In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. The Government issued a Notificat..
Instructions to the Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21 Instructions to ITR-1 SAHAJ for AY 2020-21 Instructions to ITR-2 for AY 2020-21 <a href="https://www.incometaxindia.gov.in/Suppor..
In lieu of the COVID-19 pandemic, several organizations have come together to collectively request the Finance Minister Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21. Such an extension is requested under Section 44AB and Section 92E of the Income Tax Act, 1961 for Tax Audit Report and Income Tax Return filing. There has been a lot of conjecture on whether the <a href="/articl..
The COVID-19 pandemic had an extremely adverse effect on the professional work capacity of Chartered Accountants, Tax Advocates, Tax Practitioners, and Article Assistants, etc. While the country is slowly moving towards the unlock process, it is no news that the spread and severity of COVID-19 cases is increasing with each passing day. With the due dates of Tax Audit, Transfer Pricing Audit, Income Tax Return, and various other Audit Reports approaching, various problems are being f..
On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued. Official Notification is as follows: F. No. 225/ 150/2020-ITA-11 Government of India Ministry of Finance Department of..
Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit. Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable ..
ITR Description ITR 1 For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh </t..
Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order inF.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act. The data on cash withdrawal indicated that huge amount of cash is being withdrawn by th..
We have witnessed over time how extensive the Income Tax Return (ITR) filing process has become, covering all possible aspects of income or expenses, profit or loss, and more. Although we try to cover everything, a few elements are still left out, either we do not spare that much time for filing the return or we do not know exactly what aspects are left out. So, pause! Before rushing towards filing ITR this year, follow a few more best practices that may save you time, benefit you o..
As per Income Tax Act, the due date for filing of income tax return for the assessment year 2019-20 were 31st July, 2019 and 30th September, 2019 for different types of assesses. If the return is not filed by the due date even then the same can be filed as a belated return within the time limit mentioned in Income Tax Act. As per section 139(4) of the Income Tax Act, a belated return can be filed..
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..