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After 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 […]
Read moreIncome tax return: Proper filing of Income Tax Return require proper maintenance of records. Making of balance sheet and profit loss is utmost important. Filing of ITR 3 and ITR 4 requires the details of Profit and loss A/C and Balance in the Format provided in the Income Tax Utility Forms. Every business is supposed […]
Read moreIn view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by […]
Read moreAn Individual is required to file the income tax return before 31st July of the following financial year. This AY 2020-21, due to COVID-19, the last date has been extended to 30th November 2020. To make the process of filing ITR easy, the individual should keep all the necessary document. These documents may varies on […]
Read moreIncome Tax Return: Some common mistakes being made by taxpayers are as follows: 1. Filing return using wrong form The taxpayer should assess the income from all sources and should file the return accordingly because filling wrong ITR would result into defective return which shall require taxpayer to further file revised return of income by […]
Read moreF. No. 225/1 50/2020-ITA-UGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North Block, ITA-II DivisionNew Delhi, the 30 September,2020 Order under Section 119(2)(a) of the Income-tax Act,1961 The date for furnishing of Income-tax returns under section 139 of the Income-tax Act, 1961 (‘Act’) for the Assessment Year 2019-20 was 31st March, 2020. […]
Read moreF.No.225/126/2020/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes (CBDT, ITA-II division) North Block, New Delhi, the 17th September, 2020 ToAll Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-TaxAll Pr. Director-Generals of Income tax/ Director-Generals of Income-tax. Madam/ Sir, Subject: Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2020-21-conduct of […]
Read moreThe Ministry of Finance announced the extension of the last date of filling Income Tax Return(ITR) for FY 2019-20 from 31st July 2020 to 30th November 2020 and again extended to 31st December 2020 for individuals. If you do not file your income tax return within due date i.e. before 30th November 2020, you will […]
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