ITR filing

Income Tax refund for AY 2020-21

Income Tax refund for AY 2020-21

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

Tax on Diwali Gifts

Tax on Diwali Gifts

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

Income Tax Return Filing (ITR) date extended

ITR Filing

  To offer some relief to taxpayers in the pandemic, the Central Board of Direct Taxes newly extend Income Tax Return Filing (ITR) date extended for Financial Year 19. On Wednesday, the government increased the period for ITR Filing for FY2018-19 by a month till July 31, 2020. The scheduled date for the income tax return … Read more

Clarification issued on the Investment and Turnover for MSMEs Classification

msmes investment

The government had recently introduced a new definition for Micro, Small, and Medium Enterprises (MSMEs). This was based on investment as well as turnover. Government Introduces a New Definition of MSMEs   However, notification left MSMEs in dilemma on how to compute the investment and turnover figure. This is necessary to find out the correct … Read more

5 Key Tax reliefs while COVID-19 Lockdown

5 tax reliefs

The government has given certain tax reliefs to the taxpayers during COVID-19 Lockdown. The COVID-19 pandemic has an adverse impact all over the globe and sent economies spinning. Indian government is doing its best to revive the economies and has provided some relaxations as regards ITR filing and GST return filing. Here are those key … Read more