Income Tax
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New ITR form released on 19th April 2022 for filing updated return of income for the assessment year commencing on 1st April 2020 and subsequent assessment years i.e. from the financial year 2019-2020 onwards From whom is this ITR-U useful? 1. Return of Income not previously filed2. Incorrect income reported3. Incorrect head of income chosen…
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Relaxation on certain category of senior citizens from filing of Income-Tax returns To provide relief to the senior citizens aged above 75 years from filing Income Tax Return who earn income by the source of either pension or interest, if the following conditions are satisfied: He has pension and/or interest income from the same bank…
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Trading in stocks or F&O, can be broadly classified into (a) Speculative business transaction and (b) Non Speculative transaction. Speculative Transaction: As per Section 43(5) of the Income Tax Act, 1961, any transactions relating to purchase and sale of commodity, shares and scripts settled without taking delivery (this means the purchase or sale won’t enter Demat account) will be treated as…
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The CBDT said the deadlines have been extended in order to “provide more time to taxpayers for furnishing of Income Tax Returns”. The government has further extended the due date for filing income tax returns for the financial year 2019-20. For taxpayers who need to get their accounts audited or furnish reports on specific domestic…
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Who is required to file the Income Tax Returns? Mandatory Filing – In any of the following situations (as per the Income Tax Act) it is mandatory for you to file an Income Tax Return in India: Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the FY 2017-18 This limit…
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