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Income tax News
I-T refunds worth Rs 1.18 lakh cr issued to 33.54 lakh taxpayers till Sep 29
Thu, Oct 01, 2020
The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.18 lakh crore to over 33 lakh taxpayers in 6 months till September 29
ITR Last Date: CBDT again extends last date for Income Tax Return filing for AY 2019-20; check new deadline
Wed, Sep 30, 2020
ITR Last Date: CBDT has once again extended the deadline for Income Tax Return (ITR) filing for the Assessment year or AY 2019-20. The new deadline for the ITR filing for AY 2019-20 is 30th November 2020.
Big announcement by Finance Ministry on scrip-wise reporting of shares in Income Tax returns - What it means for stock market, traders
Mon, Sep 28, 2020
In a major announcement, the Finance Ministry has said there is no requirement of scrip-wise reporting in the Income Tax returns form for day trading or short-term sale/purchase of listed shares.
CBDT takes major step to simplify tax process, launches Faceless Appeals; know how taxpayers will benefit!
Fri, Sep 25, 2020
The Income Tax Department today launched Faceless Income Tax Appeals under which all income tax appeals will be decided in a faceless manner, according to a government release. The Central Board of Direct Taxes (CBDT) which launched this service has made provisions of faceless settlements under this faceless ecosystem
NOTICE! Important Income Tax alert for taxpayers - Know complete details here
Wed, Sep 23, 2020
To deal with the irregularities in income tax payment, the tax department has started taking stern actions against the offenders. The Income Tax Department has started sending notices on non-payment of taxes or irregularities. The notices are being sent for big and small amounts Zee Business’ Brajesh K. Mishra has the full report
Net direct tax collection declines 31% in Apr-Aug FY21
Sun, Sep 20, 2020
During the same period of the last financial year, 2018-19, the net direct tax collection stood at over Rs 2.79 lakh crore.
Income tax return filing: Only 15 days left! Do this before September 30 to avoid penalty
Thu, Sep 17, 2020
Income tax return filing: It is the duty of every salary earner to file income tax returns. And, if you are an income tax payer, you need to complete a highly important task before September 30 to avoid penalty.
Institute of Chartered Accountants of India writes to GST Council seeking deferment of 2018-19 GST annual return filing deadline
Sun, Sep 13, 2020
Chartered Accountants of India (ICAI) has written to the GST Council seeking deferment of 2018-19 GST annual return filing deadline
Faceless assessment of Customs to roll out countrywide from Oct 31
Sun, Sep 06, 2020
The Central Board of Excise and Customs (CBIC) has decided to roll out the faceless assessment at an all India level in all ports of import and for all imported goods by October 31.
Good news for customers! Private lenders waive off charges on UPI-based transactions
Fri, Sep 04, 2020
If you have been making payments through UPI, your transactions are set to get cheaper. Private banks have decided to waive off charges on Unified Payments Interface (UPI)-based transactions after the Central Board of Direct Taxes (CBDT) asked banks to refund the fee collected from customers and merchants for UPI transactions from January onwards.
Income Tax returns: Banks, Post Offices can now check your ITR to deduct TDS
Fri, Sep 04, 2020
Income Tax returns: There is no running away for taxpayers anymore! If you are withdrawing a large amount of money and are yet to file Income Tax Returns, then banks can apply TDS (Tax Deducted at Source) in case of withdrawals beyond a certain threshold.
Got an income tax notice? Here is why you should not panic
Fri, Aug 28, 2020
The Income-Tax department can send you a notice for various reasons but lack of information is why most people end up worrying about it. The reason for a tax notice could include not filing an income tax return (ITR) on time, calculation errors, not reporting income correctly or even claiming excessive losses.
Here is the full list of income tax benefits for senior citizens
Thu, Aug 27, 2020
While there are several income tax benefits for taxpayers in India, some of those can only be availed by senior citizens. As per the rules, a person between 60 years and 80 years of age is termed as a 'senior citizen' and a person above 80 years of age is a 'very senior citizen.'
Delayed GST payment: Net tax liability interest to be charged from this date
Wed, Aug 26, 2020
The industry had earlier this year raised concern over the directive on recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability.
Gratuity Tax Calculator: Know liability on this income of yours
Tue, Aug 25, 2020
The Government of India exempts gratuity income up to Rs 20 lakh for those employees who are covered under the Payment of Gratuity Act. For those, who are not covered, the exemption is allowed up to Rs 10 lakh
Have this cash in your account? You will be asked to pay 83.25 pct income tax
Mon, Aug 24, 2020
Did you transfer money into your bank account but never mentioned its source? Well, you may end up paying a heavy amount for this unaccounted money, if found by the Income-Tax department.
How to save income tax in India: Reduce your ITR burden, just do this
Sat, Aug 22, 2020
How to save income tax in India: Many households are facing liquidity crisis amid the coronavirus pandemic because salaries have taken a hit. In these times your tax outgo could create further problem for you. Get answers to all your Income Tax Return (ITR) related queries here from Preeti Khurana, Chief Editor, ClearTax!
Source: No changes in the ITR form; PAN, AADHAR required for large transactions
Tue, Aug 18, 2020
According to sources, taxpayers will not have to mention their high value transactions in their Income Tax Return (ITR) & the government is not considering any changes in the form.
Income Tax alert! Made high-value transactions? Here is relief for you in filing ITR
Tue, Aug 18, 2020
It's an important update for those Income Tax payers concerned about disclosing high-value transaction in their Income Tax Returns (ITR).
How Work From Home can eventually increase your income tax outgo
Mon, Aug 17, 2020
There is a high chance that you have been saving more than usual for the last few months. It makes a lot of sense. Employees have been able to save more while Working from Home as there is no travel or eating out involved.