The Ministry of Finance took to Social Media and tweeted that the number of scrutinies has reduced drastically in the past assessment years. For the AY 18-19, it has reduced to 0.25%. The Minister also announced that the department aims to complete all the faceless e-assessment cases by the mid of September this year. Here is what the tweet said: "IT Department is changing -from just enforcement to facilitating better taxpayer services. No. of cases selected for scru..
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th July, 2020 TAXATION AND OTHER LAWS S.O. 2512(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government hereby makes the following amendment in the not..
The due date to file Income Tax Return(ITR) for Financial Year 18-19(Assessment Year 2019-2020) falls on the 31st of July 2020. Due to the outbreak of COVID-19 pandemic the due date to file ITR for FY 18-19 was first extended to 30th June 2020 and later extended to 31st July 2020 from 31st March 2020. It is a matter of fact that the situations have not become any better and the number of cases are shooting up at an exponential rate every day. The COVID tally touches a record high ev..
The deadline for filing Income Tax Return for corporate and other assessees who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others, it is 31st July every year as have been prescribed under the Act. However, due to the pandemic, the due date of furnishing the Income Tax Return for FY 2018-19 has been extended till 31st July, 2020 and for FY 2019-20 till 30th November, 2020..
If you've jumped on this article, it means you want to file your income tax return quickly and hassle-free without getting into too many complications. "Why are you tensed, Namrata?" "Raj, I wanted to get a personal loan. But the bank asks me to submit the income tax return documents." "So? You must have filed it last year, didn't you?" "Oh come on. I would rather give up the thought of taking a personal ..
Update: Due to the outbreak of Covid-19 The due date for filing tax returns in A.Y. 2020-21 extended to November 30, instead of July 31. This extension will give some time to businesses to get back to normalcy and will also give some more breathing time to tax officers. What are the changes in ITR notified by CBDT this year? Like every year, CBDT has notified some key changes in ITR forms for AY 2020-21. The major ..
Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year. Now, it is the turn to pick the correct ITR form and file your return. Many Individuals grapple to pick the correct ITR form. Often confuse between ITR forms and commits mistakes. There are different ITR forms for Individuals to fi..
The Central Board of Direct Taxes(CBDT) has provided one-time relaxation for verification of electronically filed Income Tax Returns for Assessment Years 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns. Here is the official notification Circular No. 13/2020 F. N. 225/59/2020/ITA-II Government of India ..
Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed. In case taxpayers choose the wrong form, they will have to go through the process of filing their ITR again. To help the taxpayers pick the correct form, a brief synopsis of the applicable tax return forms has been tabulated below: <div class="preview..
Recently, the government (CBDT) notified the Income Tax Return Forms (ITR) for the financial year 2019-20 (A/Y 2020-21). Today i.e. on the 26th of June, 2020, the department has made the Income Tax Return Preparation Software (also known as the income tax return utility) for ITR-2 available on its e-Filing portal for filing the income tax returns. (https://www.incometaxindiaefiling..
The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020. The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. The date for payment of self-assessment tax..