Income Tax

ITR filing made easy with Jhatpat Processing – Here’s all you need to know

As the deadline for filing ITR for the Financial Year 2019-20 is drawing closer, the Income Tax Department has come up with the 'Jhatpat Processing' feature.

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Over 4.23 cr ITRs for fiscal 2019-20 filed till December 27

"More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!

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ITR filing for AY 2020-21: Filing your income tax return? Avoid these mistakes

Filing your income tax return? Let’s dig deep into the common errors committed and see how you can keep them at bay.

ITR Due Date: Over 4.15 crore Income Tax Returns for FY2019-20 filed till December 26

The deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.

The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic.

3.97 crore I-T Returns filed for 2019-20 fiscal till Dec 24

The deadline to file I-T returns by individual taxpayers for the 2019-20 fiscal (AY 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31,

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Extend Income Tax Return filing last date for audit cases and AGM time frame: Professionals urge Sitharaman

Last date for filing tax audit report, income tax returns for audit cases should be extended, Direct Tax professionals have urged Finance Minister Nirmala Sithraman.

Income Tax Return Filing

Budget 2021: Will benefit of standard deduction be extended to taxpayers under the new tax regime?

Budget 2021 Expectations of salaried: It is expected that the benefit of standard deduction should also be available to taxpayers opting for the new tax regime.

He said reducing the time bar on reopening of past assessments to 3 years from 6 years has removed a major irritant.

Your queries: No need to file ITR if gross total income below basic exemption limit

Individual taxpayers are required to file tax returns compulsorily, before the due date, if their gross total income of the financial year, as computed in accordance with the provisions of the law, su

The exemption limit for assessment year 2020-21 for an individual is Rs 2.5 lakh.

Income Tax Return: 3.75 cr ITRs filed for 2019-20 fiscal till December 21

"Do you know that 3.75 crore taxpayers have already filed their Income Tax Returns for AY 2020-21 till 21st December, 2020? Have you filed yours yet? If not, File NOW!," the Income Tax department twee

The data released by the tax department showed that over 2.52 crore ITR-1 have been filed till December 29, 2020, lower than the 2.77 crore filed till August 29, 2019.

Income Tax Return: Whether to show pending salary, contributions in ITR or not

Once the salary is actually received, the employer's contribution to NPS is also treated as received, even if it is not deposited into the NPS account.

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Income Tax Return filing for AY 2020-21: Who can use ITR-1 Sahaj and who cannot?

Form ITR 1, popularly known as Sahaj, is used by a majority of tax payers for filing their income tax return. Here is a look at who can file this form and who can't.

Income tax: How debt and equity investments are taxed

Taxation rules for debt and equity investments are different. So look at the tax implications on each instrument before investing

Budget 2021: Income Tax Return (ITR) Form V change to avoid VISA cancellation proposed by ICAI

Budget 2021 Income Tax Return Expectations: In what may help avoid cancellation of VISA applications, the Institute of Chartered Accountants of India (ICAI) has suggested inserting details of exempt i

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Budget 2021: State govt employees want employers’ entire NPS contribution of 14% tax free

Union Budget 2021-22 Expectations for NPS tax relief: From April 1, 2019, the Central Government has increased its NPS contribution to 14 per cent of salary, while the employees continue to contribute

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Income Tax Return filing: 10 things to keep in mind while filing ITR for AY 2020-21

Filing your income tax return for FY 2019-20? To make the return filing process simpler, here are a few things to keep in mind.

Your Queries: INCOME TAX | Inflated credit card bill shown in 26AS? Get bank to rectify it, then file ITR

Payments made by any person aggre-gating to Rs 1 lakh or more in cash or Rs 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a f

The Income-tax department also submitted that the number of returns filed this year has already exceeded by about 6% to 5.95 crore as on January 10, 2021, compared with 5.62 crore as on August 31, 2019 (last date of return filing).

Cryptocurrency Dilemma: How to show crypto earnings in ITR?

There is confusion among many on how the earnings from investments in cryptocurrencies should be disclosed in the ITR as there is no clarity on it.

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Income Tax Return filing: Revised instructions for filing ITR Forms 2, 3, 5, 6 & 7

To help taxpayers and make the ITR filing experience smooth, the Income Tax Department has issued revised instructions for filing ITR forms for A.Y. 2020-21.

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ITR Filing: Claim your tax deductions for the extended period under Schedule DI

The claim for deductions and exemptions under Schedule DI will pertain to the investments a taxpayer wants to make for FY 2019-20.

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Your Queries: Income Tax – You have to pay tax on stamp duty value of property gifted by stranger

However, if any immovable property is received as a capital asset from any person other than a relative, without any consideration, and stamp duty value exceeds Rs 50,000, then such a transaction is l

In the hands of the recipient, i.e., your teacher, the entire stamp duty value of the property on the date of gift will be taxable as income under section 56(2) under the head “Income from other sources”.

Income Tax Return: Problems in ITR excel utilities mar date extension relief

With about three weeks left before the due date of filing ITR gets over on December 31, 2020, unless the issue is resolved quickly or the due date is extended further, many taxpayers may miss the dead

Streamlined Tax Administration: Govt move welcome, but more needed

The Modi government has belatedly taken measures to streamline the tax administration system, which is a much-needed, welcome move. However, much needs to be done.

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Income Tax: Invest in the name of family members

Buying a health insurance policy for your parents or opening a PPF account in your child’s name can help you save income tax

Senior citizens are offered a higher tax deduction of Rs 50,000 and can also claim tax deduction of Rs 1 lakh for medical expenses for specific critical illnesses.

I-T Dept allows revision of declarations filed under ‘Vivad Se Vishwas’ scheme

Issuing a set of FAQs on 'Vivad Se Vishwas' scheme, the Central Board of Direct Taxes (CBDT) also said the scheme cannot be availed in a case where proceedings are pending before Income Tax Settlement

Got lots of gifts on Diwali? Know tax implications

The Income Tax Act deals with the taxation of such gifts which are in the form of cash, movable property or immovable property.

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Are you yet to start investing in tax-saving instruments for FY20-21?

If planned effectively, tax-saving investments can not only help us in saving taxes but can also help in achieving financial goals.

Income tax benefits on EPF contributions and withdrawals: All you need to know

EPF is an excellent tool for salaried to accumulate funds for their retirement. Let us discuss the income tax implications of EPF contributions and withdrawals.

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