The CBDT vide circular No. 08/2021, dated 30-04-2021 has extended the due dates relating to various compliance under Income Tax Act, 1961. In order to provide further relief to taxpayers in view of a severe pandemic, the CBDT vide circular No. 09/2021, dated 20-05-2021 has further extended the time limits of certain compliances. Extension of […]
Tag: TAX
Relaxations in GST Compliance during Covid Period
1. GSTR 1/ IFF FACILITY: DUE DATE Particulars Month Due Date Extended Due Date GSTR 1 (Monthly Scheme) April 2021 11 May 2021 26 May 2021 IFF Facility (QRMP Scheme) April 2021 13 May 2021 28 May 2021 2. GSTR 3B (Monthly Scheme): DUE DATE, TAX PAYMENT, LATE FEES, AND INTEREST Turnover in Previous Financial […]
UPDATED DUE DATE CHART OF INCOME TAX COMPLIANCE
Nature of Compliance Due Date/ Extended Due Date Belated Return of Income for A/Y 2019-20 30th November 2020 Revised Return of Income for A/Y 2019-20 30th November 2020 Third instalments of advance tax for A/Y 2021-22 15th December 2020 Opting for Vivad se Vishwas Scheme 31st December 2020 Furnishing of Tax Audit Report and […]
Deadlines that ends on 31st July, 2020
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers. In this context, the government has been extended the due date for filing of the income tax return for the financial year 2018-19 (2019-20) to 30th September 2020 via notification no. 56/2020 dated 29.07.2020. It should […]
Is PAN Mandatory for some transactions?
A. PAN IN RETURNS OR CERTIFICATES OR CORRESPONDENCE Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B and given in the table below: […]
Updated Due Date Chart of Income Tax Compliance
Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended dates for direct taxes. A list of Due dates/Extended due dates are as follows: Nature of Compliance Due Date/Extended Due Date Making Tax saving Investments For A/Y 2020-21 31st July, 2020 Filing of belated or revised ITR for A/Y 2019-20 31st July, […]
House Rent Allowance : A Tax Saving Lifeline for Salaried Person
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]
CBDT e-campaign on voluntary compliance of income tax for FY 2018-19 from 20th July, 2020.
PRESS RELEASE CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st […]
New Form 26AS is the Faceless hand-holding of the Taxpayers : CBDT
CBDT issued a press release on 18 July, 2020 on Form 26AS. PRESS RELEASE New Form 26AS is the Faceless hand-holding of the Taxpayers The new Form 26AS is the faceless hand holding of the taxayers to e-file their income tax returns quickly and correctly. From this Assessment year, taxpayers will see an improved Form […]
CBDT has refunded Rs. 71,229 crore during covid days
CBDT issued a press release on 17 July, 2020 for telling how much money has been refunded to taxpayers during covid days. PRESS RELEASE CBDT has refunded Rs. 71,229 crore so far to help taxpayers during covid days. The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs. 71,229 crore in more than […]