IT major Infosys said that some of the glitches that impacted the seamless operation of the new Income Tax e-filing portal have been addressed and these were related to filing forms, e-proceedings, KYC-related issues and instant payment among other areas. Close to 100,000 IT returns have been filed so far.
Even during the second wave of COVID-19, direct tax collection has nearly doubled in FY22 so far, compared with the same period in the previous fiscal year. Direct tax collection was ₹1.62 lakh crore up to June 11, 2021, 85% higher than ₹87,700 crore collected during the same period in FY21.
The unusual move, which has surprised those suspected of having undisclosed foreign assets, is aimed to quicken tax collection and build a stronger case that would stand the scrutiny of appellate bodies when taxpayers challenge the assessment orders. The procedure would be similar to the one followed by Central investigation agencies like CBI & Enforcement Directorate.
Finance Minister Nirmala Sitharaman on Tuesday asked Infosys and its Chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints. Infosys in 2019 was awarded a contract to develop income tax filing system to reduce processing time.
The Income Tax Department will on Monday launch a new e-filing portal to further ease the filing of income tax returns. The e-portal, which, the CBDT in a press release said, will provide a “modern, seamless” experience to taxpayers. The press release clarified that the new tax payment system will be launched on June 18, after the advance tax instalment date.
Link your Aadhaar with PAN, Link PAN and Bank account and Declare Tax saving investments. At the start of the fiscal year, employees should make declarations regarding the investments they plan to do during the year. If you don't have a taxable income then you need to submit 15G/15H form with your bank to avoid TDS deduction on the interest earned.
RBI in the year 2018, banned all banks from dealing in such currencies but a Supreme Court order reversed such ban because of the plea filed by Internet and Mobile Association of India. Because of any regulation or law being absent here, the business of dealing in cryptocurrencies is protected under Article 19(1)(g) of our Constitution that guarantees right to carry on trade, occupation or business.
Even an under assessment or otherwise is a ground for reopening of assessment. In the present case, any erroneous claim made resulting under assessment would constitute a ground for reopening of assessment by the Assessing Officer by invoking Section 147 of the Act. Failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment is a ground of reopening of assessment.
ITAT has held that the cost of Parking Space provided to Shop Owners / Office Owners of Mall by a developer is an expense and should not be carried as WIP. The assessee has incurred a cost of the project for providing the parking space to the shop owners, which was a commercial obligation on the assessee.
An extension has been provided for the issuance of TDS certificate in Form 16 from June 15 to July 15 to employees post extension of due date for filing of TDS return. A similar extension is not yet provided for the issuance of TDS certificate in non-salary cases. Thus, banks are required to issue Form 16A (TDS certificate for tax deducted on interest) by June 15, 2021
Every individual or HUF can claim a deduction from their total income under section 80D for medical insurance premium paid in any given year. The deduction benefit is available for a health insurance plan for self and to cover spouse, or your dependent children or parent. The deduction amount is Rs. 25,000 however for senior citizens the amount is Rs. 50,000.
The new tax regime offers lucrative slab rates to reduce the impact of taxation, while it increases the total income by removing various sorts of deductions from the income like standard deduction, chapter VI-A deductions etc. This sadly leaves us with no specific formula or equation through which the tax regime which should be opted for can be calculated.
Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”. Certain expenditures incurred for the purpose of earning the income are allowed as deduction.
If the amount required for exemption under section 54F has been properly invested in the new house, the claim cannot be denied simply because the construction was not completed within the period of three years. The assessee earns exemption under section 54F notwithstanding that he may continue to invest more on such new house beyond the given period.
In a case where foreign travel is conducted in course or enhancement of business, it shall be allowed for income tax purposes. Travel for the purpose of meeting foreign distributors to ascertain how their showrooms are maintained backed by letters written to such dealers before visiting them coupled with board approval of such foreign travels is considered as substantial proof.