Tag: Income tax
Income tax liability on foreign income | Income from abroad
Foreign Income: Tax ability of income is one of the major concerns in our country, be it direct tax or indirect it’s confusing. An icing on the top of the cake is foreign income or income from Abroad. There is always a question, whether this foreign income taxable, if yes then how? Let us understand […]
Read moreCBDT directs IT officers may impose penalty for false entry in books of accounts
Central Board of Direct Taxes (CBDT) issued directions to all the director general of Income Tax (inv.), Chief Commissioners (central) and director general of Income tax (I & CI) to impose penalty under section 271AAD of Income Tax Act, 1961 for false entry, false invoice etc. in books of accounts. Section 271 AAD under Income […]
Read moreCBDT rejects all representations for extension of due date of Tax Audit report
F.NO. 370153/ 39J2020-TPLGOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (TAX POLICY AND LEGISLATION DIVISION) New Delhi, 11th January, 2021. ORDER UNDER SECTION 119 OF INCOME TAX ACT, 1961 The Hon’b1e Gujarat High Court vide judgement dated 8th January, 2021 in the case of The All India Gujarat Federation […]
Read moreIncome Tax Return: E- verify ITR through 6 ways
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 moreIncome Tax : Gujarat High Court directs CBDT to extend Due dates by 12th jan
All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court): Petition was filed in Gujarat High Court for extension of Income Tax return and Audit of FY 2019-20. The Gujarat High Court directed the respondent, CBDT to take appropriate decision regarding extension of Due date for Tax Audit Reports (TAR) and Income […]
Read moreGST, Income Tax and Custom turnover showing different impossible now : Finance Secy
With GST collections picking up, data analysis across direct and indirect taxes to identify evaders is helping to improve efficiency for revenue collections. The tax department has identified 20,000-30,000 cases for turnover mismatch out of a total GST tax base of 1.2 crore and 7,000 companies have been acted upon over the last 1.5 months, […]
Read moreRevised Income Tax Return under Section 139(5) – Time Limit, Procedure, Provisions
Revised Return: At the time of filing our income tax return (ITR), we make sure not to make mistakes. However, sometimes we make a mistake while filing our ITR. These can include mentioning the wrong bank account number, forgetting to declare income, or claiming the wrong deduction etc. If you have made a mistake, the […]
Read moreICAI: IT Forms without UDIN will be treated as Null and Void by CBDT
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website mandatory for every kind of certificate/ tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as […]
Read moreDue date of ITR, Tax Audit and other Income Tax Compliances extended
In view of coronavirus pandemic, the Finance Ministry on Wednesday announced extension of various tax compliance deadines. Due date for furnishing of Income Tax Returns for the assessment year 2020-21 for taxpayers (including their partners) who are required to get their accounts audited has been extended to 15 February, 2021. Last date for declaration under […]
Read moreLast date for filing Audited Accounts extended by Maharashtra Charity Commissioner
Maharashtra Charity Commissioner has issued circular No 584 dated 29/12/2020 for Extension of Due Date of online Filing of Audited Trust Accounts to Charity Commissioner in State of Maharashtra for the financial year 2019-20 till January 31, 2021. Earlier extended due date was 31st December 2020 vide circular no 583. Several thousand trusts and societies have been […]
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