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Tax

  • Missing The Income Tax Deadline Attracts Up To Rs 10,000 Penalty: Know All About Belated Tax Returns
    Income tax return last date: Income tax assessees originally required to file their income tax returns by July 31 will now be required to file their return of income by August 31, according to the Income Tax Department. A belated income tax return or a "return of income" not furnished on or before the due date - attracts a "late filing fee" under Section 234F of the Income Tax Act, as per current income tax laws.
  • All You Need To Know About Income Tax Return Form 1 Sahaj
    ITR-1 or Sahaj form cannot not be used by an individual who is a director in a company or has held any unlisted equity shares at any time during the previous year.
  • 10 Things You Should Know Before Filing Income Tax Return (ITR) This Year
    The last day to file income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. Earlier, the last date to file income tax return was July 31 which was extended to August 31. A late filing fee of Rs 5,000 is payable by the assessee for furnishing an ITR after the stipulated deadline but before December 31, according to the Income Tax Department's website - incometaxindia.gov.in. A late fee of Rs 10,000 is applicable if the assessee files return between January 1 and March 31, 2020.
  • Deadline For Income Tax Return Filing Extended: 10 Things To Know
    In a major relief to the taxpayers, the Income Tax Department has extended the deadline for filing income tax return (ITR) by individuals for financial year 2018-19 by a month till August 31. The revised due date is applicable to all taxpayers who were liable to file their tax returns by July 31, the original due date. The extension comes after the government was appealed by many entities to extend the income tax return (ITR) filing date so as to allow sufficient time to assessees to file their returns.
  • Wondering Which Form To Use For Income Tax Return? Find Out Here
    ITR filing: The Income Tax Department has provided seven forms for assessees to file their income tax returns (ITRs). The Income Tax Department has provided an independent portal for e-filing of income tax return - www.incometaxindiaefiling.gov.in.
  • How To Verify Income Tax Return (ITR) Online Using Aadhaar
    ITR verification: E-verification of income tax return via Aadhaar OTP is one of the ways listed by the Income Tax Department for assessees looking to verify their ITR online, according to information given on the taxman's e-filing portal, incometaxindiaefiling.gov.in.
  • Things You Should Know Before Filing Your Income Tax Return (ITR)
    ITR filing: Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.
  • A Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them
    ITR-2 is available for Individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.
  • Taxman Says No Change In Income Tax Forms, Only Utility Software Updated
    Income tax forms news: The Income Tax Department said that over 1.38 crore entities have already filed their income tax returns (ITRs) till now. The Central Board of Direct Taxes, the apex policy-making body for the Income Tax Department, said the software for e-filing of ITR-2, and ITR-3 was released on May 2 and May 10 respectively.
  • Budget 2019: Aadhaar, PAN Steps To Expand Tax Base, Say Experts
    In the Union Budget for 2019-20, the government has provided "interchangeability of PAN (Permanent Account Number) and Aadhaar" to enable individual assessees to file income tax returns (ITR). The Aadhaar number or Unique Identity Number (UID) is a 12-digit identification number issued by the UIDAI or Unique Identification Authority of India under its biometrics-based personal identification programme Aadhaar, whereas the PAN is a 10-digit alphanumeric number issued by the Income Tax Department. The announcements on PAN will lead to a stronger taxpayer base, say tax experts.
  • Budget 2019: Major Changes Announced On Filing Of Income Tax Return
    Income tax return changes announced in Budget 2019: The government announced "interchangeability of PAN and Aadhaar", meaning those who do not have PAN will be able to file income tax returns by quoting their Aadhaar number. Quoting of Aadhaar number will also be accepted instead of PAN under the Income Tax Act.
  • Budget 2019: Government Proposes To Enhance Surcharge On Super Rich, No Changes In Income Tax Structure
    Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income above Rs 2 crore and up to Rs 5 crore, and taxable income above Rs 5 crore, to increase their effective tax rates by around 3 per cent and 7 per cent respectively.
  • Budget 2019: Industry Body Calls For Raising Income Tax Slabs
    Budget 2019 expectations: FICCI has also called for abolishing surcharge for those who have total income above Rs 50 lakh and Rs 1 crore.
  • Government Releases New Income Tax Compounding Rules
    CBDT has issued a revised 32-page guideline for 'compounding of offences under direct tax laws, 2019' which will be executed under the I-T Act, 1961
  • Tax Deducted At Source (TDS) Statement Filing Deadline Just Three Days Away, 10 Things To Know
    Only three days are left to e-file the statement of TDS (tax deducted at source) for the last quarter of financial year 2018-19, which ended on March 31. Filing the TDS statement after the due date, which is May 31, 2019, will invite a late fee of Rs 200 per day and a penalty up to Rs 1,00,000, the Income Tax Department said on Twitter. However, the Income Tax Department has extended the due date for e-filing TDS for assessees in Odisha to June 30 on account of Cyclone Fani.

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