extending the last date for return filing three times this year, finally, the I-T department has rejected requests for further extension of the due date for filing tax returns. The department also said that India has been more generous in providing extra time than other countries and this taxpayer’s obligation cannot be delayed indefinitely. […]
The comptroller and auditor general (CAG) found that the Income-tax department has examined one sample for scrutiny and found that the tax calculated is lower by Rs 44,000 crore. About 3.32 lakh cases have been audited by CAG in the FY 2017-18 and 2018-19. The report states that it shows a lack of seriousness of […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
The government officials have told that over 1,300 exporters have claimed false GST refunds Get to know about official GST refund process under GST regime as finalized by the GST Council. We have included terms and conditions of all aspects worth Rs. 1,875 Crores from different sources which are untraceable to their business. 7,516 other […]
Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars on the government portal for your reference. Introduction of Income Tax Income Tax is the tax levied by the government […]
As mandated by the constitution of India, Income tax return filing is a foremost requirement by all registered taxpayers in India. Thanks to the outbreak of technology in India, the ITR filing can now be done via both Online and Offline modes. E-filing or electronic filing is the newly inaugurated process for filing online Income […]
