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There are certain types of exempt income from tax, it is important for a taxpayer to disclose such income on their income tax return (ITR). In future, it may become difficult for a taxpayer to explain the source of a particular income, if exempt income is not disclosed now in ITR. Various types of income are exempt from […]
Read moreIncome Tax Return (ITR) due date is extended to 31st December 2021. Many people without consulting tax experts invest in schemes that are popular among the individuals. Especially those who have income from salary there are very less ways to save tax for them. Lets have a look on the mistakes to avoid while investing […]
Read moreF.No. 225/188/2021/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct taxes New Delhi, Dated 24th September, 2021 Order u/s 119 (2)(a) of the Income-tax Act, 1961 Subject: Regularisation of returns of income verified through Electronic Verification Code (EVC) which are otherwise required to be verified through Digital Signature (DSC) as per Rule 12 of the […]
Read moreIncome Tax for NRI: Non-resident Indian must pay income tax on income earned in India, which means they must pay tax on income that accrues or arises in India, according to Income Tax rules. NRIs must also pay tax on income deemed to have accrued or arisen in India. In India, money received or deemed to […]
Read moreTDS (Tax Deducted at Source) should ideally be the same in Form 26AS and Form 16 or 16A. However, sometimes there might be Mismatch in Form-16 and Form 26AS due to several reasons including clerical mistake. To be able to file your income tax return, it is essential that tax credit in Form 26AS and Form 16/16A should […]
Read moreIncome Tax Refund: Income Taxpayers have been urged by the income tax department to “quickly” send online responses so that their Income Tax Refund which are pending for AY 2020-21 can be expedited. Following is the official statement by Income Tax Department in twitter- “CBDT issues refunds of over Rs. 51,531 crore to more than […]
Read moreIncome tax return (ITR) : According to sources, the Central Board of Direct Taxes (CBDT) is said to have planned to extend the deadline for filing income tax return (ITR) for the FY 2020-21 (AY 2021-22) due to technical issues with the Income Tax website. According to a report, the current deadline is September 30, 2021, however it now […]
Read moreIncome Tax Return: This is that time of the year when everyone is busy filing their ITR. As the due date is approaching, it is important to file the income tax return (ITR) before due date. Before filing the ITR for the Assessment Year 2021-22, let us understand if the retirement benefits like Provident Fund and […]
Read moreIncome Tax Return: Last week, when many taxpayers tried to file their ITR after July 31, 2021 (the original due date), they were asked to pay a late fee. However, the new Income Tax portal had been fixed now, and that taxpayers will not be charged a late fee for filing forms until September 30, […]
Read moreIncome Tax late fee: The due date of filing Income Tax Return for Non- audit assessee was 31st July 2021. However, due to pandemic, the income tax department extended the due date of filing ITR for AY 2020-21 to 30th September 2021. Therefore, income tax late filing fees and interest under section 234A up to […]
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