Got SMS from tax dept on high value transaction mismatch? This is how you should respond

  The income tax department has sent SMSes to taxpayers on 29 March, related to mismatches between income tax returns (ITR) filed for FY2019-20 and high-value transaction. The department has asked taxpayers to either file a revised ITR by today or reply to the query on the compliance portal by 31 March. Three of the […]

Continue Reading

Have you disclosed interest on FD, bank savings? If not, you’ll have to pay heavy penalty

  Many taxpayers who did not disclose high-value income in their income tax return (ITR) for the financial year 2019-20 have received scrutiny notices from the Income Tax Department. “The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year […]

Continue Reading

The new tax regime for FY 2020-21: Check out the latest changes your should be aware of

  The New Tax Regime will apply for income earned during the financial year 2020-21 or assessment year 2021-22, for those opting for it. As there is an incidence of tax deducted at source (TDS), the concern with many taxpayers and TDS deductors was about the timing of exercising of this option by the taxpayers. […]

Continue Reading

Complete these important tasks before March 31st to avoid heavy penalties

As the end of the financial year 2021 is approaching, it is important that you take stock of some of the financial tasks that need to be completed before the date expires. if you fail to perform these tasks before due date, you may have to pay penalities. Lets understand the penalties that you might […]

Continue Reading

6 important financial tasks you need to complete before March 31: Get details

    As the current financial year will end on March 31, there are several financial tasks one should complete in order to avoid penalty and avail benefits. Right from PAN-Aadhaar linking, revised ITR filing to LTC bill submission, there are tasks that need to be completed before we step in new financial year. As the current financial year will end on March 31, there are several […]

Continue Reading

5 new income tax rules that will come into effect from 1 April

  Finance Minister proposed higher TDS (tax deducted at source) for those who are not filing their ITR and announced to tax people contributing above ₹2.5 lakh annually to the EPF account. Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. These changes are set […]

Continue Reading

e-verifying your Income Tax return using Aadhaar card, Follow these easy steps

Aadhaar card is a very useful document and can be used for almost everywhere as photo identity or getting your KYC done. But do you know that you can also e-verify your ITR using Aadhaar card? Yes, it can be done, provided your Aadhaar is linked with PAN and your mobile number must be registered with Aadhaar. Earlier, one had to download the ITR-Verification […]

Continue Reading

Here’s why It is important that you should report tax exempt income while filing ITR

While certain types of income are exempt from tax, it is important for a taxpayer to disclose such income his tax return. Not disclosing the exempt income in the income tax return (ITR) could make it difficult for a taxpayer to explain the source of a particular income in future. Let’s understand what exempted income is? There […]

Continue Reading