Penalty for not Linking PAN with Aadhaar: Section 234H The annual union budget of the year 2021, a particular provisions for non-compliance is mentioned u/s 139AA(2) was initiated. Introduction of New Section 234H the penalties regarding the linking of PAN & Aadhaar within deadline Furnishing Aadhaar made compulsory for I-T department. Under Section 139AA(1) of …
Income tax return (ITR) filing via ITR-U What is means of Income tax return (ITR) filing via ITR-U? In addition to provide an updated return, the CBDT has announced a new Rule 12AC and Form ITR-U that must be filed for every year late Income tax return filing. With the new updated return idea introduced …
Why Belated ITR is different from Regular Income tax return? The best option way to file an income tax return is always before 31st July, we clarify further what comes after missing the deadline for filing an Income tax return. The due date for filing an income tax return is 31st July 2022 declared by …
How to file an Tax Return for a deceased person as the deadline draws near According to Section 159 of the Income Tax Act of 1961, a person’s legal executor is responsible for paying any debts that the deceased would have been required to pay if they had lived, in the same way and to …
Mandatory filing of Income Tax Return AY 2022-23 India’s population is more than 136 crores, but only around 8 crore people pay income tax. This means that the taxpayers constitute only about 5.8 percent of the total Indian public. A lot of people do not file an income tax return (ITR) generally because of one …
NEW ANNUAL INFORMATION STATEMENT (AIS) The Income Tax Department has introduced new Annual Information Statement (AIS) on the Compliance Portal, that provides a complete view of information to taxpayers and allows them to provide online feedback. The latest AIS can be accessed by going to the “Services” tab on the new Income Tax e-filing portal www.incometax.gov.in and …
File your Income Tax Return(ITR) Government of India is enforcing the Income tax on the income of a person. Every person is responsible for Income tax filing whose income is above the maximum exemption limit specified by income tax act 1961. The Income tax dept make the assessment of theses these income return, and if …
Implication of Cash Transaction Under Income Tax Act, 1961 BRIEF INTRODUCTION Over the years there are lots of changes happening in terms of advancement and digitization within the business world. Digitization provides convenience and ease in doing business, along with, provides for keeping a check on the black money circulation, being practiced by many. Evasion practices or transactions in black money markets mostly happen in cash and …
An Overview Income Tax Audit A tax audit may only be undertaken by a Chartered Accountant or a partnership of Chartered Accountants. If the latter is used, the name of the signatory who signed the report on behalf of the company must be included in the audit report. When registering at the e-filing site, the …
GST and Income Tax Restrictions on Cash Transactions One must be cautious when engaging in any high-value cash transaction because the Income Tax Department has become extremely vigilant about cash transactions. First, we must define High Value + Cash Transaction. High-value transactions involve substantial sums of money. First, we must understand the provisions of Income …