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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 moreIn 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 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: 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 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 moreIncome Tax Return Form : ITR-2 is used by the Individual or a HUF for filing the statement of Income earned in a Financial Year under the Income Tax Act,1961. The due date for filing ITR-2 of AY 2020-21 is 30th November 2020. Who are eligible to file ITR-2 for AY 2020-21? Form ITR-2 is […]
Read moreThe Income Tax due dates has been extended due to COVID-19 to provide relief to tax payers by Central Board of Direct Taxes (CBDT). Income Tax Calendar Compliance Particulars Due Dates Revised Due Dates Filing of original return for the Assessment Year 2019-20 u/s 139 (1) 30-06-2020 31-07-2020 Filing of belated return for the […]
Read moreITR-1: Income Tax Return Form 1 is notified for Assessment Year 2020-21 relating to Financial Year 2019-20. Due Date for Filing ITR-1 Sahaj Form for AY 2020-21 is on or before 30th November 2020. Who can File ITR-1? ITR-1 is used by the Individual who is Resident and Ordinary Resident and whose Total Income has not […]
Read moreITR-4: Income Tax Return Form 4 is notified for Assessment Year 2020-21 relating to Financial Year 2019-20. Due Date for Filing ITR 4 Sugam Form for AY 2020-21 is on or before 30th November 2020. Who can file ITR 4? All resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 […]
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