21 personal finance insights in summary: Best of ET Wealth 2010-2020; As ET Wealth completes 10 years, … Here are 5 reasons for receiving tax notice and how to deal with it. HOW TO APPLY : A. To bring ease to the taxpayers, the income tax department has sent an email containing the link of the tax calendar for 2021. This new format is really appreciated and helps the salaried employ save their time and money. - Returns less then 1 year are absolute and above 1 year are annualised. Who has to file income tax return mandatorily? This ruling will be very helpful to many individuals. The income tax sop announced by the government will provide relief to the home buyers on the notional gains on which he/she is required to pay income tax as per his/her slab. ", "Excellent move from IT dept. 2020-21, Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961, The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, Order u/s 119 of the Income-tax Act, 1961 regarding extension of dates for filing of belated and revised ITRs for the A.Y. It comes a day after Prime Minister Narendra Modi said that of … Direct tax in the form an income tax were introduced by Sir James Wilson (Britisher) in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. Vishwesh Jalan should start by asking for a higher telephone allowance. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Most are to taxpayers' benefit but some of the ideas, like lowering the TDS exemption threshold on interest income, may not please taxpayers. He should also ask for a newspaper allowance and food coupons. It reduces time and also sending paper in hard copy was difficult. Let's reshape it today, Hunt for the brightest engineers in India. * Press Release regarding : Income Tax Department conducts searches in Jaipur, * Press Release regarding : Income Tax Department conducts searches in Pune, * Press Release regarding : Income Tax Department conducts searches in Kolkata, * Amount of remuneration prescribed under section 9A(3)(m) of the Income-tax Act, 1961, * EMPANELMENT OF SPECIAL AUDITORS - INCOME TAX DEPARTMENT KERALA, * Press Release regarding : CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets, * Press Release regarding : Income Tax Department conducts searches in Assam, * Press Release regarding : Income Tax Department conducts searches in Hyderabad, * Corrigendum to order under section 119 of the Income-tax Act dated 11/01/2021, * Order Under Section 119 of Income Tax Act, 1961, * Press Release regarding : Extension of time limits, * Result of Departmental Examinations -2020 for ITIs, * Result of Departmental Examinations -2020 for ITOs, * Press Release regarding : Income Tax Department conducts searches in Delhi, * Press Release regarding : Income Tax Department conducts searches in Guwahati, * Any grievance regarding 142(1) notices issued under Faceless Assessment Scheme 2019 may be mailed at feedback.notice.neac@incometax.gov.in, * Press Release regarding : Income Tax Department conducts searches in Tamil Nadu, * Press Release regarding : Income Tax Department conducts searches in Chandigarh, * Notification No. i think even in USA it would take two months you did it with two weeks. 90/2020 u/s 138 for sharing of information with "Secretary, Citizen Resources Information Department, Govt. ", "Great work and really efficient software which is easy for any layman to file returns", " I am really happy with this significant improvement on e-Filing process topped with EVC through Net Banking. You will have to fill this additional form, Franklin Templeton MF deviated from rules, grey areas in e-voting process, says Sebi Observer, Pre-budget ground reality: The Indian middle class under Modi 1.0 and 2.0, Budget 2021 needs to hike gratuity exemption limit, tax benefits on EPF, NPS due to new labour laws, Why technology is the only path to sustained growth for MSMEs, Franklin Templeton’s scheme closures leave a bad taste, Time for India to show some love to Bitcoins? A possible reform is to raise the tax-exempt limit of Rs 1.5 lakh on savings schemes for individuals, unchanged since 2014-15, to let taxpayers (mostly the salaried) diversify their financial savings to more rewarding instruments. - Returns are absolute. 6 crypto ideas for budget, Equities to give low-to-mid double-digit returns in 5 years, says Prashant Jain, RBI withdraws 3 circulars on excess pension recovery after discovering anomalies, Invesco India Largecap Fund Direct-Growth. It functions under the Department … Do you need professional help to file ITR? - Top rated NPS sorted on return rating.- Returns of 1 year are absolute and above 1 year are annualised.. - Top ULIPs sorted on 5 years return. It is so easy for every invvidual to fill their return own and get verified. ITR Filing 2019-20: The last day for filing your income tax return (ITR) for the financial year 2019-20 (FY20) is finally approaching. Paying too much income tax? The deadline for ITR filing is generally on July 31 each year but this year, the last date has been shifted a couple of occasions because of the outbreak of the coronavirus pandemic and was fixed at December 31, 2020. Work of I.T. Tomorrow is different. The I-Tax Department gets data on GST turnover and capital market from SEBI and bank transactions from banks. Here is how these employees can avail the tax benefit under the LTC scheme. Find all 8 Income Tax Recruitment vacancies across India and check all latest Income Tax 2020-2021 job openings in this page, Know upcoming Income Tax Recruitment 2021 immediately here. An individual is required to exercise the option of choosing a new tax regime at the time of filing income tax return. However, it was not clear how, Just input your income details to calculate payable tax. It is so easy for every invvidual to, "New verification mode is really very helpful for us. The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. E verification through Aadhar is welcome. Find CA Announcement,Notification,Circulars by Income Tax Department,VAT,Service Tax,Excise,Custom Department on CASANSAAR.India Top CA Notification. As the employee. Holidays to be observed in Delhi Development Authority during the year 2021 'Clarification on regularisation of absence during COVID-19 induced lockdown period ; Operation of Web Based Monitoring Disposal & Redressal of Staff Request/Grievances; Restructuring of Land Management Department - reg. Excellent Work!!! Agricultural income is defined under section 2(1A) of the Income-tax Act. of Haryana", * Press Release regarding : Income Tax Department conducts searches in Pune Region, * Press Release regarding : Income Tax Department conducts searches in Odisha, * Pension Adalat 2020 : Income Tax Office Kerala through Video Conference, * Circular No. The government has announced the LTC Cash Voucher Scheme in lieu of LTC travel scheme via a press conference dated October 12, 2020. Investment professionals explain that several salaried employees had invested in a second house. Here are other ways you can invest, insure and save through your parents, spouse and children in a way that it reduces your tax liability. Applications must be addressed to : The Dy. Here's how much tax you will save, Govt launches tax-exempt LTC cash voucher scheme to boost consumer spending. As per the press release, the deadline of filing ITR for other taxpayers whose accounts are required to be audited (including partners of a firm) and/or those who have to submit a report in respect to international financial transactions has been extended to February 15, 2021. Easy to file return in less than a minute. The last date to file income tax return for FY 2019-20 is January 10, 2021. CBDT notifies extension of ITR filing date for auditable accounts, transfer pricing cases, No LTC cash scheme under new income tax regime, 10 things to know about new provision of TCS on sale of goods, LTC Cash Voucher Scheme: 15 queries answered by government, Income Tax Department issues guidelines for filing income tax returns. However, these benefits have the potential of being taxed in the hands of the employees. Getty Images. You can get tax benefits, ITR filing mistakes often made by taxpayers. 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