Since tax is deducted from most of the payments, recipient of such income like salaries and interest on bank deposits are under the impression that they are not required to file their income tax return (ITR). Payment of tax and filing of an ITR are two separate and distinct legal obligations indep...

The intricacies of the tax system are something that many books have been written about. If there’s a takeaway from it, it is this: when it comes to taxes, we give what we must and save what we can. It is our duty as citizens to file our taxes accurately and responsibly. We must also plan [&helli...

The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64...

Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 20th May 2021 extended the […]...

Revised Rule 12 of Income Tax Rules are applicable from 01.04.2021  i.e. for Income Tax Return of Assessment Year 2021-22 and Financial Year 2020-21. Rule 12 -Return of income and return of fringe benefits. 12. (1) The return of income required to be furnished under sub-section (1) or sub- sect...

The last date for filing income tax returns for the financial year 2020-21 has been extended till September 30, 2021, which was earlier July 31. You can use this period of two months for better tax planning. We are going to tell you about some tax deductions, which you can claim on your investments,...