Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, maybe filed on or before May 31, 2021, the CBDT said.
The offline utility is available on the e-filing portal and is based on new technology “JSON” (JavaScript Object Notation), which is a light weight format for storing data.
The DMK has condemned the Central government for 'searches' by income tax officials in the residence of MK Stalin's daughter Senthamarai in Chennai.
From changes in banking rules due to merger of banks, income tax filing rule changes in terms of EPF investment, to, new salary structure from April 2021, TDS/TCS deduction, changes in ITR rules for senior citizens, LTC cash voucher scheme, banks merger etc. are some of the glaring changes that are going to take place from 1st April 2021.
April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. Here is a list of changes which will be introduced from the coming financial year.
Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
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 salaried class was expecting from Nirmala Sitharaman to revise the Income Tax slabs that have been left unchanged for years. Besides higher basic exemption limits, people also expected a hike in the exemption limits under Section 80C and 80D.
Finance Minister Nirmala Sitharaman with the Budget team; she will present the Union Budget 2021-22 tomorrow.
From bringing back jobs in the market to tax deductions, there are a lot of expectations from Modi government's Budget. Although Sitharaman, in the last Budget, announced cuts in personal income tax, the government has so far pushed for a rebate on all payable taxes, and the basic tax exemption limit has remained the same.
The Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.
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.
More than 5.27 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday.
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.
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19, the government on Wednesday further extends the dates for various compliances.
At the close of deadline for filing ITRs without payment of late fees for fiscal 2018-19 (assessment year (AY) 2019-20), over 5.65 crore returns were filed by taxpayers.
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.
Karnataka Congress chief DK Shivakumar has been summoned by the Central Bureau of Investigation on November 25, 2020 in connection with the CBI raid that took place at his residence on October 5.
Union Finance Minister Nirmala Sitharaman on Thursday announced income tax relaxations to allow sale of primary residential units of up to Rs 2 crore value below the circle rate. So far, only 10 per cent difference between the circle rate and the agreement value was allowed.
PM Modi on Wednesday inaugurated the state-of-the-art-office cum residential complex of Income Tax appellate Tribunal-ITAT in Cuttack, Odisha. Addressing the event via video conferencing, PM Modi said, "India among select nations which recognise taxpayers' rights and responsibilities; step towards creating trust in tax system."
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