Income Tax

PAN Card address change: Mere mentioning in Income Tax Return (ITR) not enough, rules Supreme Court

Notice under Section 143 (2) is sent to the assessee when the Income Tax department finds any minor or major discrepancies in the ITR. These discrepancies may include under-reporting or over-reporting of losses.
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Waiting for income tax refund? Here is how you may check and give refund reissue request

In case of excess tax is paid, refund of the excess amount may be claimed by filing the income tax return (ITR) within the due date and verifying the ITR.

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Income Tax Return 2019: Missed the ITR filing deadline? You can still file tax return for FY 18-19 by this date

Late filing of income tax return shall attract a fee of Rs 5,000 if it is furnished on or before December 31, 2019. Post this date, Rs 10,000 shall be charged.

Income Tax News

Gift from NRI dad not taxable, but you have to pay tax on income from it

Q. I am an NRI. If I gift Rs 20 lakh to my major daughter in India and if she invests it in a bank fixed deposit, will either of us be liable to pay income tax? – Wilson Furtado According to Section

Income Tax News

Taxation of Mutual Funds: How mutual funds are taxed in India; Here’s all you need to know

Mutual funds can be an ideal investment option for wealth creation. Let us have an in-depth look at the various aspects of the taxation of mutual fund investments.

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Good News Taxpayers! Income Tax Department can’t issue you a notice or order without doing this

In a bid to provide better services to taxpayers and ensure greater accountability and transparency in tax administration, CBDT has announced the launch of Documentation Identification Number.

income tax, income tax notice, Documentation Identification Number, DIN, CBDT, Income tax department, PAN, News

Glad to get an expensive gift? Know its tax implications

Given that gifts are a means of expressing affection, it is important to know the tax implications of such gifts and diligently comply with disclosure requirements while filing ITR.

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Income Tax Return 2019: Didn’t get Form 16? Here is how you may still file ITR

If the company has not paid TDS and filed the quarterly TDS returns, the income tax department can issue you a notice in this regard due to mismatch in TDS.

Income Tax News

Income Tax raids: Know what the I-T Act says

In such case, the asset will be seized by the tax authorities without physically taking the assets with them.

Income Tax News

What is faceless scrutiny of income tax return? Here is all you need to know

The E-assessment Scheme 2019 aims to eliminate human interface, reduce corruption and bring in transparency.

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Good news for taxpayers! CBDT extends PAN-Aadhaar linking deadline to December 31

It may be recalled that the Income Tax Department had extended the PAN-Aadhaar linking deadline many times earlier also.

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Income Tax e-assessment: Have no PAN, e-filing account? You won’t be eligible for this facility

A taxpayer who does not have an e-filing account or a PAN will not be able to avail the facility of getting into e-assessment system of income tax that is set to be launched from next month, a latest

Income Tax News

Can you claim tax benefit on HRA for rent paid for dependent parents?

Any HRA allowance granted to meet the expense incurred on payment of rent in respect of residential accommodation “occupied” by the individual is exempt from tax, subject to the prescribed limit.

Any sum of money received from relatives is fully exempt from tax in the hands of the beneficiary. News

Changing dynamics of income tax scrutiny assessment

If the scrutiny order is prejudicial to the taxpayer, an opportunity would be provided to the taxpayer before issuance of the order

The scheme is designed for team-based assessment with dynamic jurisdiction for optimal utilisation of available resources. (Illustration: SHYAM Kumar Prasad) News

Income Tax Return: How taxpayers need to respond to e-assessments

Technical submissions filed as e-responses by taxpayers should be comprehensive, and logical in structure for easy absorption

As per the procedures under the scheme, the national e-assessment centre, as a nodal agency, would facilitate the conduct of e-assessment in a centralised manner. (Illustration: Shyam Kumar Prasad) News

Income Tax Refund 2019: How to track income tax refund status and get refund on time

A taxpayer is eligible to receive an income tax refund when excess taxes have been paid by him either through tax deduction on payments made to him or direct tax payments as advance or self assessment

Income Tax Refund, Income Tax Refund 2019, How to track income tax refund status, income tax return 2019, ITR filing, PAN, TDS News

Can you claim income tax refund if you fail to file revised return within time limit?

The Income Tax Act, 1961 has explicitly laid down the time limits for filing of original and revised tax returns which need to be adhered to strictly.

tax assessment, revised tax assessment, revised ITR, ITR filing, income tax returns News

E-Assessment: I-T returns vetting now only in ‘faceless’ mode

The e-assessment Scheme 2019, however, would provide an opportunity to the assessee to seek a personal hearing but it would have to be conducted exclusively through video conferencing.

E-Assessment, income tax, IT return, e-assessment Scheme 2019, taxpayers News

Government notifies E-assessment Scheme 2019 for faceless scrutiny of income tax return

The scheme states that all communications between the National e-assessment Centre and the assessee, or his authorised representative, shall be exchanged exclusively by electronic mode

E-assessment Scheme 2019, taxpayers, Budget 2019-20, faceless scrutiny of income tax return, National e-Assessment Centre News

Income Tax Refund Status: Filed ITR and waiting for refund? Check, update bank details to get refund on time

Income Tax Refund: If you are waiting for the income tax refund, you need to take note of a few things before the refund amount reaches your bank account.

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Belated Income Tax Return Filing: Failed to file tax return for AY 2019-20 by due date? You can still do it; Here is how

If you have missed the extended deadline as well to file your ITR, don't worry. You can still file your income tax return. Here is how.

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Beware of phishing! Income Tax Dept alerts taxpayers of fake ITR mails, messages sent by fraudsters

In its alert, the Income Tax Department said that the taxpayers are cautioned not to respond to such e-mails, SMS or phone calls and not to share personal or financial information.

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GST: Practical issues in reversal of Input Tax Credit for developers opting for New Scheme of Taxation from April 2019

As the due date for filing ITC-03 is approaching, immediate clarity in this regard is required on various issues.

real estate, GST, Input Tax Credit, Practical issues in reversal of Input Tax Credit, ITC-03, developers, due date News

Section 80C Investments: From PPF to NSC, how investments under 80C are taxed

A taxpayer has various investment options available to save taxes under Section 80C of the Income Tax Act. Here's how they are taxed.

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