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CBDT extends due date for filing Income Tax Return for FY 2018-19(AY 2019-20) vide notification 56/2020 dated 29th July, 2020. The due date for filing ITR was 31.07.2020 it has been extended to 30.09.2020. Taxpayers can still file belated income tax return u/s 139(4) for FY 2018-19 and in case of any corrections need to […]
Nature of Compliance Original Due Date New due dates notified on 24/06/2020 Filing of TDS/TCS Statements Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-20 31.05.2020 31.07.2020 Form 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21 As per Rule 31A/31AA 31.03.2021 Form 26QB, 26QC and 26QD of February, 2020 […]
Amendments made in form 26Q, 27Q and 27EQ with respect to newly inserted section of 194N under Income Tax Act, 1961 New columns have been inserted in the forms asking for the details of the cash withdrawals beyond the limits specified u/s 194N.
Large number of electronically filed ITRs are still pending with the department for want of receipt of valid ITR-V Form. In case of return from AY 2015-16 to AY 2019-20 which were filed electronically by the taxpayer within time allowed under section 139 of the Act and which are remained incomplete due to non-submission of […]
From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. Part E of the Form 26AS will include following details of SFT transactions, 1. Type of Transaction 2. Name of SFT filer […]
CBDT has introduced another measure towards compliance of Income Tax Returns. The Faceless Income Tax e-campaign was started by the department by bringing in changes in Form 26AS related to SFT Transactions. This is another step towards the e-campaign. The 12 days e-campaign starting from 20th July, 2020 to 31st July, 2020 focuses on the […]
CBDT provides utility for banks and post offices to ascertain the TDS applicability rates on cash withdrawals. Through this utility the banks and post offices will only have to enter PAN of the person who is withdrawing the cash and they will be able to ascertain the TDS applicability rate on cash withdrawals above 20 […]
Interpretation of section 80AC of the Income Tax Act, 1961 (the Act) has its various phases but a section defined in a law cannot have two separate meanings. Today we are going to learn about true interpretation of Section 80AC of the Act from conversation of Madhav and Vidya. Madhav: Vidya, today I was solving […]
As per “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020, NO. 2 OF 2020 (the Ordinance), IN CHAPTER II, Point No. 3(1) where, any time limit has been specified in or prescribed or notified under, the specified act which falls during the period from the 20th Day of March, 2020 to the […]
Due to the outbreak of Novel Corona Virus, the Government on 31st March, 2020 brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a notification on 24th June, 2020 in which various time limits under […]