Income tax Expert, Author at Taxontips

April 4, 2021 - Updated on October 10, 2021

As we had discussed in our earlier post that Forms for ITR 1 to 7 were made available by Income...

ITR 1 to 7 have been notified by CBDT for AY 2021-22 or FY 2020-21

April 3, 2021

A few months back we had completed filing of ITR for FY 2019-20 and now CBDT has notified ITR for...

Option to Link Aadhar with PAN removed from E-filing website homepage | Due date for Aadhar linking extended | Income tax website on planned maintenance till 10:00 pm

March 31, 2021

As we know today is the last date to link Aadhar and PAN. Further CBDT has introduced penalty for non...

Income tax website not working on the last day of financial year 31.03.2021

March 31, 2021

Today is the last date of the financial year and also the last day for various compliance as mentioned in...

Budget 2021-22 | Live updates | No major tax amendments but market responded positively

Finance bill 2021 passed in both houses or parliament and is now an act | More than 100 amendments | 25 Major amendments of Finance act, 2021

March 29, 2021

Every year our Hon'ble Finance Minister presents Finance bill in the parliament through which necessary amendments are made to the...

Received mail from GSTN “Aggregate turnover being more than Rs. 5 Cr during FY 2019-20” What does this mean?

Get ready to receive notice u/s 148 of Income tax act for various years before 31.03.2021 | Faceless assessment | Online CA consultation

March 29, 2021

In budget, 2021 which is now Finance Act, 2021, there was nothing much for the normal taxpayers but various procedures...

New Form 10A released for registration/ re-registration of Trust u/s 12AB of the Income tax act from 01.04.2021

March 28, 2021 - Updated on April 5, 2021

Section 12AB was introduced by Finance Act, 2020 and was supposed to be applicable from 01.06.2020 which was later extended till...

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

CBDT extends date of application for clause 30C and 44 till 31.03.2022 in Tax audit report

March 27, 2021

"Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962 ('the Rules')...

Manner of making permanent account number inoperative.

Not linking Aadhar with PAN till 31.03.2021 can cost you a penalty of upto Rs. 1,000: Section 234H

March 26, 2021

Due date for linking of Aadhar with PAN is being extended for last 3-4 years and as of now the...

Income tax slab rate for F.Y. 2019-20 i.e. A.Y. 2020-21 is as follows:

Foreign Tax Paid Allowed as Deduction Even if Income not Taxable in India – Case law

March 20, 2021

Tata Consultancy Services Ltd. v. Additional Commissioner of Income Tax, LTU-1, Mumbai (ITA No. 3262/MUM/2017 Dt. 11.11.2020) Facts: The assessee,...

Compliance notices issued by Income tax department to Non-filers

Receiving messages from Income tax department for High Value Transaction | Now GSTR 1 data available on compliance portal

March 18, 2021 - Updated on March 19, 2021

Compliance portal was launched around 2-3 years back and assessee used to receive various notices on compliance portal. In the...

Relief from TDS/ TCS provisions amid Corona Virus Pandemic

New Form 15E notified under rule 29BA for lower TDS deduction by payer deducting TDS of non resident u/s 195(2) and 195(7)

March 17, 2021

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Any payment made by any person to non-resident which is chargeable to tax in India will be liable to tax...

Can a salaried employee show business/ professional income and file ITR 4

Form 12BA, Part B of Form 16 and Form 24Q updated for FY 2021-22 and notified with changes

March 16, 2021

CBDT has notified Form 12BA, Part B of Form 16 and Form 24 for FY 2021-22 with some notifications vide...

New transactions included in SFT reporting for income from listed securities | Now get Pre filled ITR

March 14, 2021

SFT i.e. specified financial transactions are covered under section 285BA and various specified transactions are covered under rule 114E of...

Now Youtubers in India will get even less amount from Youtube | 24% Tax withholding by Youtube in USA