Income Tax

Your Queries (Income Tax): Tax exemption on gain on plot sale if reinvested in new house within 2 years

If by the time of filing of ITR for the relevant assessment year, the net consideration/ part of it cannot be appropriated towards the purchase of a new house, then such amount may be deposited in the

The government should consider doubling the limits under Section 80D.

Income Tax Return: After May 31 you have to wait for new e-filing site; know what’s in store

If you are ready to file your Income Tax Return (ITR), you may file the return of income in the existing income tax India e-filing site till May 31, 2021.

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Tax Talk: Is it possible for tax deductors to verify if payee has filed ITR in last 2 years?

The government, vide Budget 2021,introduced new provisions under Section 206AB/206CCA that prescribe a double rate of TDS/TCS for those, who despite having a reasonable amount of TDS accruing, do not

Income Tax Return filing: Know the changes made in ITR forms for FY 2020-21

For financial year 2020-21, the new ITR forms have been notified on 31st March 2021.

ITR filing deadline extended by 2 months for individuals

For corporate taxpayers and individual taxpayers liable to tax audit, the due date of return filing is extended by a month, i.e. from existing October 31 to November 30.

The extension of due dates is likely to provide some relief to taxpayers on tax compliance front.

CBDT to launch user-friendly e-filing portal on June 7

“Taxpayers are encouraged to complete all their urgent tasks involving any submission, upload or downloads before June 1, 2021, to avoid any difficulty during the blackout period,” the Central Boa

If any hearing or compliance which requires submissions online has been scheduled during this period, the same will be pre-poned or adjourned and the work items would be rescheduled after this period, it said.

Income Tax Return due date extension for AY 2021-22 latest Update: ITR filing dates extended. All details here

Income Tax Return Due Dates Extended for AY 2021-22: The Central Government today extended the due date of filing ITR for Assessment Year 2021-22.

The government should consider doubling the limits under Section 80D.

Govt extends FY21 ITR filing deadline for individuals till September 30

The due date for filing the tax audit report and transfer pricing certificate has been extended by a month till October 31 and November 30, respectively. For filing belated or revised return of incom

In a circular, the CBDT said an extension of time limits is being given for certain tax compliances "to provide relief to taxpayers in view of the severe pandemic".

Attention taxpayers! New ITR e-filing website at to be launched in June. Check benefits

New e-filing Income Tax website launch in June 2021: The Income Tax Department may launch a new e-filing web portal for taxpayers early next month

income tax

Your Queries – Income Tax: Give scrip-wise details in ITR to calculate long term capital gain

For equity shares and equity mutual funds purchased on or before 31st January 2018, the Cost of Acquisition shall be higher of—(i) the cost of acquisition of such asset; and (ii) lower of—(A) fair

The resultant capital gain shall be brought to tax accordingly.

New Income Tax Return, TDS payment and belated ITR due dates amid Covid-19 second wave – All details here

Extended Income Tax Timelines due to Covid-19 second wave: The Income Tax department recently extended certain timelines to ease the burden off taxpayers amid Covid-19 second wave.

income tax return, tds

Dilemma of having 2 PAN cards? Here are remedies to resolve it

The income tax officer can impose a penalty of Rs 10,000 on the concerned person if he possesses more than one PAN cards.

Your Queries – Income Tax: Gains from share trading taxed under business profit, file ITR 3/4

Separate disclosure of each source of income shall have to be made in the ITR Form, whether or not you choose to be governed by the new regime of taxation.

CBDT issues refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021," the Income-tax department tweeted.

Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31

Nangia & Co LLP Partner Shailesh Kumar said the government has given relaxation to income taxpayers for various compliances till May 31, 2021.

The government should consider doubling the limits under Section 80D.

YOUR QUERIES: INCOME TAX- For NRIs, only income sourced from India will be liable to tax

Every individual having income above the prescribed threshold, has to declare particulars of income earned/ loss incurred under different heads, deductions/ exemptions claimed and resultant tax payabl

The resultant capital gain shall be brought to tax accordingly.

CBDT issues procedure and guidelines for submission of Statement of Financial Transactions for dividend, interest income

The statement of financial transactions shall be furnished on or before the 31 st May, immediately following the financial year in which the transaction is registered or recorded.

Statement of Financial Transactions information, rules, guidelines, dividend, interest income, CBDT, Annual Information Statement, Form 26AS

Your Queries (Income Tax): How is capital gains tax calculated with reference to selling of land?

For tax purposes, immovable property, i.e., land or building is classified as long-term capital asset if it is held for a period exceeding 24 months, else, it is regarded as short term capital asset.

CBDT issues refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021," the Income-tax department tweeted.

Can you claim both HRA and home loan tax benefits?

The conditions for claiming HRA are different and those for claiming home loan benefits are different and are mutually exclusive.

TDS on fixed deposit interest: Time to submit Form 15G / 15H to your banker – Here’s why

Eligible individuals can submit Form 15G or Form 15H to their banker for non-deduction of TDS on interest income earned in bank FD.

TDS, senior citizens, fixed deposit interest income, bank, Form 15G, Form 15H

TDS on Dividend Income: How to get relief if you don’t have taxable income

The details of dividend income and TDS will now be available on the new format of Form 26AS to make filing of Income Tax Return (ITR) easier and to make suppression of income harder.

income tax

Your Income Tax Queries: Is it mandatory to transfer PF to a new company account after switching jobs?

You can adjust loss on NCD sale within 3 years against short/ long term capital gains

income tax,

Faceless tax assessment: 60% of allocated cases settled in a year, says CBDT’s Mody

Out of the total 4,12,046 cases assigned to National Faceless Assessment Centre (NFAC) after the faceless appeal scheme was launched in September 2020, notices were issued in 3,64,389 cases and final

“Where there was a case to raise tax demand, it was done and where there was no need to raise demand, no tax claim was made,” Mody said.

I-T Deptt launches offline utility for ITR 1,4

The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year.


Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java

In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for using the new utility.

JSON utility, AY 2021-22, ITR, ITR-1 and ITR-4, CBDT, tax filing, new forms

TDS to be levied at higher rate for non-filers of ITRs – Check details

The new provision will help increase compliance with the income tax return filing by individuals whose income is subject to TDS.

New TDS rule, non-filers ITRs

ITR filing Alert! Income Tax Return Forms 1 to 7 for AY 2021-22 notified – Check what’s new

For the income that one earns from April 1, 2020, to March 31, 2021, the filing of ITR has to happen in the assessment year 2021-2022,

ITR Filing, last date, assessment year 2021-22, ITR 1 Sahaj, income tax returns

No Income Tax on salary income of Non-Residents Indians in Gulf countries! Sitharaman says it is exempt

Finance Minister Nirmala Sitharaman on Thursday said salary income earned by non-resident Indians in Gulf countries would continue to be exempt from tax in India.

Finance Minister Nirmala Sitharaman.
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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