Income Tax

Here are the instances that could attract an income tax notice: Using Credit Card For Big Purchases: Payment of credit card bill in cash (Rs 1 lakh or more) or through other mode, such as cheque, bank transfer (Rs 10 lakh or more) in a financial year, then the card…

In the Union Budget 2022, Union Finance Minister Smt. Nirmala Sitharaman Ji introduced a new concept of Income Tax Return i.e. Updated Return as a step towards encouraging voluntary compliance. At present, if the IT department finds that some income has been omitted by the assessee, it goes through a…

The Govt has issued Notification , to mandate online filing of various Income Tax Forms/Reports. Form 27C (Declaration by buyer to obtain goods without TCS ) is also to be mandatory filed online now. Form 27C- for non collection of TCS- is to be filed within 7 days of end…

The Central Board of Direct Taxes has released the Income-tax (26th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified…

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961             On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes…