FACELESS INCOME TAX ASSESSMENT SCHEME Faceless Income Tax Assessment is a new system of income tax assessment introduced by the Indian government in 2020. It is designed to make the assessment process more efficient and fair, while also reducing face-to-face interactions between taxpayers and tax officials. Under the faceless assessment system, all communication between […]
Yes, that is correct. The due date for filing a belated ITR for the FY 2021-22 is December 31, 2022. It’s important to note that belated ITR can only be filed if the taxpayer has missed the original due date for filing their return, which is usually July 31 of the following year after the
Faceless income tax assessment is a system of conducting income tax assessments in India in a fully automated and faceless manner. The faceless assessment system aims to eliminate the interface between the taxpayers and the tax officials, and to reduce the scope for discretion and subjectivity in the assessment process. FACELESS INCOME TAX ASSESSMENT The
ITR-A FORM FOR MODIFIED TAX RETURN FILING The CBDT) has issued a notification announcing the use of Form ITR-A for the filing of revised returns by a successor entity in the event of a business reorganization. The CBDT has also specified that, under Section 170A, the successor entity must file their income return using Rule
CBDT issues circular regarding TDS on salaries.Your salary from your employer is considered “income” and falls under the category of “salary.” Your employer is responsible for deducting tax at the applicable income tax rate from your salary based on your estimated income for the current financial year TDS ON SALARIES UNDER SECTION 192 FOR THE
Common ITR Form issued by CBDT in India for taxpayers to file their income tax returns. The CBDT issues various types of ITR forms for different categories of taxpayers, such as individuals, Hindu Undivided Families (HUFs), companies, and trusts, and each form is designed to capture specific information relevant to that category of taxpayer. EVERYTHING
Section 194N under IT Act was introduced in the 2019 Union Budget and came into effect from 1st September 2019. It is a new provision that applies to certain specified persons, including banks, co-operative societies and post office, and it requires them to deduct tax at source (TDS) at the rate of 0.5% on cash
Rule132 under Income tax in India is related to the maintenance of books of account and other documents. This rule applies to taxpayers who are required to maintain books of account and other documents under Section 44AA of the Income Tax Act, 1961. RULE 132 UNDER INCOME TAX AND THEIR IMPORTANCE The Central Board of
TDS Return is a statement that needs to be filed by an entity (deductor) who is responsible for deducting tax at source (TDS) from a payment made to another entity (deductee). The TDS Return needs to be filed on a quarterly basis. TDS RETURN AND THEIR TYPES OF CORRECTION What is TDS return? TDS stands
CBDT CONDONES DELAY IN FILING FORM 10A As per the provisions of the Income-tax Act, 1961, Form 10A was required to be filed electronically by 30.06.2021, which was extended to 31.08.2021 and further extended to 31.03.2022 by Circular No. 16/2021 In view of the representations received by Central Board of Direct Taxes (CBDT) and with
KARNATAKA PROFESSIONAL TAX Professional Tax is not a tax that is applicable to professionals only, it is a tax that is applicable to all kinds of professions, trades, and employment and is based on income. Professional Tax in the State of Karnataka is administered by the “Karnataka Tax and Profession, Trade, Callings, and Employment Act,
Double Taxation Avoidance Agreement is a tax treaty signed between two or more countries to help avoid the burden of double taxation for taxpayers in those countries. The agreement is meant to provide relief from double taxation by defining the tax liability of an individual or a company in each country, and to prevent fiscal
Legal Suvidha has been a one-stop Compliance Provider for all start-ups and entrepreneurs.
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We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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