As all of us know there are two parts to our income, one is the basic salary on which we pay tax and the other is the bonus that we get for the hard work that we put into our job. But do we have an effective and legal way to save tax? As far […]
Category: Taxation
All related to different taxations like IncomeTax, GST, International taxations etc.
5 Ways to E- Verify Your Income Tax Return – ITR
Most people skip the process of E- Verify after filing or uploading the return. As per the Income Tax Act, if the assessee doesn’t verify the filed income tax return within a period of 120 days from the date of uploading it then the uploaded return will be deemed to be invalid or null and […]
Blocking of E way Bill – EWB generation facility begin again after 15th August 2021
As you are probably aware of the facility of blocking of E Way bill generation had closed temporarily due to ongoing pandemic as per the CGST Act 2017, In General, the facility of E way bill generation of a person is liable to be restricted when the assesses fails to file their return in form […]
CBDT Further Extends The Due Dates Of Filing Various e-Forms Under Income Tax Act 1961.
CBDT Further Extends The Due Dates Of Filing Various e-Forms Under Income Tax Act 1961. This news is likely to be welcomed by the taxpayers as they can now fill the e-forms even after the due dates and also within the extended time period. (i) The Quarterly statement in Form No. 15CC to be furnished […]
Avoid These 5 Common Tax Mistakes In 2021 While Filing Your Tax Return
Tax time is here. Some of you may be in for a pleasant surprise while others may find themselves in for a rude shock. We all make mistakes and here are the top 5 common tax mistakes and how they can be avoided. This blog covers the five most common tax mistakes that people make […]
WHAT IS INPUT TAX CREDIT (ITC) AND HOW TO CLAIM IT?
Many small businesses often make the mistake of paying their Input Tax without claiming the same as an ITC. This blog talks about what ITC is, how to calculate ITC, how to claim ITC, and what are the important documents required to claim ITC. Meaning of Input Tax Credit ITC-Input tax Credit means the […]
You Will Have to Pay Double TDS from 1st July – Here’s Why?
The income tax department has a new formula to calculate your tax liability from July 1 if you haven’t filed your income tax return (ITR). According to the finance act 2021, if an individual has not submitted an Income tax return for the previous two years and has an aggregate TDS/TCS Credit of Rs 50,000 […]
New ITR Forms for AY 2021-22 are Released
As Financial 2020-21 has completed, the Central Board of Direct Taxation (CBDT) has released the ITR forms for the AY 2021-22. Keeping minimum changes in the ITR forms compared to the previous assessment year (2020-21) with an intention to minimize the compliance burden. The CBDT has announced 7 ITR forms (Form ITR-1 to Form ITR […]
