As the due date for filing of return is just around the corner and most of you would be in a hurry to file their return of income, here are a few things related to your return of income that nobody advises you about. Take a pause and have a look at it before you file your return of income.
Few of the problems listed out are as below which calls for immediate resolution or for extension of the return filing dates.
22 December 2021
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The Central Board of Direct Taxes (CBDT) has rolled out the e-Verification Scheme, 2021 for the Collection of Information of Assessee by the Assessing Officer (AO).
The main objective of the 'Annual Information Statement' is to provide comprehensive tax information to the taxpayer and also to promote voluntary compliance as well as seamless prefiling of the income tax return (ITR).
ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made up via ESOPs.
Income tax department collects information about income received and material transactions carried out by an individual during the financial year through various sources and compiles the information collected in a summary form and presents it in a form of a statement called Annual Information System.
On appeal the Tribunal held that the property of the 'HUF' neither can be said to belong to a third person nor can be said to be in 'corporate entity', rather, the same is the property of the members of the family.
The Tribunal further held that primary onus to prove the correctness of the valuation report is on the assessee as he has special knowledge and he is privy to the facts of the company and only he has opted for this method
This artice covers the meaning of Actual Payment under Section 43B of Income-tax act 1961
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