Income Tax Dept to Launch New ITR Filing Portal on June 7:New Features and Benefits

Income Tax

The Income Tax (I-T) Department is going to launch a new ‘taxpayer friendly’ income tax e-filing portal – www.incometax.gov.in, on June 7, 2021, as the Central Board of Direct Taxes mentioned earlier this month that all the existing portals will be out of service for a period six days beginning next month, that is from June 1 to June 6. On May 19, Income Tax Department announced that the transition from the old website – www.incometaxindiafiling.gov.in to the new – www.incometax.gov.in will be completed and will be fully functional from…

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Now you can lodge tax evasion complaints online, win rewards up to Rs. 5 crores: CBDT

CBDT

Complaints regarding tax evasion, undisclosed foreign assets, anonymous possession of properties by a company or an individual can now be filed online. The Central Board of Direct Taxes (CBDT) informed on Tuesday that the Income Tax Department has launched an online window to make such complaints. According to the Central Board of Direct Taxes, which outlines various policies for the Income Tax Department, a portal under the title ‘Submit Tax Evasion Petition or Benami Property Holding’ has been activated on the department’s e-filing portal. (www.incometaxindiaefiling.gov.in) The Central Board of Direct…

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Latest Updates on ITR Filling of Year 2019-2020

ITR

This year has been pretty hectic not because of work but how the pandemic has pushed our life in a shell. ITR filling usually happens in the first quarter of the year but due to COVID it has shifted twice from its original date and now the final date emerges for ITR filing for the year 2019-20 is decided to 31st December 2020. ITR Filing is mandatory for people who earn the following amount: Despite the section 87A which has reduced the tax liability of the person to zero who earns up…

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Changing Photo On a PAN Card Has Never Been This Easy, Check How?

PAN Card

PAN card is one of the most important documents an Indian National can have and it is used to track the financial record of the citizens of the country. Without having a PAN card, it will be impossible to do any banking related activity or even open a simple account. Thus, it is needed by all. Now, if you’re PAN details are not correct then again it’s a blunder as your application will keep on getting rejected at points in time. Also, for changing the photo and signature on the…

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Income Tax Filing mistakes: Avoid these errors while filing returns or you may get a notice

Tax Return

While claiming deductions, it is important to have proper knowledge of tax rules. Getting a tax notice, that too after paying taxes and filing the ITR, is the last thing you would want. But it happens. Over the last few years, income tax return (ITR) filing has become a completely online process. However, as you are required to fill various details and follow different steps while filing your ITR, there are chances of making mistakes or filling the wrong information. For instance, you may choose a wrong ITR form altogether,…

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Government extends the deadline further to file ITR of FY 2018-19

ITR

For FY 2018-19, the Income Tax Department has extended the deadline to file belated/revised income tax returns (ITR) from 30 September 2020 to 30th of November, 2020. This announcement was made public by the official twitter handle of the Income Tax Department of India. Income Tax Department has stated that the decision was taken due to the current pandemic situation and the genuine difficulties faced by the taxpayers. Further, the CBDT will extend the deadline for drafting of belated & revised ITRs for the assessment year 2019-20 to 30th November, 2020 from 30th…

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Top 5 announcements on EPF and income tax made by FM Nirmala Sitharaman

new-epf-announcement-nirmala

To deal with the COVID-19 pandemic Indian government has announced an Rs.20-lakh-crore economic stimulus package. This is designed after consulting with many stakeholders and is aimed to mitigate the impact of COVID-19 on the current economy of the nation. Top 5 announcements on EPF and income tax Taking ahead PM Modi’s vision of a “self-reliant India”, the honorable Finance Minister Nirmala Sitharaman made a series of important announcements with regards to personal finances measure to boost the economy. Here are the top five important announcements you should know: The deadline…

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5 changes in Income tax rules

New Income Tax rules

The new Financial Year 2020-21 (FY 2020-21) will see five changes in the Income-tax rules, which is in accordance with the budget presented this year. These changes were declared by the Finance Minister Nirmala Sitharaman. The Income Tax Department has given relief and extended the last day of filing the taxes to June 30th. This extension has come into effect due to the COVID-19 crisis, which has paralyzed the country and its financial machinery.  In FY 2020-21, the taxpayers can choose from any of the two income tax regimes declared…

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New Income Tax rules for FY 2020-21 wef April 2020

New Income Tax rules

On February 1st the Finance Minister Ms. Nirmala Sitharaman had introduced certain changes in Income Tax rules, which will come into effect from 1st April 2020. The new financial year has started from April 1st. In Financial Year 2020-21 taxpayers will have an option to choose from the two tax slabs declared by the Finance Minister. One may opt for the old tax slab or choose to switch to the new tax slab. The new tax regime appears to be heavily loaded for investors in higher tax brackets and may…

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