In a relief to taxpayers, the government on Wednesday extended compliance deadlines for income tax, goods and services Tax Vivad se Vishwas direct tax dispute resolution scheme and GST annual Return in view of the challenges arising due to the COVID-19 pandemic. In this article, we will discuss the due date extended For ITR, Vivad … Read more
The deadline to file ITR Filing for FY 2019-20 has been extended to December 31, 2020 Though, while filing your tax return, you should do it with most care. If you make a mistake you could end up with a tax notice from the office asking you to explain the discrepancy and pay tax, if … Read more
In order with the announcement by the Government, while presenting the Union Budget 2020, to reduce tax disputes the Direct Tax Vivad Se Vishwas Act, 2020. In this article, we will discuss the Income Tax Dispute Settlement Scheme 2020. About Vivad se Vishwas Act, 2020 Vivad se Vishwas Act has been passed on 17 March … Read more
The income tax law of India grants several benefits to senior citizens and very senior citizens. Note that only resident senior citizens can avail these tax benefits through ITR Filing. As per the Income Tax Rules, a person within 60 years and 80 years of age are considered as a ‘senior citizen’ and a person … Read more
The Income Tax Department has issued the new notifications for Income Tax refund for AY 2020-21 Let’s summaries the Notifications issued:- The Income Tax department has issued the notification for the taxpayers who have filed their income tax return (ITR) for the Assessment Year (AY) 2020-21 and haven’t taken the refund so far, A technical … Read more
India is a country of close-knitted families and having a lot of reasons to celebrate Diwali owing to its diversified culture, customs and religion. Various occasions like Diwali where gifts are exchanged or gifting each other is a representation of love and affection and can also are a symbol of social status. However, several times … Read more
The Central Government has issued the notifications for extension of the ITR filing date. In this article, we will discuss CBDT extends due date for filing Tax Audit Report for FY 2019-20. Let’s summaries the Notifications issued:- The Central Government has issued for the income tax return (ITR) filing deadline for FY 2019-20, which has … Read more
The Central Government has issued the notifications for an extends due date for ITR Audit Report. Let’s summaries the Notifications issued:- The Central Government has published for the income tax return (ITR) filing deadline for FY 2019-20, which has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline is November … Read more
The Central Board of Direct Taxes (CBDT) has issued the notification on tolerance range for wholesale trading for the assessment year 2020-21. Let’s summarise the notification in detail – Tolerance range for wholesale trading for AY 2020-21 The Central Board of Direct Taxes (CBDT) has declared that the tolerance range of 1 per cent for … Read more
A new Tax Reforms has been introduced called Faceless Assessment, Transparent Taxation launched by CBDT (Central Board of Direct Taxation). It is beneficial for the entrepreneur and ease the compliance burden of taxpayers and reward honest taxpayers by Faceless, seamless, and painless. Also, it provides a transparent system by digital transactions and electronic modes of … Read more