The Indian Income Tax Act 1961 consists of 23 chapters and 298 sections. It requires a lot of in-depth analysis and years of study to gain expertise on the same. This post will restrict itself to the meaning and importance of ITR filing, the documents required for ITR filing, and the importance of Form 16 … Read more
The Income Tax Department has initiated the Income Tax Return (ITR) Offline utility for Assessment Year 2021-22. The department has made usable the Offline utility of ITR-1 and ITR-4 as of now. In this article, we will discuss CBDT enables ITR Offline utility. CBDT enables ITR Offline utility The Income Tax Department has inaugurated the … Read more
The prime source of the Government to generate revenue from the public is the tax. The Government spends these generated revenues on public infrastructure, hospitals, education, and many programs. So, Government has made some changes in the tax structure to give relief to lower-income groups. However, a person whose income is more than Rs 5 … Read more
Adhering to tax-related compliance introduced by the Indian government is mandatory for taxpayers in India. Such compliance also impresses adhering to the due dates of GST return filing about the complete compliance calendar listed here and specified by the Indian government. The Central Board of Direct Taxes has further extended the due date for ITR … Read more
On 1st February 2021, Annual Financial Statement (Budget) was released by Finance Minister, Nirmala Sitaraman and brought some reform in the ITR Filing. The reform focuses on the listed financial and non-financial bodies to report the transaction of the capital gain and the same should be pre-filled in the Income Tax form. The capital gain … Read more
The Income Tax department has announced forms for filing I-T returns for the 2020-21 fiscal, the Central Board of Direct Taxes explained on Thursday. In this article, we will discuss CBDT notifies Income Tax Return forms. CBDT notifies Income Tax Return forms The Income Tax department has announced the notification forms for filing I-T returns … Read more
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