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The finance ministry announced a new rule in the Union Budget 2021 to deduct Tax Deducted At Source (TDS) at higher rates for non-filers. “In Budget 2021, a new Section 206AB was introduced to deduct TDS at a higher rate on cases with certain nature of income,” said by one expert. If you fall into a […]
Read moreAccording to the Finance Act, 2021, non-filers of Income Tax Returns (ITRs) would be subject to a higher Tax Deducted At Source (TDS) rate starting next month. If a taxpayer has not filed TDS in the previous two years and the amount of TDS deducted each year exceeds Rs. 50,000, the tax department will demand […]
Read moreThe income tax department has introduced a new web portal that is more interactive and user friendly in order to make the tax filing process and chores easier. The new platform, according to a circular published by the tax department, will aid in faster processing and refunds. Individual income tax returns (ITRs 1) 1 and […]
Read moreEvery year, the Income Tax Department makes changes to the tax-filing procedure and tax forms. This time they even changed the Income Tax Portal. It is critical for a taxpayer to be aware of these developments in order to complete a Income tax return process free of errors. The ITR forms for AY21-22 have been […]
Read moreThe Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns for the assessment year 2020-21 due to the COVID-19 pandemic in India. “The filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, for Assessment Year 2020-21, which […]
Read moreIncome Tax Return: The finance minister revealed in her budget speech that pre-filled income tax returns, which previously included information on wages, tax payments, and tax deducted at source (TDS), will also provide information on capital gains on listed stocks, dividend income, and interest income from banks, post offices, and other sources. Rules requiring such […]
Read moreAlthough we have a fair knowledge of TDS and TCS, let us recapitulate once about these before checking about its deposition and filing provisions relating to same. TDS stands for Tax Deduction Source whereas TCS stands for Tax collection source. TDS is aim to collect tax from the source of income for example – interest […]
Read moreAfter filing Income Tax Return, it is mandatory to verify the ITR for the assessee within 120 days of ITR filing, otherwise ITR submission will become invalid. There are various methods to e-verify ITR. Step-by-step guide for e-verification of ITR One can verify ITR without login into the e filling portal. The procedure is as […]
Read moreITR: Being professionals or non- professionals, mistakes can be made by anyone. “Sometimes we should act wise by learning from other’s mistake by not committing the same. Isn’t it Smart?” If you wanna minimize the chances of being invited by Income tax department regarding Income Tax Returns (ITRs); do checkout some of the common mistakes […]
Read moreIncome Tax Return: The due date for filing of income tax return of AY 2020-21 for individual taxpayers is 31st December 2020. One must file ITR on time with due care. However, while filing your income tax return, you should take utmost care with the banking transactions. If you make a mistake you could end […]
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