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The Central Board of Direct Taxes in accordance with the powers conferred in section 138(1)(a) of Income Tax Act, 1961, has ordered in F.No. 225/136/2020/ITA.II dated 31.08.2020, for developing the data for IT return filing status Get to know easy guide to check income tax return status online by two methods on the income tax […]
The Delhi High Court has limited the tax authorities The Income Tax Department has commenced taking actions against unidentified /nameless property and black money. The Department has issued notices to 2000 people from submitting show-cause notices to 13 banks for not imposing the service tax on the assurance to keep ‘minimum average balance’ (MAB) in […]
If you had not explained about the credited cash in your bank account in the previous year then you ought to return the substantial tax if the IT dept has found the same. Under the section 69A for income tax if you have no answer for the money, gold, jewellery and another valuable item in […]
The Income Tax Department (IT Department) has a simple motto “KOSH MULO DAND” which means ‘The treasure is more important than the army’ it also stands for ‘Revenue is the backbone of the country.’ It suits the aim of the department and indeed right. Revenue is almost a base required for governing a country and […]
The refunds worth more than ₹ 80,000 crores have to be allotted to the 24.56 lakh taxpayers within the current financial year said the Income-tax department. “CBDT has, so far, issued refunds of over ₹ 88,652 crores to more than 24.64 lakh taxpayers from 1st April 2020 onwards. Income tax refunds ₹ 28,180 crore have […]
Yeah, employees are in the loss due to the pandemic, job loss, salary cut, work/ leave without pay are some of the very well known issues employees are facing at present time but more tax payment is another pain COVID 19 is going to add in this list. If you are working from home during […]
The guidelines have been issued by the income tax department for limiting the roles of the officers for doing the faceless assessment by creating the National e-assessment centre(NeAC) the primary gateway in communicating with taxpayers. In Delhi, the Central Board of Direct Taxes has implemented the faceless assessment policy by notifying the National e-assessment Center […]
As per a recent update, officials made it clear that taxpayers will not have to mention or provide details of High-value transactions in their Income Tax Return (ITR). One of the officials associated with the case makes this decision/ change public. He also informed us that the government is not in a mood to do […]
The Central Board of Direct Taxes (CBDT) said that all Income tax cases will be examined up for scrutiny except those which are related to search and seizure along with international charges and can be assessed by Faceless Assessment Know about the government’s newly introduced faceless income tax assessment for providing relief to the taxpayers. […]
