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Income 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 […]
Read moreEvery taxable person has to file Return of Income by the end of its due date. The Income Tax department usually notifies Income Tax Return (ITR) forms in first week of April of relevant A.Y. However, this year IT department revised form ITR-1 and ITR-2 that was notified in Jan, 2020 and notified all forms […]
Read moreCompliance means adhering to rules and regulations. “If you think compliance is expensive, try non‐ compliance.” This article contains various compliance requirements including due dates of return filing under Income Tax Act, 1961 and Goods & Services Tax Act, 2017 (GST). Compliance Requirement Under Income Tax Act, 1961 Compliance Particulars Due Dates Revised Due […]
Read moreGovernment of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi,19th April, 2020 PRESS RELEASE CBDT revising Income Tax Return forms to enable taxpayers to avail benefits of timeline extension due to Covid-19 In order to enable tax payers to avail full benefits of various timeline extensions granted by the […]
Read moreIncome Tax Return (ITR) we all must have heard about it. But the thing is do we know the consequences of not filing an ITR. Surely not. The last date for filing ITR of FY 2018-19 is 31st July 2020. This article will give you brief about consequences of non filing of Income Tax return. […]
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