Income Tax Return Due Date Extend for FY 2018-19
Due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due dt for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September,...
E-invoice mandatory if Turnover exceeds ₹20 crores wef 01.04.2022
CBIC made E-invoice under GST mandatory for registered persons having aggregate turnover above ₹20 crore in any of the previous years from 01st April 2022. The existing limit of 50 crores has been reduce...
Notice Under Income Tax
You can get a tax notice for many reasons. These could include not filing income tax return (ITR) on time, calculation errors, not reporting income correctly or even claiming excessive losses.The income tax department...
Importance of filing Income Tax Return (ITR)
ITR for FY 2019-20 (AY 2020-21) Due Date is 30th November.
Importance of filing income tax return
An income tax return is a legal document that stands as your proof of income. Even if you are...
Income Tax Saving (Deductions on Section 80C , 80D and others)
Deductions Available under Chapter VI of income tax
Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income on account of various...
ITR filing of deceased person
ITR filing of deceased person:
In order to file the ITR of the deceased in the capacity of a legal heir, the first step is to register oneself as a legal representative of the deceased...
CBIC further extends the due date for filing Form GSTR 4 for the FY...
As per the recent tweet of the Central Board of Indirect Taxes and Customs (CBIC), the Last date for filing Form GSTR 4 for the FY 2019-20 has been extended to October 31, 2020.
Source:...
Income Tax Implications on Freelancers
- Mandatory ITR if Gross Income exceeds INR 2.5 Lakh
- Advance Tax liability if Tax is above INR 10000.
- Every professional service rendered by you is subject to 10% TDS. Like every salaried individual,...
New Income Tax Regime vs Old Tax Regime
For the financial year 2020-2021, every individual has the option either to continue with existing tax rate where exemptions and deductions can be claimed or to opt out for new tax regime where the rates...
