Tax Filing

Only 10-12% assessees opted for new regime introduced in 2020

Major tax-filing websites such as H&R Block, TaxAct and TaxSlayer in the US are reportedly sending sensitive financial information to Facebook.

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Its success, however, will hinge on the quality of online utilities launched along with it

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. If the verification process, which is done through ITR-V form, is not complete, then it is considered that the return has not been filed. The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC,

Will take stock of discrepancies in assessee disclosures in ITR

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

Taking excess credit during ITR filing could lead to notice from tax dept

More pvt lenders set to be given authorisation for providing services

After the much publicised e-filing portal went live on June 7, many IT filers faced technical hiccups

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

His net worth is based chiefly on the value of his office and commercial property holdings, minus debts that were already known

Change in rule 44G of MAP calls for mutually resolution of tax disputes as agreement between India and the other nation, within 24 months

Small taxpayer given relief from filing annual tax returns

Timely filing of return is strongly recommended as the tax authorities have the power to initiate prosecution proceedings

This new proposal is the extension of the existing e-proceeding which do not have the option of manual tax filing

It's better to inform new employer about income earned and deduction availed with the previous one