Income tax

E-PAN | All You Need To Know About The Digital Version Of Your PAN Card

All of us know how important Permanent Account Number or PAN is. It is not only an identity proof but an important document for financial transactions and for filing income tax returns. e-PAN is a valid proof of PAN. e-PAN has a QR code that possesses demographic details of PAN card holders such as the …

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CA Bodies Appeal To Finance Minister To Amend TCS Norms, Extend I-T Return Due Date

MUMBAI: The new provisions relating to tax collection at source (TCS) kick in from October 1. The dire economic situation arising out of the pandemic and certain ambiguities in these provisions has led several CA associations to make a joint representation to the finance minister. When a seller has an annual turnover exceeding Rs 10 crore and …

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IT Department: Can Contact, If You Made High Value Transaction And Not Filled Return (FY 19)

The tax department said in a notification issued on Saturday that it will start an 11-day e-campaign starting from 20 July to reach out to those taxpayers who have done a high-value transaction in the financial year (FY) 2018-19 but have not filed the income tax return. Also, those who have filed the tax return …

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Income Tax Department: Verify ITRs for AYs 2015-16 to 2019-20 by Sep 30

The Income Tax (I-T) Department on Monday gave a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns for assessment years 2015-16 to 2019-20, and asked them to complete the verification process by September 30, 2020. A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it …

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Salaried Employee Opting For New Tax Regime: Clarification on Taxation

Clarification on Taxation for FY2020-21; Effective 1 April 2020 Central Board of Direct Tax (CBDT) has amended Rule 2BB of Income Tax [which prescribes allowances for the purposes of Sec. 10(14)], allows salaried employees opting for new tax regime u/s. 115BAC of Income Tax Act, 1961 to claim exemption u/s. 10(14) in certain cases; Provides …

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New Income Tax Return Forms: What Are New Updates?

NEW DELHI : Bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial year 2019-20 (Assessment Year 2020-21). In a notification, the finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms. The income …

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New Income Tax Slab (FY 2020-2021): Five Incomes Are Exempted

Key Highlights If you are opting for the new tax regime, then you need to know incomes that are exempted from income tax even in the new tax regime. In the private sector, gratuity received due to the death of an employee will be tax-exempt irrespective of any amount. Interest received on post office savings …

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Misreporting or Under Reporting Income: Penalty under Section 270A of Income Tax Act

In a case where the source of any receipt, deposit or investment appearing in the current assessment year is claimed to be an amount added to income or deducted while computing loss, as the case may be, in the assessment of such person in any earlier assessment year and no penalty was levied for such …

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