Income Tax Department Seeks Responses From Taxpayers To Expedite Refunds For 2020-21

  Taxpayers have been urged by the income tax department to “quickly” send online responses so that their refunds which are pending for assessment year 2020-21 can be expedited. According to a statement by the department, it claimed that as of now, around 93 per cent of refund claims in income tax returns which have […]

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URGENT: Property Purchased Need not be disclosed in Income Tax Return

As the last date for filing income tax returns draws nearer, there are numerous queries of taxpayers. One such query is whether it’s a good idea to declare a recent purchase of property in the Income Tax Return (ITR). Firstly, for those living under a rock, taxpayers who are yet to file their ITR for […]

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New income tax e-filing portal to be launched for taxpayers on June 7: Features Explained

The Income Tax Department is expected to launch a new e-filing web portal for taxpayers, which they use to file routine ITRs and perform other tax-related works, early next month, officials said on Thursday. The existing web portal will be shut for six days between June 1-6. An order issued by the systems wing of the […]

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Attention! Don’t wait for the due date to file Income Tax Returns! Here’s why

Given the pandemic, the due date for filing the income-tax return (ITR) for the financial year (FY) 2019-20 has been extended from July 31, 2020 to November 30, 2020. The new deadline is unlikely to get extended further, given that we are now in Unlock 5.0. So, if you are required to file your ITR, […]

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No need to report cash transactions while filing income tax returns, this is why

Encouraging digital banking and UPI based transactions has been an important agenda of our government. To this end, several checks and balances and reporting obligations have been placed on businesses undertaking cash transactions. Individuals as well as businesses must make themselves aware of these obligations. Reporting of specified high-value transactions To ensure high-value transactions don’t go […]

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