The Central Board of Direct Taxes (CBDT) postponed the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. The CBDT has lengthened the due date for filing Form 3CD. In this article, we will discuss on CBDT Defers GST & GAAR reporting till 31.03.2022. CBDT Defers GST & GAAR reporting till … Read more
The date of the fourth to-be-paid instalment for Advance Tax collection has ended on March 15. And, the collection for Corporate Tax and Income Tax has turned positive. Besides, a shortfall of 4% has been observed in the net direct collection against 9% as in January to 13% in the 3rd instalment to be paid … Read more
The Union Finance Minister Nirmala Sitharaman, while proposing Union Budget 2021 had announced a new simplified income tax regime to make some relaxation to the salaried class. The income tax changes, that have an effect on the salaried class will come into effect from April 1, 2021. In this article, we will discuss on Rules … Read more
From Financial Year 2020-21, taxpayers will have the option of choosing between two income tax regimes. These options are the current/old tax regime and the latest, concessional tax regime. In this article, we will read about what are Income Tax Rates and Other important Information about Tax Regime. Income Tax rates and slabs under the … Read more
In a relief to taxpayers, the central government has again extended compliance deadlines for the Vivad se Vishwas direct tax dispute resolution scheme. In this article, we will discuss the due date for Extend Vivad Se Vishwas Scheme. Extend Vivad Se Vishwas Scheme The Central government has again extended the deadline for settling tax disputes … Read more
In the Union Budget 2021, the finance minister has declared that senior citizens above the age of 75 years, who simply have pension and interest as a cause of income has exempted from filing the income tax returns. In this article, we will discuss No ITR filing for senior citizens aged 75 years and above. … Read more
The Central Board of Direct Taxes has further extended the due date for filing a statement under Vivad Se Vishwas Scheme till February 28, 2021. In this article, we will discuss on Vivad Se Viswas Scheme the Last Date of Filing Extended. Vivad Se Viswas Scheme Last Date of Filing Extended The Central government has … Read more
The CBDT has announced in a statement that the Income Tax Department has exposed undisclosed revenue of over Rs 450 crore after it raided some Kolkata-based entities involved in several businesses. In this article, we will discuss on ₹ 450 Crore concealment detected in IT searches in Kolkata. ₹ 450 Crore concealment detected The Income … 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
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