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Search results for: income tax department

Eligible for Exemption Under Section 54F Regarding Investment

Exemption Eligibility Available Under Section 54F for the House Property Investment in the USA: KAR HC

According to section 54F of the Income Tax Return (ITR) The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available, the assessee is free to do the investment in the house property in […]

IT Department Radar on Many Bank Accounts

Many Bank Accounts, You Might be Under Radar of the IT Dept

If you have accounts in many banks, You need to be careful now, because you can come under the radar of the Income tax department. It is a better option that If these accounts are not in use, then close them. As per a report, the income tax department believes that if someone has opened […]

Supreme Court

ITR of AY 1971-72 Closed After the Correct Assessment Given by SC

Is capital gain suitable for the consideration of procured land in the 1970s? Yes, it is. Endorsing the Income Tax Department’s judgment for filing the return in the assessment year 1971-72 in 2020. The supreme court for refusing the petition upon the applicability of capital gains tax in the case which had begun in 1970. […]

Utility for TDS Rates on Cash Withdrawals

Utility Developed by CBDT, Helpful in Ascertaining TDS Rates on Cash Withdrawals

On Sunday, the Income Tax Department introduced a utility for the banks and post offices which will help them in ascertain the rates of TDS (Tax Deducted at Source) on cash withdrawal of Rs. 20 lakhs or more, if the assessee has not filed the income tax return and that of Rs. 1 crore or […]

Old Pending Tax Refunds

CBDT Released Order Directed IT Officers to Clear Old-Pending Refunds

The Central Board of Direct Taxes (CBDT) on Friday released order and directed income tax officers to clear all old-pending income tax refunds Here, the taxpayers can check quick points for faster processing income tax refunds. Also, we added that how to track the status of tax refunds via the official portal. Read more filed […]

Revised 26AS Form by CBDT

CBDT: Revised 26AS Form Will Applicable From June 2020

As per the recent update from the income tax department, the department has notified about the revised form 26AS which is mainly utilized for collection of the tax collected or basically tax deducted at source under which there will be details such as property and share transactions. The revised form 26AS is now a detailed […]

Be Aware of Phishing Emails: IT Dept, GSTN, CBIC

Be Aware Against Phishing Emails Promising Refunds: IT Dept, GSTN, CBIC

In the second week of April 2020, the Income-tax department asked taxpayers to keep their e-filing account safe, and the Income-tax department along with CIBIC asked taxpayers to beware of phishing attacks in which emails will be received regarding a refund. A phishing attack is not the only thing to concern in this situation, GST […]

Update Contact Details On the Income Tax Portal

How to Update Contact Details on the I-T E-Filing Portal?

Whenever we log in to our income tax account, the first thing that flashes on the screen is the pop-up to update our contact and residential details. We often tend to hit the skip button and move on with other crucial tasks. If the details are already updated then it’s good but if not then […]

CBDT Defers GST, GAAR Reporting

CBDT: Companies Immune to GST & GAAR Audit Reports Till Mar 2021

The Income Tax Department once again postponed the requirement for the companies to give the details of GST and GAAR in their audit reports. The department has deferred the compliance until 31 March 2021 which means until the said date all the GST registered companies Get to know the complete GST registration procedure online on […]

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