Income tax payers will not be eligible for Atal Pension Yojana
This rule will be applicable from 1 October
2022. If a taxpayer has joined this scheme
before 1st October, then he can remain
connected to this scheme.
Income tax payers will no longer be able to
join the Atal Pension Yojana launched by
the government to provide guaranteed
pension to the citizens of India.
Single Click Nil Return of GSTR-1
In order to ease the filing of GST returns, the facility of single click for the taxpayer to file GSTR-1 has been introduced on the GAT portal.
- No outward supply.
- No amendment to be made in the supplies reported in the returns filed for the previous period.
- Credit and debit notes should not be declared or amended.
- Advance reports received in respect of services should not be made.
There is a provision for tax penalty
According to the rules of the government, all the tax payers who have not been able to file their return by July 31, still have the opportunity to file income tax. Is. People can file income tax till 31st December. However, after the deadline, people will now have to pay a fine for it. According to the Income Tax Act of 1961, those who pay tax after July 31 will have to pay income tax along with interest under section 234A.
5 Big Things Related To Income Tax Return
- As per Income Tax rules, the deadline for filing ITR for this financial year by individual taxpayers is 31st July. These are the kind of taxpayers who do not require their accounts to be audited.
- The Revenue Secretary said that the general response of the taxpayers is that filing of return forms has become very easy and refunds are also getting faster. The tax department has launched a new I - T filing portal. According to officials, this portal is very strong and can take the extra load.
- Revenue Secretary Tarun Bajaj said, " Last time, we had more than 50 lakh people filing returns on the last date. This time, I have told my people to be ready for 1 crore who will file their returns on the last day.
- In the last financial year 2020-21 (FY21), around 5.89 crore ITRs were filed till the extended date of December 31, 2021. Through ITR, a person has to deposit tax with the Income Tax Department of India. ITR contains information about the income of an individual and the taxes to be paid on it during a particular financial year.
- If the income of a person exceeds the exemption limit, then he has to file tax return. Under the new tax regime, the exemption limit has been fixed at 2.5 lakhs. Under the old regime, the exemption limit is 2.5 lakh for those below 60 years of age, 3 lakh for people between 60 and 80 years (senior citizens) and 5 lakh for those above 80 years (super senior citizens). Lakh.
The last date for filing income tax return is July 31. The government has made it clear that this time no change is being made in the last date of income tax return. In such a situation, file ITR before 31 July 2022, otherwise you will have to pay a fine of Rs 5000.
Deadline will not increase this time
Please note that the last date for income tax increases every year. Last year in the financial year 2020-21, the last date for income tax return was extended from 31 July 2021 to 30 September 2021. After this, it was extended by three months to 31 December 2021.
INCOME TAX NOTICE
If you have not yet filed tax this year, then get active. The last date for filing income tax returns for the financial year 2021-22 is approaching. You only have 9 days left. For what reasons does the notice come? If you come under the purview of tax but do not pay tax, then a notice will come. If you have shown less income during return filing, then notice may come. While filling the ITR return, you have done the calculation wrong, the form is not filled correctly, if you have shown more loss then notice can come. If you have not filled the basic details like name, address, PAN, date of birth etc., even then notice can come.
TAX SAVING TIPS
Tax will not be deducted on earning 10 lakhs, taking standard deduction of Rs 50,000 on earning 10 lakhs, then the taxable income will be 9.5 lakhs. If you save Rs 1.5 lakh under section 80C, then the taxable income will be 8 lakh. 50 thousand rupees from NPS, 25,000 on own health insurance and also on parent's insurance 25,000 can be saved.
RESIDENTIAL STATUS BASIC RULES
- Residential status is required for any person to get taxable income.
- What is the residential status of a person, the rules are different for all the person (Individual, HUF, Company, Firm).
- The residential status is calculated for the "Previous Year" (the year in which the total income is being calculated).
- Residential status is calculated for each "Previous Year", as it is subject to change.
- Any person can be resident in more than one country.
- The citizenship and residential status of any country are different concepts.
File Income Tax Return before 31st July
ITR Forms from ITR 1 to ITR 7 have been issued by the Income Tax Department, the taxpayer should file his return in the applicable ITR Form by 31 July, after which the taxpayer (non audit case) will have to deposit late filing fee.
Carry these documents in ITR filing
|Annual Information Statement
||capital gains statement
|Home Loan Certificates & Other Deduction Proof
||FD interest certificates
SOURCES OF INCOME Under Income Tax Act 1961
|1 Income From Salary
||Salary, Pension, Gratuity etc.
|2 Income From House Property
|3 Income From Business/Professi on
||Business/Professi on Income
|4 Capital Gain
||Profit From Selling Capital Assets (Shares, Property, Gold)
|5 Income From Other Sources
||Interest, Dividend, Family Pension etc.
What is Form 26AS?
The department makes new changes to simplify income tax returns and curb tax evasion. The Income Tax Department has recently issued a new 26AS form, which is a big thing for the salaried person. Actually, through this form, the salaried person can know how much tax has been deducted by his employer. Along with this, information about TDS deducted on the income of retirees and pensioners is also available through this. This form gives our all types of tax deduction details. In the new form, the department has added some more information, which will be useful for the taxpayers. Can prove to be very useful.
New rule of CBDT
Under the new directions of the Central Board of Direct Taxes (CBDT), it has become mandatory for every citizen and professional to file income tax return whether their income falls in the taxable limit or not. As per the new instructions of CBDT, the income tax exemption limit is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh for those in the age group of 60 to 80 years, Rs 5 lakh for those above 80 years of age Also, such businessmen whose sale money is more than Rs 60 lakh or income from payro is more than Rs 10 lakh, they will also have to file a mandatorily return.
DIRECT TAX COLLECTION Direct Tax Collection
In the financial year 2022-23, the gross direct tax collection till 16-06-2022 stood at Rs 3,69,559 crore, which is 40% higher than the previous year.
- Advance Tax -₹1,01,017 crore
- TDS-₹2,29,676 crore
- Self Assessment Tax -₹21,849 crore
- Regular Assessment Tax -₹10,773 crore
- Tax on Distributed Profits -₹5,529 crore
- Other Minor Head Tax -₹715 crore
TDS will be deducted at higher rate in these 2 cases
||For not giving PAN card number
||Applicable TDS rate or 20%, whichever is higher
||For not filing income tax return
||Double the applicable TDS rate or 5%, whichever is higher
The government had a GST collection of ₹
1,40,885 crore in the month of May 2022, which
CGST - ₹ 25,036 crore SGST - ₹ 32,001
IGST - ₹ 73,345 crore CESS - ₹10,502
The government in May settled CGST of ₹ 27,924
crore and SGST of ₹23,123 crore from IGST in regular
Have you also received lottery offer from Income Tax Department?
If you are getting notification of winning lottery in the name of income tax? So you need to be careful, because the Income Tax Department does not make any such offer to the taxpayers. The department has warned about this and said that if you get any such offer, then it is fake.
Entertainment Treatment of Allowance in Income Tax
- If the entertainment allowance is received by the salaried employees, then it will be fully taxable, but some part of it can be deducted in tax by the government employees.
- The amount of entertainment allowance will be first added to the salary of government employees and then some part of it will be deducted in section 16 (ii)
- Out of this the least amount will be exempted
- 1/5 of Basic Salary
- Entertainment Allowance Received
Penalty for wrong PAN or Aadhar
If you provide wrong number of PAN card or Aadhar card in the transactions specified in the Income Tax Act, then you will be liable to a penalty of 10,000 under section 272B, for every time you give wrong information, a penalty of 10 thousand every time. will be charged.
Penalty for wrong PAN or Aadhar
If you provide wrong number of PAN card or Aadhar card in the transactions specified in the Income Tax Act, then you will be liable to a penalty of 10,000 under section 272B, for every time you give wrong information, a penalty of 10 thousand every time. will be charged.
Income Tax Treatment of House Property Losses
- Losses of house property can be set off from the income of any other head.
- Losses up to a maximum of 2 lakh can be set off from the income of the second head.
- They can be carried forward for the next 8 years if the losses are not completely set off.
- If the house property losses were carried forward, then these losses can be set off only from the income of the house property.
- Losses of house property can be carried forward even if the income tax return is filed after the last date.
Salaried employees can take deduction of professional tax
Professional tax paid by salaried employees to
the state government can be claimed as income
tax deduction under section 16(iii).
Section 16(iii) can only claim deduction of
professional tax paid, subject to a maximum of Rs
Required For Tax Refund
If you file ITR, you can save tax on interest earned on savings schemes like term deposits. Tax can also be saved on dividend income. You can claim tax through ITR, if the total income from multiple sources of income exceeds Rs 2.5 lakh, then you can claim the deducted TDS again.
It will be mandatory to give details of PAN or Aadhar number in these transactions.
- On opening a current account or cash credit account in a bank, co-operative bank or post office.
- 20 in one or more accounts in a financial year On cash withdrawal of lakh or more. 20 lakh or more in cash deposited in one or more accounts in a financial year.
9 Cases When It Is Mandatory To File Income Tax Return
- Individual's total income is more than "Basic Exemption Limit".
- Individual has any assets outside India or any account outside India Signing Authority.
- If you have spent more than 2 lakhs for yourself or any other person on traveling in foreign country.
- Deposit of more than 1 crore in one or more current accounts.
- The expenditure on Electricity Consumption should be more than 1 lakh.
- The turnover of the business should be more than 60 lakhs in the financial year.
- The gross receipts of the profession should be more than 10 lakhs in the financial year.
- The amount of TDS and TCS should be 25 thousand or more in the financial year (50 thousand in the case of senior citizens)
- 50 lakh or more deposited in one or more bank accounts.
Don't panic if your PAN card is lost, download E-PAN card like this
Pan Card has become a very important document today. Financial work is now almost impossible without it. From filing Income Tax Return to opening a bank account, starting a business and buying and selling properties, it has now become necessary. Therefore, if the PAN card is lost, then it becomes very difficult. The Income Tax Department provides the facility of electronic PAN card download to the PAN card holders. So if you lose your PAN card then you do not need to panic. You can download E-Pan card in a few minutes sitting at home. Most of the financial institutions accept e-PAN card.
Changes in ITR rules
The government has recently made a big change regarding Income Tax Return (ITR). If your income is less than the basic exemption limit and you have not filed ITR till now, then it is not necessary that you will be able to do so in future also. It is possible that due to these changes, the Income Tax Department may impose a penalty on you for not filing ITR. That is why it is important to know about these changes. According to the changes made by the Income Tax Department, if a person has deposited Rs 50 lakh or more in his savings bank account in a financial year, then it is necessary for him to file ITR according to his income.
Highest GST collection till date in April
The government had a GST collection of rs
1,67,540 crore in the month of April 2022, which
CGST- rs 33,159 crore SGST - rs 41,793 crore
IGST- rs 81,939 crore CESS - rs 10,649 crore
Government settles CGST of rs 33,423 crore and
SGST of rs 26,962 crore in regular settlement from
IGST in April.
Income Tax Update
The Central Board and Direct Taxes have issued a notification related to the updated return filing, according to which the updated income tax return can be filed from the assessment year 2020-21. Updated return to be filed in ITR-U
Reasons for Updating Your Income
- Return Previously Not Filed.
- Income Not Reported Correctly
- Wrong Head of Income Chosen
- Reduction of Carried Forward Losses
- Reduction of Unabsorbed Depreciation
- Reduction of Tax Credit u/s 115JC
- Wrong Rate Of Tax
Highest Direct Tax Collection Till Date
Net Direct Tax Collection (Income Tax and Corporate Tax) for the financial year 2021-22 is the highest till date at ₹14.09 lakh crore as against ₹9.45 lakh crore in the previous financial year 2020-21
RBI made important changes in the sales related to credit cards
By issuing a notification, the Reserve Bank of India has made some changes in the rules related to the issuance and operation of debit cards and credit cards, which will be applicable to all banks from July 1, 2022.
- Only scheduled banks with a net worth of 100 crores or more can issue credit cards, NBFCs registered with RBI can issue credit cards after the permission of RBI.
- The Customer shall not be liable if the Credit Card is issued or the Card is upgraded or activated without the Customer's consent and in case the Customer suffers any loss or fees are charged.
- The credit card issuing bank will also have to provide a factual statement along with the credit card application, which will contain information related to interest rate and other charges.
- Customer care will have to follow the guidelines of TRAI and can be contacted only between 10 to 7 days.
- If the credit card is not initiated within 30 days of issuance, the bank may initiate the process of card activation under OTP from the customer, if the customer does not consent, the card may be closed within 7 days from which no charge will be taken from the customer.
- If the card issued by the card issuer does not reach the customer and if it is misused by someone, then the card issuer will be responsible for it and not the customer.
- Before activation of any card by the bank, this information cannot be given to the credit information company.
- The card issuer has to close the card within 7 days from the date of receipt of the request for closure of the card, otherwise the card issuer will be fined Rs.500 per day, although there should be no outstanding bill remaining on the card.
- If the card is not used for 1 year, the bank will inform the cardholder and if the same is not responded to by the customer, it will be closed by the bank within 30 days.
- Individuals or HUFs opting to pay tax at the new slab rate of income tax have to file Form 10IE.
- Form 10IE is mandatory to be filed in case of income from business or profession (in case of ITR Form 3 or 4 filing).
- Business or Profession will not have to file Form 10IE if there is no income (in case of ITR Form 1 or 2 filing)
Basic Exemption Limit
- On depositing 1 crore or more in current account.
- If the business turnover is more than 60 lakhs in the financial year.
- If the total receipts of the profession are more than 10 lakhs in the financial year.
- For spending more than 2 lakhs in foreign travel.
- If the amount of TDS and TCS is more than 25,000 (50,000 in the hair of a senior citizen).
- 50 lakh or more deposits in one or more savings bank accounts in a financial year.
- If more than 1 lakh is spent on Electric Consumption in the financial year.
INCOME TAX DEPARTMENT
Offline utility for filing ITR-2 for the assessment year 2022-23 has been ‘ENABLED’ can be downloaded by the taxpayer on the income tax portal and filed and submitted on the portal to file his ITR whereas online filing of ITR-1 and ITR-4 has also been started.
Custom Duty On Import Of Cotton
Giving relief to the textile industry and consumers, the government has exempted customs duty on the import of cotton, this notification will be applicable from April 14, 2022. I duty reduced from 5% to NIL Agriculture Infrastructure Development Cess reduced from 5% to NIL
- NIL rate benefit can be availed till 30
Functionality Made Available For Taxpayers
Input tax credit can be claimed only on the basis
of the details of invoice and debit note finished by
the GST taxpayer in GSTR-1, that is, only ITC
available in GSTR-2B can be claimed by the
taxpayer, which is as per GSTR-3B. Table 4 is
auto populated, the limit of 5% plus ITC calculated
earlier by the system has now been reduced to
INCOME TAX DEPARTMENT
Offline utility 'ENABLED' for filing ITR-1 and ITR DAY for Assessment Year 2022-23, can be downloaded and filled by the taxpayer on the Income Tax Portal and file his ITR by submitting it on the portal The online filing of these forms will also be started soon by the department.
In the new ITR forms, information about these 6 things will have to be given separately
- Pensioners will have to tell from whom pension is being received, such as Central, State Government, PSU or other.
- Details of tax deferred on ESOP will have to be given.
- Additional reporting if the interest of provident fund exceeds 2.5 lakhs.
- Additional details for the new tax regime, such as opted in, not selected, out of options etc.
- Additional column for claiming tax rebate on Foreign Retirement Fund.
Details along with the date of transactions of purchase and sale of property, so that exemption of section 54, 54EC, 54F can be availed.
Relief Under Section 89A
If a non-resident person becomes resident in India and his If there is a retirement benefit account in a foreign country, then that Income from account in India on "Accrual" basis will be taxable, but in respect of this income, he has Section 89A of the amount of tax paid Relief can be claimed, for this the taxpayer has to form 10EE will have to be filed, although this relief is only for specified In the countries, the maintenance will be available on “Retirement Benefit Account” only.
Highest till date GST COLLECTION
Highest till date
The government had a GST collection of Rs 1,42,095 crore in the month of March 2022, which includes-
CGST- Rs 25,830 Cr IGST - RS 74,470 Cr
SGST -Rs 32,378 Cr CESS- Rs 9,417 Cr
In March, the government shifted from IGST to regular settlement.
CGST of Rs 29,816 crore and Rs 25,032 Settled SGST of Rs.
Income tax notice.. What happens if you dont respond?
Whatever Disputed Income has been mentioned in the Income Tax Notice, it will be added to your income.
After this your additional income tax + interest will be derived by adding.
Penalty will be charged for not reporting the income mentioned in the income tax notice in your income tax return.
Additional penalty will be levied for not responding to the notice and a demand notice will be sent to you to deposit all these.
FD Q TDS How to get refund if deducted
If your bank pays interest on your Fixed Deposit (FD) but if tax is deducted, then you also get this amount of TDS can get back. There are two methods for this.
- Mention this in the IT return. Income tax department will automatically calculate your tax liability. If no tax is generated then in your bank account this amount will be deposited.
- You fill Form 15G and submit it to your bank. Tell your bank that my salary is not taxable so return the deducted TDS.
By 31st March 2022 Disadvantages of not filing ITR
- No TDS refund claim will do.
- TDS deducted from higher rate chances of.
Having High Value Transactions in Form 26AS or
But there is a possibility of getting a notice from
the Income Tax Department.
DID YOU KNOW ?
If a person charges 20,000 to another person Takes a loan of thousand or more in cash, then that Amount equal to loan in income tax on person Penalty of section 269ss will be imposed. Although the borrower and the giver, both persons only agricultural income and none other than is not taxable income, then it rule will not apply.
LINK YOUR PAN AND AADHAAR
The last date to link aadhar card and pan card is 31st March 2022. By checking Aadhar-PAN card linking on Income Tax website. If the link is not there, it can also be linked on the Income Tax Portal or through SMS to 567678 and 56161.
Format → UIDPAN<space>12digitaadhaar<space>10digitpan
Income tax return status how to check?
After filing income tax return It also has to be verified. Income tax department only after getting it done Begins processing your return How to check return verification and processing status?
1. Visit the Income Tax Online Portal www.incometax.gov.in
2. Click on "income tax return status" under "Quick Links" on the home page.
3. Enter the OTP received on mobile and click on submit button status will be shown to you 4.
After this a new page will open in which the acknowledgment number of the return And enter mobile number. www.onlinetaxwayindia.com
Selling residential house property How to save tax on profit from?
Selling any residential house property Capital gain on profit made Income tax is to be paid in the head, however, if a Second house AY by selling the residential house property If the property is purchased, it can be exempted from capital gains tax under section 54, however tax required way sell house property way kept with you for the last 24 months.
Income Tax Department notice Will inquire before sending
If any income of the taxpayer is exempted from levy of tax, So now the Income Tax Department notices section 148 to the taxpayer. shall before sending a "show cause notice" in section 148A, in which Taxpayer will be inquired by the department, after this inquiry Taxpayer will be given 7 to 30 days to reply The department will decide only on the basis of the reply received from the taxpayer. Whether to send notice under section 148 to the taxpayer.
Income Tax Department Alert
Income Tax Department Alert The Income Tax Department has told that jobs in Group-B and Group-C of the department are issued by Staff Selection Committee ie SSC only. In such a situation, if you also want to do a job in this department, then you will get all the information related to it on the official website of SSC. Don't fall prey to fake jobs by trusting any person.
SECTION 80D The maximum deduction for health insurance...
SECTION 80D The maximum deduction for health insurance policy that can be taken by individuals who are below 60 years of age is Rs 25,000 for self and Rs 25,000 for parents. The maximum deduction limit for individuals above 60 years of age is Rs 25,000. 50,000 will be applicable instead. 9 If an individual is 40 years old and his parents are 65 years old, then in this case maximum deduction of 25,000 for himself and maximum 50,000 for parents i.e. total 75,000 can be claimed by the taxpayer.
GST TAX PAYERS
GST TAXPAYERS Whose Aggregate Annual Turnover For The FY 2020-21 is More Than 2 Crore File Your Annual Return in Form GSTR - 9 for FY 2020-21
The Last Date is Approaching Before Due Date 28th Feb.
2022 Late Filing Annual Return Will Attract late Fee
Tax Audit Limit
Section 44AB of the Income Tax Act 1961 provides for a maximum of 60 tax audits that can be conducted by a Chartered Accountant (CA)
TDS rules on purchase of property
If a person buys a property worth 50 lakhs or more, then he will have to deduct TDS at the rate of 1% under section 194IA.
- Section 194IA
- TDS rate 1%
- TDS will be deducted by the buyer of the property
- TDS will be deducted on cell consideration.
What happens if income tax return is not verified?
What happens if income tax return is not verified? It is necessary to get
verified within 120 days of filing income tax return, if the verification is
not done within this time period, the return will not be considered as filed.
How to get verified?
1. Link Aadhar Card With Mobile Number
2. Through Internet Banking
3. On sending ITR V by signing
4. Through Digital Signature
5. Through Demat Account or Pre-Validated Bank Account.
The budget will be presented on February 1 2022, in which the common man expects
some tax exemption.
1.Steps should be taken to reduce the slab rate of income tax.
2.Along with the limit of section 80C, the deduction of home loan interest should also be
3.Increase the limit of health insurance.
4.Increase the limit of standard deduction available to salaried employees.
5.In addition to section 80C, additional deduction should be
considered for the expenses related to education of children.
6.Increase in tax exemption on long-term capital gains arising from
the sale of units or shares of mutual funds.
Central Board of Direct Taxes (CBDT)
The Central Board of Direct Taxes (CBDT) has issued refund of about Rs 1,59,192 crores to more than 1.74 crores taxpayers from April 1, 2021 to January 17, 2022. Out of which income tax refund of 56,765 crores is related to 1,72,01,502 cases and corporate tax refund of 1,02,428 crores is related to 2,22,774 cases.
Last date to apply for PAN for non-individuals
Budget 2018 amended Section 139A of the Income Tax Act making PAN mandatory for non-individuals such as Hindu Undivided Families (HUFs), Body of Individuals (BoI) and so on conducting transactions of Rs 2.5 lakh or above in a financial year. However, the amendment did not notify the last date to apply for a PAN in order to avoid penalty.
In order to rectify it, the tax department issued a notification to notify the last date such non-individuals must apply for PAN. The last date to apply for PAN in such cases is May 31 of the next financial year. Therefore, for transactions conducted in FY 2018-19, the last date to apply for PAN will be May 31, 2019.
Changes in PAN card application form
The application form to apply for PAN card has undergone changes twice this year. The first change was to include the option of transgender in the forms. PAN card application forms, i.e., Forms 49A and 49AA have been amended to include an option for transgender along with 'male' and 'female'. In addition to that, no supporting documents would be required for proof of gender.
Another major change in the forms is doing away with the mandatory requirement of mentioning father's name. An applicant is not mandatorily required to quote his/her father's name if the mother of the applicant is a single parent. This rule came into effect from December 5, 2018.
Father's name not mandatory for PAN application
If you are going to apply for PAN on or after December 5, 2018, then you will not be required to mandatorily quote your father's name in the application form. This rule will be applicable if the mother of the applicant is a single parent. The application form will now give the applicant an option as to whether the mother is a single parent and the applicant wishes to furnish the name of only his mother.
The Central Board of Direct Taxes (CBDT) has amended the income tax rules relating to it through a notification dated November 18.
PAN becomes mandatory for sending money abroad
The Reserve Bank of India (RBI) has tightened the rules by making PAN mandatory for sending money abroad under the Liberalised Remittance Scheme (LRS). The change was announced this year in the bi-monthly monetary policy statement held in June 2018.
Earlier, PAN was not mandatorily required for current account transactions of up to $25,000. The scheme is used by resident Indians to send money abroad for their children's studies and also to invest in foreign stocks and property.
Standard deduction replaces medical reimbursement and transport allowance
Another major tax change that was announced in the Budget this year is the introduction of standard deduction in lieu of medical reimbursement and transport allowance. The latter two components can be easily seen in our salary slips in the previous FYs.
However, starting from FY 2018-19, they will no longer be mentioned in the salary slips because of change in tax laws. The standard deduction of Rs 40,000 introduced in lieu of these two items can be claimed by taxpayers from their salary income at the time of filing ITR.
No TDS on interest up to Rs 50,000 for senior citizens
In a major relief to senior citizens, the government has inserted a new section 80TTB in the Income Tax Act. This deduction is available at the time of filing ITR. However, along with this, the government has amended the TDS deduction rules as per which no TDS is to be deducted by a bank if the interest paid to a senior citizen starting with the current financial year does not exceed Rs 50,000.
Hike in cess liability
The cess levied on tax payments made by you has been hiked by 1 per cent, from 3 percent to 4 percent. This hike has come into effect from April1, 2018. In addition to that, it has been renamed as 'Education and Health Cess.'
Reduction in time limit to revise your ITR
With effect from April 1, 2018, if a person files ITR, he/she will have time till the end of financial year (i.e., March 31) to correct his/her mistake and file the ITR. Thus, if a return is filed in AY 2018-19, then a taxpayer will have time till March 31, 2019 to correct his/her mistake.
Earlier income tax laws allowed a taxpayer to revise his/her return up till two years from the end of the financial year for which the return is filed which has been reduced now.
Aadhaar mandatory for applying for PAN card
The Supreme Court in its judgement on Aadhaar has upheld Section 139AA of the Income Tax Act. According to this section, it is mandatory for individuals to provide their Aadhaar details while applying for PAN. In addition to that, every individual having a PAN on July 1, 2017 is mandatorily required to link his/her PAN with Aadhaar. The last date to link PAN with Aadhaar is March 31, 2019.
Remember, it is also mandatory to quote Aadhaar number while filing your ITR, as per Section 139AA of the Act.
PUBLIC NOTICE:- For misusing of income tax department name and logo.
Advanced Taxway Services Limited is the Authorized e-Return Intermediary with Income Tax Department. As a result of this, Taxway is authorized to lodge tax return electronically to the Income Tax Department using web service provided by them and provide taxation related consultancy to the citizens of the country. The Income Tax Department Logo used is just to refer to the Taxation Industry. Any misuse of the Income Tax Department Logo on other websites, stationery, visiting cards, ID cards etc is forbidden and is highly advanced against by Taxway Group and Income Tax Department. If any branch or person is misusing this logo, we advise them to stop it immediately.
The proposed model of GST and the rate
A dual GST system is planned to be implemented in India as proposed by the Empowered Committee under which the GST will be divided into two parts:
- State Goods and Services Tax (SGST)
- Central Goods and Services Tax (CGST)
Both SGST and CGST will be levied on the taxable value of a transaction. All goods and services, leaving aside a few, will be brought into the GST and there will be no difference between goods and services. The GST system will combine Central excise duty, additional excise duty, services tax, State VAT entertainment tax etc. under one banner.
New Design of PAN Card with Aadhaar No
New Design of PAN Card with Aadhaar No, Effective from 01-01-2017, New design of PAN card with effect from January 1, 2017, New Design PAN Card with QR Code from 1st January 2017, Paperless Aadhaar based PAN.
ITR 5 for AY 2017-18 is also available for e-Filing
ITR 5 for AY 2017-18 is also available for e-Filing. Other ITRs will be available shortly.
ITR 7 for AY 2017-18 is also available...
ITR 7 for AY 2017-18 is also available for e-Filing, ITR 6 will be available shortly.
A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC),
A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” for the purpose of submission of ITR-V forms and other documents which require physical mode of transmission.