In view of difficulties reported by the taxpayers and other stakeholders in electronic filing of various Reports of Audit, CBDT has extended time limits of certain compliances under Income Tax. Some of the important points are highlighted here: Return of Income for Certain Assessees for the Assessment Year 2021-22 The due date of Filing Return of Income for…
Read moreComparative Analysis of Section 194Q and Section 206C(1H)
Income Tax – Extension of Time Limits
In view of difficulties reported by the taxpayers and other stakeholders in electronic filing of Income-tax returns and various Reports of Audit, CBDT has extended time limits of certain compliances under Income Tax. Some of the important points are highlighted here: 1. Return of Income of Regular Assessees for the Assessment Year 2021-22 The due date of furnishing…
Read moreIncome Tax – Extension of time limits for electronic filing of various forms
In view of difficulties arising due to technical glitches in the Income Tax e-filing portal, CBDT has extended time limits for electronic filing of various Forms under Income Tax. 1. Furnishing of Form No. 10A The application for registration / intimation / approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to…
Read moreIncome Tax – Extension of time limits
In view of difficulties arising due to resurgence of Covid-19, CBDT has extended time limits of certain compliances under Income Tax. 1. Return of Income for the Assessment Year 2021-22 The due date of furnishing of Return of Income of Regular Assessee for the Assessment Year 2021-22 has extended to 30th September 2021(previously 31st July 2021). 2….
Read moreDue Date Statement of Financial Transaction (SFT) -Form 61A 31st May 2017
As per Section 285BA every person who is responsible for registering or maintaining books of account or other document as regards any specified financial transaction or reportable account, to furnish a Statement of Financial Transaction (SFT-Form 61A) to the income-tax authority on or before 31st May 2017. Following are the some of the specified Financial…
Read moreQuoting of Aadhar in return of income isn’t mandatory for non-resident and super senior citizen
The Finance Act, 2017 had inserted a new Section 139AA under the Income-tax Act, 1961 requiring every person to quote Aadhaar number in the return of income with effect from 1st day of July, 2017. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can…
Read moreKey Features – File Validation Utility (FVU) version 5.2 wef 17-09-2016
Addition of new fields for Form 24Q-Q4 under Annexure ll (i.e. salary details) as below: Aggregate rent payment exceeds rupees one lakh during the previous year: – The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards. – If the rent payment exceeds rupees one lakh, in such case,…
Read moree-TDS/TCS Return Preparation Utility Ver. 1.5 for Regular & Correction
New e-TDS/TCS Return preparation Utility Utility Version 1.5 is released by NSDL with effect from 13th April 2016.
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