T P Jain & Co.

02/02/2023

Budget 2023 Live Updates: Finance minister Nirmala Sitharaman announced a number of changes in the income tax slabs in the new tax regime. If we incl

13/05/2022

Issuing an instruction on implementation of the apex court judgement regarding notices sent beyond the three-year reassessment period, the department said that for FY16 and FY17 where the timeline for issue of such notices falls within the 3 years, tax officers will issue show-cause notices and prov...

13/05/2022

DGARM, set up in 2017, to provide taxmen intelligence inputs and data analysis to identify, track and profile tax evaders, is also key to national policy formulation and targeted action by the investigation wings of the Central Board of Excise and Customs (CBEC). It is learnt that the revenue depart...

13/05/2022

Under complete scrutiny, a detailed scrutiny of the return of income is carried out by tax officers to confirm the genuineness of various claims, deductions, etc made by the taxpayer.

20/02/2022

Attention GST Taxpayers Whose Aggregate Annual Turnover for the FY 20-21 is More Than Rs.5 crore!

Pay attention to the GST. Taxpayers with a yearly turnover of more than Rs.5 crore in the financial year 2020-21.

Before February 28, 2022, file your Annual Return in Form GSTR-9, together with a self-certified Reconciliation statement in Form GSTR-9C.

Read more at:

Attention GST Taxpayers Whose Aggregate Annual Turnover for the FY 20-21 is More Than Rs.5 crore!

09/09/2021

Income Tax Return filing deadline extended to December 31, 2021
The CBDT on Thursday further extended the deadline to file Income Tax Returns for fiscal year 2020-21 to December 31, 2021 on account of technical glitches on the new e-filing portal.
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Aishwarya Paliwal
New Delhi
September 9, 2021UPDATED: September 9, 2021 20:29 IST

Last date of Income Tax filing further extended to December 31, 2021 (File photo)

The Central Board of Direct Taxes (CBDT) on Thursday further extended the deadline to file Income Tax Return (ITR) for fiscal year 2020-21 to December 31, 2021. The deadline has been extended for a second time on account of technical glitches on the new income tax e-filing portal.

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"On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22," the official Twitter handle of the CBDT tweeted.

According to the CBDT circular, “The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was July 31, 2021, under sub-section (1) of section 139 of the Act, as extended to September 30, 2021, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to December 31, 2021.”

Additionally, the due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is September 30, 2021, as extended to October 30, 2021, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to January 15, 2022.

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The new e-filing portal, www.incometax.gov.in, was launched on June 7. It got off to a rocky start as taxpayers and professionals reported experiencing glitches and difficulties right from the get-go.

Infosys was awarded the contract to develop the portal. The finance ministry had on August 23 "summoned" Infosys CEO Salil Parekh to explain why issues continued to plague the portal developed by the software major.

Earlier, several taxpayers who filed their ITR for the year 2020-21 after July 31 were charged late fees and interest, despite the deadline being extended till September 30, 2021.

e-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries

25/04/2021

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Income Tax Department Alert: The Modi government has extended deadline for various time barring dates from April 30 to June 30. The decision has been taken in the view of raging Covid 19 pandemic.

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"In view of the severe Covid-19 pandemic and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today," said Ministry of Finanace in a statement.

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In the light of several representations received(supra) and to address the hardship being faced by various stakeholders, the Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-


(i) Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called 'the Act' ) the time limit for which is provided under section 153 or section 153B thereof;

(ii) Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;

(iii) Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;

(iv) Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.

It has also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.

05/04/2021

Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java
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The tax filing season for the assessment year 2021-22 has begun with the start of the new financial year from April 1. Taxpayers are required to file their income tax return (ITR) of the financial year 2020-21 by July 31, 2021, unless the government goes for an extension of the last date of ITR filing. From AY 2021-22, the income tax department has discontinued the Excel and Java version of ITR utilities. In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for using the new utility.

CBDT also states that the Import of Prefill file is mandatory in utility and has notified that utilities for ITR-1 and ITR-4 are available to users for download.© Provided by The Financial Express CBDT also states that the Import of Prefill file is mandatory in utility and has notified that utilities for ITR-1 and ITR-4 are available to users for download.
"Notably, the offline utility, based on new technology JSON (JavaScript Object Notation), has been enabled only for ITR 1 and ITR 4, other ITRs will be added in the subsequent releases. A step-by-step guide for using the said utility has been issued, giving instructions as to its installation and application. The taxpayers shall have to download the pre-filled data from the income tax e-filing portal and import the same on the new utility, which enables users to edit and save returns, pre-filled data and profile data," says Neha Malhotra, Director, Nangia Andersen India.

CBDT also states that the Import of Prefill file is mandatory in utility and has notified that utilities for ITR-1 and ITR-4 are available to users for download and the utility for other ITRs will be enabled shortly.

"The Income Tax Department has notified that the subsequent releases will have a questionnaire-based functionality that will help taxpayers to identify which ITR is applicable to them. Further, it shall enable the taxpayers to pay taxes, verify and upload the ITR through the utility itself," adds Neha.

The CBDT has been working incessantly to simplify procedures and to create a taxpayer-friendly tax regime. According to Nangia Andersen LLP, "The new utility is a user-friendly functionality for filing of returns and will afford greater ease to the taxpayers. The utility itself provides help in the form of FAQs, guidance notes, circulars and provisions of the law so as to enable hassle-free return filing. The Government's efforts, to build a favourable tax regime for taxpayers cannot be disregarded. Augmenting simplicity and removing impediments will go a long way in increasing compliance and facilitating good governance."

05/04/2021

Paying Income Tax? These new 6 rules in effect from 1st April 2021 will impact your pocket - Must know for taxpayers
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The Financial Year 2021-22 is here. A number of financial rules have already been changed. These changes are expected to impact money and your pocket in FY 2021-22. The government has made the changes in order to facilitate the general public as well as the taxpaying entities. Amit Gupta, MD, SAG Infotech, shares a list of latest rules that have come into effect from 1st April 2021 and are being applied to all the income tax-paying individuals.

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1. Reduction in the Deadline for Filing Belated and Updated ITR of FY 2020-2021 to December 31, 2021

The deadline for filing belated and revised Income Tax Return has been reduced by 3 months. This can be understood with the instance:

Last Date if Previous Rule is applicable: The deadline for filing belated and revised ITR for FY 2020-21 is March 31, 2022

New Rule that is Applicable: Along with a maximum penalty of up to Rs 10,000, the deadline for filing belated and revised ITR for FY 2020-21 is December 31, 2021, i.e. the time span for filing has been reduced by 3 months.

2. Modification in Interest Rate of Provident Fund

In the new financial year 21-22, to ensure tax saving on the provident fund, kindly assure that deposits in your EPF account does not exceed the below-mentioned limit. As per new Rules, If �deposits in the Employees� Provident Fund and Voluntary Provident fund contributed by the employee� is more than Rs 2.5 lakhs in the FY 2021-22, then the Finance Ministry shall lower the burden of individual�s tax by exemption.


3. Raising TDS Filings

The finance ministry has eyed some measures to hike up the income tax return filed for the years, and this would be done by raising the TCS (tax collected at source) or the TDS (tax deducted at source). This would be done by the Sections 206AB and 206CCA inclusions in the IT act and would be considered as special provisions.

The higher TDS or TCS rates will be applicable to the non-filing entities of income tax. Amit Gupta, MD of SAG Infotech says that "The non-filing entities will now be paying a minimum 5% of TDS or TCS and having an INR 50,000 or more TCS/TDS deduction in previous 2 years. Also, the responsibilities will be of a deductor to get the income tax return done for the furnishing."

4. ITR Forms Now Comes Filled up in Advance

The government has decided to give a pre-filled form to the taxpayers in order to execute the filing of income tax returns in a quick manner. Also, the fields which are set to be pre-filled are details of salary income, tax payments, TDS, etc. Taxpayers can also expect the details like details of capital gains from listed securities, dividend income, and interest from banks, post office, etc. to be pre-filled as per the sources.

5. No Income Tax Filing for Senior Citizens Above 75 Years

The finance minister had been concerned with the senior citizens having an age of more than 75 years and for this, the Nirmala sitharaman has brought down the income tax filing process to exemption. However, this exception will be applicable to pension and the related interest on that pension while having no other income apart from that source.

6. Leave Travel Concession (LTC) Exemption

Although the scheme was only available till 31st march 2021 and the availment was to be calculated on the money spent till this date only, however, the government had given a good benefit to all the claimants who were unable to claim the tax benefits on LTC. The actual scheme was to give the tax exemption to the cash allowance on the leave travel concession.

27/03/2021

From April 1, senior citizens above the age of 75 years with only pension income will be exempted from filing income tax returns (ITR).

26/03/2021

Enforcement authorities are advised to treat such documents valid till June 30, 2021, the MoRTH said adding that "this will help out citizens in availing transport-related services". Stating that this may be the last advisory in this regard, the ministry has asked the states to implement this adviso...

26/03/2021

TDS on Dividend Payment - If you are an investor in the stock markets, then you must know this. From the new financial year, this is going to change for you. You will be paying more as dividend payout. From April 1, 2021, Tax Deducted at Source (TDS) cut by the company will be 10 per cent instead of...