As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to avoid last minute rush.
ITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20.
The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.
ITR Filing: The last date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20 has been extended by a month by the Income Tax Department. All Income Tax Returns can now be filed latest by December 31, 2020.
ITR Filing: The last date for Income Tax Return (ITR) filing for 2019-20 has been extended by two months till November 30 by the Income Tax Department on Wednesday.
The Income Tax Department on Tuesday issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on the sale of goods and services with effect from October 1.
The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Prime Minister Narendra Modi last Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials, signalling a major reform in the income tax system in the country. Here's an expert view on how the new tax reforms will help the middle-class.
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