ITR Filing: To file an income tax return (ITR) for the assessment year 2019-20 for FY 2018-19, July 31 is the last date. Individuals can file ITR online through income tax's e-filing ITR website. Here is a step-by-step guide on how to file ITR online – Part A and Part B.
July 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). This year, certain sections of ITR forms will be pre-filled as notified by the Income Tax Department. If you have not filed your ITR this year, do it before the deadline or you will have to face these consequences.
The CBDT has directed the Income-Tax Department to share in "public interest" details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
In a written reply to a question in the Lok Sabha, Nirmala Sitharaman said prosecution has been launched in 68 cases.
In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18.
The new guidelines will kick in from June 17, 2019, and apply to all cases for compounding received on or after this date.
Informed sources said the team carried out the raids at the offices located in the Old City's Bohri Kadal area and Nowgam in the outskirts of the city. However, the reason for the raids remains unknown.
The Income Tax department Tuesday extended the deadline for employers to issue Form 16 TDS certificate for financial year 2018-19 to its employees by 25 days till July 10.
The Income Tax Department Friday extended the due date for depositing tax deducted at source (TDS) for the month of April 2019 from May 7 to May 20 for deductors in cyclone-hit Odisha.
The Centre on Monday moved the Supreme Court challenging a Delhi High Court order, which has ruled that the black money law can't have a retrospective effect, that is, it cannot be applied prior to April 1, 2016, as fixed by Parliament.
Among other things, the revised Form 16 will also include details of deductions in respect of interest on deposits in savings account, and rebates and surcharge, wherever applicable.
Mismatches were also noticed for the financial year 2016-17, for which data is being shared with the field offices.
The officer, who is responsible to supervise I-T department's tax collection work across the country, underlined the areas that are sluggish vis-a-vis direct tax collections obtained from personal, corporate and advance tax categories.
Data analysis has identified "several potential non-filers" who have carried out high value transactions in 2017-18 but have still not filed returns for AY 2018-19, CBDT said.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
The sleuths were accompanied by police personnel during the raid at Rekha Modi's S P Verma Road house here this afternoon.
According to recent changes in penalty slab by CBDT, non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000.
The seizure was probably the biggest so far in raid operations conducted anywhere in the country, officials said.
In reply to the tax notices, most of the people said that they did not make any cash payment, but this version does not corroborate with the data obtained by the IT Department vis-a-vis the sales made by the firms of Nirav Modi.
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