The new Income Tax regime effective from April 1, 2020, co-exists with the old Income Tax regime. It offers lower, concessional tax rates compared to the rates offered in the existing rates.
The Central Board of Direct Taxes (CBDT) has launched an automated dedicated e-portal on the e-filing website of the department to receive and process complaints of tax evasion, foreign undisclosed assets as well as grievances regarding benami properties.
The income tax department had received several representations to further extend dates for filing returns as disruptions caused pandemic had continued to create problems for various taxpayers.
The Income Tax department extended the income tax filing dates for the thrid time. Individuals who do not have to file tax audit reports and were to file their income tax returns for FY20 by 31 December got time till January 10.
As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush.
ITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20.
The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.
ITR Filing: The last date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20 has been extended by a month by the Income Tax Department. All Income Tax Returns can now be filed latest by December 31, 2020.
ITR Filing: The last date for Income Tax Return (ITR) filing for 2019-20 has been extended by two months till November 30 by the Income Tax Department on Wednesday.
The Income Tax Department on Tuesday issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on the sale of goods and services with effect from October 1.
The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Prime Minister Narendra Modi last Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials, signalling a major reform in the income tax system in the country. Here's an expert view on how the new tax reforms will help the middle-class.
PAN-Aadhaar card linking: Around 18 crore permanent account numbers (PANs) cards are not linked to Aadhaar card, suggested a report by the government.
The Central Board of Direct Taxes(CBDT) has again extended the deadline for filing of Income Tax Return FY 2018-2019.This no doubt has given some relaxation for taxpayers to file ITR. However, at times it may happen that we make a mistake while filing our ITR at the last minute. Here are common mistakes you should avoid while filing for your Income Tax Returns.
The government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.
CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
Medical emergency is something which can occur anytime, anywhere and to anyone without giving a warning sign. So, experts suggest taking health insurance is the best option to secure yourself from any future emergencies. Taking health insurance also provides tax benefits as one can get tax deductions while under section 80D.
ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing.
The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
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