Income Tax & TDS: Updates

The CBDT issued clarification in respect of direct tax under Vivad se Vishwas Act, 2020, wherein the Board has extended the timeline for making payment without additional amount till March 31, 2021. The Vivad se Vishwas Act, 2020 was enacted by the government with the objective to reduce pending income tax litigation, generate timely revenue for […]

Sukanya Samriddhi Scheme for girl child has been launched by Prime Minister Narendra Modi and the Central Government for better future of daughters of the country. Through this scheme till date, accounts of lakhs of families across the country have been opened in the post office. Under Sukanya Samriddhi Scheme, the account of two daughters

The Central Board of Direct Taxes ( CBDT ) has extended the due date of furnishing of Income Tax Returns and Audit Reports 31st January, 2021. In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain

New Delhi: The income tax return filing deadline is near. Generally, the last date to file ITR is June 30, however, this year the deadline has been extended multiple times to offer some relief to assessees amid coronavirus pandemic. Keeping in view the fact that getting all documents ready might be a little difficult in the

The Government has introduced two new deductions namely deduction for interest on affordable housing loan and deduction for interest on electric vehicle loans for the taxpayers who earned the income during the financial year 2019-20. Firstly, the deduction for interest on affordable housing loans can be claimed under the newly inserted Section 80EEA of the Income Tax.

Visit the website of the Income Tax Department www.incometaxindiaefiling.gov.in First of all, to file ITR, keep your PAN, Aadhaar, bank account number, investment details and its proof / certificate, Form 16, Form 26AS and so on, as it will be filled out from all these information. To file ITR, you should know which category of

After you have uploaded or submitted your ITR (income tax return) on the income-tax (I-T) e-filing portal, you get 120 days to verify your return. If you fail to verify your tax return within this stipulated time, then it is considered invalid as per current I-T laws. A return may be verified either by sending

When senior citizens are not required to file their ITR? In India majority of older persons face financial hardship in old age as most of them are not in a position to earn their livelihood. Their savings, if any, are not enough to meet their day to day, particularly the medical expenses. Older persons with