Tax audit deadline has been extended to October 31, 2020. from September 30, 2020.
Moneycontrol's Personal Finance Editor Kayezad Adajania talks to senior partner at KPMG Parizad Sirwalla to find out the simplest way of filing I-T returns.
Dig into additional details to file returns for your income earned in FY 2018-19
In a circular, the finance ministry said late fee for all taxpayers who could not file GSTR 3B for July has been waived, but not the interest on late payment of dues
Of the 15 lakh registered companies, nearly 8 -9 lakh are not filing annual returns with the corporate affairs ministry.
Form 26AS contains all details of taxes deducted and deposited by the deductors or paid by the taxpayer himself.
As the new financial year unfolds it would soon be time for taxpayers to file their returns. If you are one of the nearly 4 crore taxpayers, you must ensure that you file your returns within the stipulated due date.
"The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here.
The income tax department then verifies your name, date of birth, gender as per PAN and Aadhaar number with UIDAI. Only if the data matches, it will be linked.
The Finance Minister said that 18 lakh accounts show a mismatch between disclosed income and bank deposits post demonetisation.
Plans to introduce a new income tax return form are also afoot as the government tries to widen the tax net.
There are many with income above basic exemption limit who do not file returns even though it is mandatory. However, stiff penalties proposed to levied in Budget 2017 for late filing would ensure that taxpayers file their returns in time.
After the government banned high value notes on November 8, some individuals got rid of their undisclosed income by repaying long pending dues to government agencies, banks and NBFCs.
Taxpayers who do not file their Income Tax Returns (ITRs) on time will have to shell out a penalty of upto Rs 10,000, but from the 2018-19 Assessment Year (AY).
US President Donald Trump will not release his tax returns, a top aide has said though over 200,000 Americans have signed a petition, calling on him to make public the documents.
The benami amendment bill will be introduced in the monsoon session and warned that there will be more stringent measures to control the menace of tax evasion, says Rani Nair, member of the central board of direct taxes, in an interview to CNBC-TV18.
Just because a notice has come from the tax department it does not mean that the individual tax payer has made some mistake or that they have defaulted.
Getting an income tax notice is not uncommon nowadays. Many get a shock when they receive a notice. It is better to ponder over below points while tackling the situation.
Update your details with the income tax authorities. This helps the tax authorities to clear your tax related work quickly.
Watch the interview of Hemant Rustagi, Wiseinvest Advisors with Sumaira Abidi on CNBC-TV18, in which he shared some ideas on how to maximise post-tax returns by investing in mutual funds.
While knowing the ITR form you are supposed to use helps, you cannot afford to miss the finer details.
Balwant Jain, CFO of Apnapaisa.com explains what are the due dates of filing tax returns.
Financial advisor Arnav Pandya explains the the occasions when an individual might miss out on details while calculating tax liability. It usually happens when the income arises when it is easy to miss out some items when it is being calculated.
Balwant Jain of Apnapaisa.com lists out dos and donts to be kept in mind while filing your income tax returns. He stresses on verifying documents related to Form 16, PAN details, TDS credit and so on.