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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So now rich people in India will be taxed more to deal with the corona epidemic?

Income Tax Return

American economist and Nobel Laureate Joseph Stiglitz said that the money should be spent in high impact areas rather than low impact areas and increase taxes if you do not have the resources because your (India) There are many billionaires here. US economist and Nobel Laureate Joseph Stiglitz said on Monday that if the Indian government failed to raise the necessary funds to combat the Covid-19 pandemic (Coronavirus Pandemic), it would be richest. People should raise resources by taxing them. He said that the Government of India should not step…

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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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Nirmala Sitharaman speaks about a special meeting to be held in July to discuss State compensation.

Nirmala Sitharaman

There is no denying the fact that these are uncertain times and the government is feeling the heat as the national economy takes a dramatic hit. To palliate the blow faced by the economy, Nirmala Sitharaman, Union Finance Minister said on Friday that there will be a meeting held next month. The agenda of this meeting is to mainly discuss the compensation to states.  Sitharaman said that the Goods and Services Tax (GST) council will discuss borrowing to compensate states and ideally who will pay it back.  The minister said,…

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Indian taxman will watch your big transactions!

Taxes on Big Transactions

In an attempt to achieve the projected growth rate of 12.7% for FY21, the Income Tax department of India is devising ways and means to make the tax collection system more efficient and to increase the number of taxpayers.  Recently, the Chairman of the Central Board of Direct Taxes, Mr. P.C. Mody has said that now the department will be closely monitoring high-value transactions made by the taxpayers. This step will also curb the tax evaders and help CBDT in achieving its goal of higher tax collection.  Increased use of…

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India’s first tax fall in two decades

Indian Tax

As recently claimed by many tax officers, the country’s income tax and corporate tax collection for 2019–2020 is highly to hit its first fall, which will be the first tax fall in the last two decades. Prime Minister Narendra Modi and the BJP government were aiming for direct tax collection of over Rs. 13.5 trillion (nearly $189 billion). For the financial year of 2019 to 2020, the government was targeting nearly 17% increase on the total collection of Rs. 11.5 trillion collected for the previous financial year. However, India is…

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