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An 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 moreBefore starting the Income tax benefits of Provident Fund or PF, Lets understand about what is Provident fund and its types. A provident fund is a type of retirement savings scheme. Generally, employees give a portion of their salaries to the PF and employers must contribute on behalf of their employees. There are mainly four types of PF and […]
Read moreUnder income Tax Act 1961, HUF is a person like Individual, Company, Firm etc. It is the short form of Hindu Undivided Family. It means a family consisting of all the members of a family including their wives and unmarried daughters. HUF is a separate entity for the purpose of assessment under the Act. One […]
Read moreForm 16 is a certificate issued by an employer for tax deduction at source (TDS) from the salary of the employee. It contains the information you need to prepare and file your income tax return. Form 16 has two parts: – PART A and PART B. PART B is an annexure to PART A. PART A […]
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 moreThe Income Tax due date has been extended due to COVID-19 to provide relief to tax payers by Central Board of Direct Taxes (CBDT). Income Tax Due date Calendar for October 2020 is as follows- Compliance Particulars Due Dates Filing of ITR for AY 2019-20 30.11.2020 Tax Audit Report or AY 2020-21 31.10.2020 date for furnishing […]
Read moreIncome Tax on Mutual Fund: Some mutual funds gives us deduction under section 80C of Income Tax Act, 1961. These are called tax saving mutual funds or ELSS (Equity Linked Saving Scheme). Investing in these funds can reduce our total income, however the maximum limit is Rs 1,50,000 and a lock in period of 3 […]
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 moreForm No. 3CA, Form No. 3CB and Form No. 3CD are the Income tax forms required to be submitted in case of Income Tax Audit. Due date of filling of return along with getting your books of accounts audited is 30th September of the relevant assessment year. However, due to COVID-19, Income Tax audit date […]
Read moreThe Income Tax Department today (25.09.2020) launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search matters, International tax and Black Money Act. Necessary Gazette notification has […]
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