There are lots of confusion about new tax regime. People are not able to decide which one to opt for. Which income tax regime is better old or new? What is difference between old and new regime? How can I save tax on my new tax regime? Old Income Tax Regime Vs New: What Should […]
Read moreTaxable components of Salary: Salary is not an one amount. It is the bundle of components like basic pay, gratuity, bonus, perquisites, pension, Advance of Salary, Leave Encashment, Provident Fund, House Rent allowance, city allowance, transport allowances, internet reimbursements etc. Different company has different salary structure. However, there is one drawback to the all the […]
Read moreThe Indian income tax department has issued new ITR forms for the financial year 2022-23, which ask taxpayers for information on income from overseas retirement benefit accounts too. In a recent circular, the Central Board of Direct Taxes (CBDT) announced the new ITR forms from 1 to 6. The CBDT has left the ITR forms […]
Read moreTax saving investment: When it comes to subscribing to a tax-saving investment plan or insurance policy, most taxpayers plan ahead of time. However, due to a busy work schedule or other factors, they may be unable to purchase a tax-saving instrument in time, resulting in a higher taxable income. Because the fiscal year ends on […]
Read moreMore than 6.63 crore Income Tax Returns (ITR) were filed for AY 2021-22 on the new e-filing portal of the Income Tax Department as on 15th March, 2022, which was the due date for filing of ITRs by Companies and other taxpayers who were required to file Tax Audit Report. As on 15th March, 2022 more […]
Read moreMore than 6.2 crore Income Tax Returns (ITR) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022. Out of 6.2 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 […]
Read moreAround 6.17 crore Income Tax Returns (ITRs) and about 19 lakh major Tax Audit Reports(TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 6th February, 2022. Out of 6.17 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 lakh), 13% […]
Read moreThe Gujarat high court has ordered the Central Board of Direct Taxes (CBDT) to resolve technical issues that taxpayers have been experiencing while filing their Tax Audit Report (TAR) and income tax returns (ITR), threatening to extend the deadline to March 15 if the job is not completed on time. According to the news reports, […]
Read moreThe last date of Income Tax Return for individual non-audit assessee has ended on 31st December 2021. ITR filing by taxpayers not covered under audit was extended from 30th Sep 21 to 31st Dec 21, it has not further extended by CBDT Circular No.01/2022. Summary of all extension are as follows- The Press release for the date extension […]
Read moreF. No. 225/140/2021/1TA-1IGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, dated 28th December,2021 Subject: one time relaxation for verification of all Income Tax Returns (“ITRs”) e-filed for the AY 2020-21 which are pending for verification and processing of such returns. In respect of an Income-tax Return (ITR) which is filed electronically without […]
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