The Central Board of Direct Taxes (CBDT) has notified rules and forms granting relief from filing tax returns to pensioners above 75 years of age and to authorise their banks to compute and deduct applicable taxes to be paid to the government. The Income-tax (26th Amendment) Rules notified by CBDT shows the manner of making a declaration […]
ITR Filing Relief Rules Notified For Pensioners Read More »
ITR filing is mandatory for all individuals whose income is over Rs 2.5 lakh and is aged under 60 years. Senior citizens, whose annual income is under Rs 3 lakh, are exempted from filing ITR. In the case of very senior citizens above 75, ITR filing is not required if their income comes only from pension and
Top Mistakes To Avoid While Filing Income Tax Return (ITR) For AY 2021-22 Read More »
The Central Board of Direct Taxes (CBDT) on September 9 extended the deadline for filing of income-tax returns for FY 2020-21 to December 31, 2021. This is the second time the ITR filing deadline has been extended – it was previously extended from July to September. A statement released by the Union Finance Ministry read:
Income-Tax: Deadline For Filing Returns Extended Till December 31 Read More »
The Central Board of Direct Taxes (CBDT) recently notified Income Tax rules in which interest income accrued in the provident fund (PF) of a person above a specified limit will be taxed. The rule will be applicable to those making contributions of more than ₹2.5 lakh a year. According to the CBDT, the existing PF accounts
Govt Notifies Rules For Interest On PF Contribution: How It Will Be Calculated Read More »
The Centre has notified new income tax rules under which the existing provident fund (PF) accounts will be split into two separate accounts, to enable the government to tax PF income generating from employee contributions which exceed ₹ 2.5 lakh annually. Central Board of Direct Taxes (CBDT) has issued the rules and separate accounts within the PF
Provident Fund To Be Split Into 2 Accounts – Taxable And Non-Taxable Read More »
The month of September is important as there are five important money tasks that must be completed this month. In case you miss some of these deadlines, you may end up paying a penalty. Here are some important money tasks which need to be completed this month: ITR filing 30 September 2021 is the last
The Finance Ministry on Sunday extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these forms online. “On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with
Govt Extends Deadline For Filing Of Various Forms Under Income Tax Act Read More »
The Central Board of Direct Taxes (CBDT) hereby makes Income-tax (24th Amendment) Rules, 2021 further to amend Income-tax Rules, 1962, in exercise of the powers conferred by clauses (c) and (cd) of section 140 and clause (viii) of sub-section (2) of section 288 read with section 295 of the Income-tax Act, 1961 (43 of 1961).
By Dr. Suresh Surana, Founder – RSM India The Income Tax portal is a crucial interface between the Income Tax Department and the taxpayers of the country. Apart from enabling the users with e-filing of income tax returns, the portal is also used for the purpose of performing other work pertaining to tax assessments such
Income Tax Portal: Redefining Tax Compliance And Assessment Read More »
