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Due to the difficulties faced in the prevailing COVID-19 pandemic, The Central Board of Direct Taxes ( CBDT) has extended the deadline/last date for linking the Aadhaar number with Permanent Account Number (PAN) from 30th September to 31st March 2022. Note: PAN and Aadhar linking date extension of 6 months in 45th Council Meet The […]
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 […]
The ITR furnishing season has comes to an end most of the people are just aware of the amendment along with the correct process. Some employers have not updated the salaried employees about the tax deducted at source (TDS) which is April-June and July to December quarters for FY 2020-21 (Financial Fear 21) in Form […]
In context to the bogus ITC claiming the logistic manager company of Flipkart and online food delivery platform Swiggy Instakart were investigated by Tax council. two of these companies have accepted their guilt. “As a law-abiding company, we are in full compliance with the tax and legal mandates. The survey by the IT officials is […]
A survey is initiated at the offices of Zee Entertainment Enterprises Ltd and Larsen & Toubro (L&T) Ltd. which comes under the tax examination with respect to the 2 organizations by the Directorate General of GST Intelligence (DGGI). A fake input tax credit is found to be filed by the two firms named zee and […]
The Telangana High Court said to the Income Tax Authority to return the cash of Rs. 5 crores along with 12% interest and deliver the employee to the applicant. The applicant is the owner of the business in which he engages in buying the agricultural lands along with the agricultural products throughout the country and […]
What is a Standard Deduction? In India, the standard deduction was first used in 1974. And then ultimately abandoned. It was reinstated in the Union Budget of 2018. Both pensioners and those on salaries can presently make use of it. since it lowers their taxable income it helps individuals to reduce their tax burden and […]
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. […]
The Central Board of Direct Taxation (CBDT) released a checklist for taxpayers to avoid common mistakes in preparation and filing ITR-7 for Assessment Year 2020-21 as these common mistakes can interrupt the filing and uploading of the Income-tax return Read the easy guide on e-filing of IT return online in India. Step by step guide […]
