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Income Tax

Request to adopt a humane approach in handling the extension of due dates in the times of the pandemic by The Chamber of Tax Consultants

3rd January, 2021 To, 1. Smt. Nirmala Sitharaman, Hon'ble Finance Minister, Government of India,North Block, Delhi - 110 001 2. Shri Ajay Bhushan Prasad Pandey Hon'ble Revenue Secretary, Central Board of Direct Taxes, North Block, Delhi - 110 001 3. Shri Pramod Chandra Mody Chairman, Central Board of Direct Taxes, North Block, Delhi - 110 001 Respected Madam / Sirs, Sub: Extension of various due dates for compliances under the Income-tax Act, 1961 (‘The..

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Income Tax Guide: IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person, it is a direct tax. The person who pays Income Tax to the Government cannot recover it from somebody else i.e. the burden of income tax cannot be shifted. Section 4 of the Income Tax Act, 1961 defines Income Tax as a tax levied on the total income of the previous year of every person. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company, et..

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TRACES Login | How to log in to TRACES portal and download Form 16B?

How to download Form 16B from TRACES portal? What is Form 16B? In simple words, Form 16B is a certificate for tax deducted at source under section 3 of the Income Tax Act on the sale of Immovable Properties. TDS is deducted on the sale of immovable property under TDS Section 194IA @ 1% if the sale consideration of the property is more than or equal to Rs 50,00,000. TDS is to be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment the b..

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How to file an ITR on the New Income Tax Portal (Income Tax e-Filing)?

Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020.   A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..

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Step by step procedure of filing TDS Return | TRACES portal

Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been found tedious by many. Therefore to make it quite easy, I am describing step by step procedure of filing TDS Return using the utility available on NSDL. The procedure is as follows: 1- The very first step is Registration on Traces and E-filing. First of all, you need to register your TAN number on Traces. But you cannot register on ..

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IT Department sends Rs 8 crore recovery notice to a labourer in Bulandshahr

In a shocking incident, the Income Tax department sent a notice to a labour for recovery of Rs 8 crores. The person, who is a labour by profession, is a native of Bulandshahr in Uttar Pradesh. The labourer suspected that his documents were misused in Delhi where he went a few days ago regarding a job and had submitted his papers at a company. Reports stated that a company sent goods to South Africa by submitting the documents of the labourer. When the labourer received the notice, he infor..

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IT portal records highest number of ITR filing of 72,42,156 in a day as on 31st July 2022

72,42,156 is the highest number of ITR filing in a day on 31st July 2022 42.92% of total returns were processed within a span of 24 hours of furnishing of ITR 19 banks onboarded on online tax payment system TIN 2.0 The Government has taken a number of measures in recent years to maintain continuity and stability of taxation, further simplify and rationalise various provisions to reduce the compliance burden, promote the entrepreneurial spirit and provide tax relief to citizens. This was..

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Tally ERP Accounting Software or QuickBooks: What to Choose?

Tally ERP is a well-known accounting application that is used all over the world and is ultimately used as enterprise software by firms of all sizes. However, it is utilized as a perfect business management solution. QuickBooks will continue to operate in India till 30th April 2023. The QuickBooks accounting software was created by Intuit Corporation and is similarly intended for managing business accounts. It is suitable for small and medium-sized businesses. Tally accounting software and Qu..

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Why do you get Income Tax Notice: Reasons and Remedies

Income Tax Notices can leave taxpayers in a state of panic. While receiving such a notice, it is essential to remember that it is not always a bad thing. Notices are typically issued by the Income Tax Department (ITD) for several reasons, and some can be resolved relatively easily. In this article, we will discuss the common reasons why you may receive an Income Tax notice in India and the remedies to avoid or address them. 1. Non-filing or Late Filing of ITR One of the most common reasons..

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Brief On: AIS App for Taxpayers

The IT Department has recently launched an AIS Application (to view Annual Information Statements)for taxpayers aiming to provide each transaction information taxpayers and accept their feedback. The application aims to provide detailed information about each transaction to taxpayers. The objectives of AIS are Displaying complete information to taxpayers with a feedback facility. Promoting voluntary compliance and enabling seamless prefilling of returns. Deter Non-Complian..

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Top 10 reasons why you should link your PAN card with Aadhaar

1. Compliance with the law The government of India has made it mandatory to link your PAN card with Aadhaar card as per Section 139AA of the Income Tax Act, 1961. 2. Avoiding Penalties If you don't link your PAN card with Aadhaar card, you may face a penalty of up to Rs. 1,000. Moreover, non-linking of PAN with Aadhaar may lead to the deactivation of your PAN card.   3. Simplified Tax Filing Linking your PAN card with Aadhaar card can simplify the tax filing process as..

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GST dept to scrutinise IT, MCA data to identify entities not paying taxes

The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base. Currently, there are 1.38 crore registered businesses and professionals under the Goods and Services Tax (GST), which was launched on July 1, 2017. Businesses in manufacturing and services sectors with annual turnover of more than Rs 40 lakh and Rs 20 lakh, respectively are requi..

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How to prepare yourself for changes in tax laws and serve your clients better as a CA

As a chartered accountant, staying up-to-date with changes in tax laws is crucial to providing the best possible service to your clients. With the ever-changing landscape of tax laws, it can be a daunting task to keep up, but here are some strategies that can help you prepare yourself and serve your clients better. Stay Informed The first and foremost step to prepare yourself for changes in tax laws is to stay informed. Keep yourself updated with the latest tax laws, rules and regulations,..

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Section 80GGB & 80GGC: Deduction in respect of contribution to political parties

Section 80GGB: Deduction in respect of Contributions given by Indian Companies Quantum of deduction: Entire amount of contribution to any political party or electoral trust is eligible for deduction under this section. Notes: Contribution by way of cash is not eligible for deduction under this section. Indian company has been defined u/s 2(26) of the Income Tax Act, 1961. Shortly it means a company incorporated under the Companies Act, 2013 or under any previous company law. Cont..

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Link PAN with Aadhaar by 31st March: SEBI direction to Investors

SEBI has directed all investors to link PAN with Aadhaar numbers by 31st March 2023 for seamless transactions in the securities market. SEBI has stated that the deadline for linking PAN with Aadhar Card deadline of 31st March 2023 was given by the Central Board of Direct Taxes (CBDT) vide its circular No. 7 of 2022 dated March 30, 2022 last year. As this deadline is approaching SEBI has directed investors to ensure that their Aadhar card is linked with PAN. SEBI has also highlighted about con..

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Higher TCS on Foreign Remittances: What Parents Need to Know While Sending Money for Education Expenses

The Union Budget 2023 proposed to increase the tax collection at source (TCS) for foreign remittances under the liberalised remittance scheme (LRS) from 5% to 20%. This means that parents may have to pay more money for their children studying abroad. The increased TCS will apply to foreign trips, investing overseas, sending money abroad, and other remittances except for education and medical purposes. However, expenses that parents incur for maintaining their children who live overseas may no..

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Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for FY 2023-24 and AY 2024-25

Salary arrears are understood as unpaid wages of the previous period accrued in the current year. There may be a subsequent revision of the employee’s wages or a disputed wage which is then issued by the employer. What are wage arrears? Arrears of payment means all receivables paid in the previous period which are paid back in another assessment year. In addition, the salary may have been adjusted, but the increase may be paid later or the increase may be revised later. Therefore, in..

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Be Prepared: Income tax rule changes you should know for New Financial Year

1. The new tax regime is now the standard system The Finance Act, 2020 has introduced a new tax regime which is now the default regime for Individuals, HUF, AOP (other than co-operatives), BOI & AJP. Under this new regime, TDS (tax deducted at source) will be deducted from employees' salaries unless they inform their employers that they want to opt for the Old income tax regime. Employees can change their option while filing their Income Tax Return (ITR). 2. New Tax Regime to Resul..

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Income Tax Department launches AIS App for Taxpayers

The Income Tax Department has launched a Mobile app for Taxpayers to view Annual Information Statements (AIS). AIS App is a free mobile application, provided by the Income Tax Department, Government of India. The app is meant to provide a comprehensive view of the Annual Information Statement (AIS), which is a collection of various information pertaining to a taxpayer. Taxpayers can provide feedback on the information displayed in AIS.   The taxpayers need to verify their..

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Foreign Tour Packages Will Cost More Starting 1st July 2023: Tips to Book Smarter and Save

Starting from July 1, 2023, booking foreign tour packages is going to become more expensive for Indians. The government has increased the tax collection at source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5% to 20% (except for education and medical purposes). This means that if you purchase an overseas tour package from a travel agent, you will have to pay a TCS of 20%. Similarly, if you purchase foreign currency individually from an authorized dealer ..

Posted in articles |   4 comments |   3978 Views

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