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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Big discount to Filing income tax return payers, CBDT extends the deadline till November 30

File Income Tax

Returns for any financial year are filed in the assessment year. Like assessment year FY2019-20 for FY2018-19. Income tax returns are big news for those filing. CBDT has extended the date of filing of return for the assessment year 2019-20. In a statement issued by CBDT, it is said that in view of the difficult situation of Covid-19, taxpayers are being given further relief. The last date for filing the ITR for the assessment year 2019-20 has been increased from 30 September to 30 November. Even before this, the CBDT…

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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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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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