Article Feature Post GST GST Act/Rule GST Article Income Tax Latest Tax News & Updates Tax Article Tax News

GST and Income Tax Compliance Calendar – September 2020

GST and Income Tax Compliance Calendar – September 2020 Due Date Return/ Compliance Remarks 11th Sep-20 GSTR-1 (Aug 20) GST Monthly Return of Outward Supplies 12th Sep-20 GSTR-2B (Aug 20) Auto Drafted ITC Statement available for download 20th Sep-20 GSTR-3B (Aug 20)   GST Return Taxpayers with Turnover More Than 5 Crore 1st October, 2020 GSTR-3B […]

Article F&Q Feature Post Income Tax ITR Latest Tax News & Updates Tax Article Tax News

Can a Income Tax return be filed after the due date of ITR ?-Under Section 139(1)

Can a Income Tax return be filed after the due date of ITR ? Can Income Tax Return be filed after due date:- Income Tax Return which has not been furnished on or before the due date specified under section 139(1) of Income Tax Act is called belated return. Belated return of income is furnished […]

Article F & q F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article Tax News

Penalty on receipt of an amount of Rs. 2 lakh or more in cash

Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST of Income Tax Act (as inserted by the Finance Act, 2017 with effect from 1/4/2017) provides that no person shall receive an amount of 2,00,000 Rupees or more, — 1.in aggregate amount from a person in a day; [As […]

Article F & q F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article

What is the meaning of inter-head adjustment in Income Tax ?

What is the meaning of inter-head adjustment in Income Tax? ​​​​​​​​After making intra-head adjustment (if any) the next step is to make inter-head adjustment in Income Tax. If in any year, the Income taxpayer has incurred loss under one head of income and is having income under other head of income, then he can adjust […]

Article F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article

What is assessment under section 143(1)? || Scope of assessment under section 143(1)

What is assessment under section 143(1)? ​​​​​​Scope of assessment under section 143(1) ​​Assessment under section 143(1) of Income tax Act is like preliminary checking of the return of income. At this stage no detailed scrutiny of the Income tax return of income is carried out. At this stage, the total income or total loss is computed after […]

Article Feature Post Income Tax Latest Tax News & Updates Notification Tax Notification

Due Dates Extended various time limits under Direct Tax & Benami laws)

Thanks for extending the last date for ITR Assessment year 2019-20 (Finanicial year ending 31/03/2019) to 30th Sept. 2020. Due Dates (Extension of various time limits under Direct Tax & Benami laws) Extended by the CENTRAL BOARD OF DIRECT TAXES on 24th  June 2020 vide Income Tax Notification No. 35/2020-Income Tax. Particular Extended Due Date/Waiver […]

Article F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article

Can a Income Tax return be filed after the due date? || If I fail to furnish my Income Tax return within the due date, will I be fined or penalized?

Can a Income Tax return be filed after the due date? ​​Return of income which has not been furnished on or before the due date specified under section 139(1) of Income Tax Act is called belated return. Belated return of income is furnished under section 139(4) of Income Tax Act. Any person who has not […]

Article F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article

Best judgment assessment under section 144 of Income Tax Act 1961

Best judgment assessment  under section 144 of Income Tax Act 1961 What is assessment under section 144? ​​​​​Assessment under section 144 of Income tax act (called best judgment assessment) is an assessment carried out as per the best judgment of the Assessing Officer. Best judgment assessment is resorted due to ​certain failures (specified under ​ […]

Article F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article

What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment?

What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment? In case of Assessment under section 143(3) of Income tax act, a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the return of income. […]

Article F&Q Feature Post Income Tax Latest Tax News & Updates Tax Article Tax News

Which Income Tax appeals (Income tax appeal pending) are covered under the Vivad se Vishwas?

Which Income Tax appeals (Income tax appeal pending) are covered under the Vivad se Vishwas Scheme? Vivad se Vishwas Scheme Detail Pdf Income Tax Appeals pending before the appellate forum [Commissioner (Appeals), Income-tax Appellate Tribunal (ITAT), High Court or Supreme Court], and writ petitions pending before any High Court or Supreme Court  or special leave […]