The Central Board of Direct Taxes (CBDT) notified a 9-member committee headed by a Principal Chief Commissioner rank officer to roll out

Filing Goods and Service Tax Returns-1 (GSTR-1) GSTR-1 to be filed by the taxpayer with annual aggregate turnover up to Rs. 1.5 Crore by following dates: Period Date July- September 31ST December 2017 October-December 15th February 2017 January – March 30th April 2017   GSTR-1 to be filed by the taxpayer with annual aggregate turnover more than … Continue reading “Revised late filing penalty and last date to file GSTR-3B and GSTR-1”

In September, Central Board of Direct Taxes (CBDT) directs corporates and professionals to drop the proposal to submit their tax payment estimate for next 2 quarters in advance. CBDT came up with a draft notification directing companies with annual income of Rs. 1 Crore and professionals with Rs. 50 Lakh income per annum to report … Continue reading “CBDT may drop plan to look corporate taxes in advance”

The Income Tax Department has selected 20,572 Income tax returns for detailed investigation. Reason being there were discrepancies in income before and after demonetization. Moreover, as per an official, the department has identified 1 lakh cases of tax evasion for detailed investigation. The I-T Department initiated the first phase of the Operation Clean Money+ on … Continue reading “Detailed investigation by Income Tax Department for 20,572 Income Tax Returns”

The Government has given clearance for deduction of tuition/school fees paid for the education of children. The summary for the same is as follows: Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for one’s children. Each parent can claim … Continue reading “Clearance for Deduction of Tuition/School fees paid for education”

Central Board of Direct Taxes (CBDT) decided to boost the deadline for e-filing of income tax returns for those taxpayers who file audit reports for Assessment Year (AY) 2017-18. Taxpayers and professionals appealed to authorities through several modes to extend the last date for tax audit reports. Reason being, deficiency of clerical staff at chartered … Continue reading “Date extended for ITR/Tax Audit Reports for ay 17-18 to 7 Nov, 17”

There has been certain spread around on payment of service tax after June 30, 2017. The issue has been clarified by Central Board of Excise and Customs (CBEC) on a consulting circular dated September 28, 2017. The CBEC has clarified that case where service was received and payment was also paid before July 1, 2017, … Continue reading “Payment of Service Tax in Transitional Period Clarified”

Up to September 22, 2017 taxpayers were able to link a single contact number for more than 3 accounts on the ITR-Filing portal. The Government on the other hand on September 22 made it obligatory for all users to update their contact details which included personal and secondary e-mail, mobile number, address and bank account … Continue reading “Filing ITR? No need to update the Contact Details”

Many startups, Small and Medium Enterprises (SME’s) keep toiling between tax regimes to comply with their provisions. To clarify their issues the Government of India has finally made operational it’s much awaited Compositional Scheme for 2017-18. Under the scheme, businesses only dealing in goods and restaurant sector taxpayers whose annual turnover is below Rs 75 … Continue reading “What is Composition Scheme and Benefits?”

The Central Board of Direct Taxes, the decision making body under section 119 of the Act, in respect of all assesses covered under clause (a) of Explanation 2 to sub-section 139 of the Act, has extended the due-date for filing the return of income as well as various reports of audit restricted under the Income-Tax … Continue reading “Due-date Extended for Filing ITR (Audit)”

In fiscal year 2016-17, 2.82 million people filed income tax returns. The tax department said on Monday that the number of filing of returns has increased by 25 percent after the ban.

The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017. Source: http://economictimes.indiatimes.com/articleshow/59845318.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Several steps are being taken after the ban on black money to tighten the currency. Now the Income Tax Department is engaged in identifying those who make changes in ITR after the ban, after which they will be examined.

The Narendra Modi government at the Center had said in February this year that the delay in filing an Income Tax return was a maximum of Rs 10,000. However you do not have to worry about it anymore. This plan will not apply this year, but from 1st April next year.

The Finance Act, 2017 inserted Section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment