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Cost Inflation Index for the AY 2021-22

Income tax website changed from www.incometaxindiaefiling.gov.in to www.incometax.gov.in

👇🏻👇🏻👇🏻 *Mischief behind relaxation to 75 year aged people from filing ITR*

In order to provide relief to senior citizens who are of the age of 75 year or above and to reduce compliance for them, it is proposed to insert a new section to provide a relaxation from filing the return of income, if the following conditions are satisfied:- (i) The senior citizen is resident in India and of the age of 75 or more during the previous year; (ii) He has pension income and no other income. However, in addition to such pension income he may have also have interest income from the same bank in which he is receiving his pension income; (iii) This bank is a specified bank. The Government will be notifying a few banks, which are banking company, to be the specified bank; and (iv) He shall be required to furnish a declaration to the specified bank. The declaration shall be containing such particulars, in such form and verified in such manner, as may be prescribed. Once the declaration is furnished, the specified bank would be required to compute the income of such senior citizen after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A of the Act, for the relevant assessment year and deduct income tax on the basis of rates in force. Once this is done, there will not be any requirement of furnishing return of income by such senior citizen for this assessment year. This amendment will take effect from 1 April, 2021. *No monetary benefit*

Last Date To File Income Tax Return For AY 2020-21

Choice Of Tax Regime

Finance Act 2020 has give choice of tax structure to be followed. We help our clients to make a diligent choice and save their taxes. #Sahi Chunao Tax bachao

The taxpayers need to be vigilant enough while filing income tax return of salary .

Until recently, tax deducted at source (TDS) details in an individual’s Form 26AS used to be reconciled with the tax declared in the return. Now the tax department is also considering the income shown as "Amount credited and paid" in Form 16 and reconciling it with the income declared in the return. Hence if your HR doesn't allow for any deductions then avoid claiming those as there might be difference in salary as per Form 16 and salary as per return and department may issue a notice asking for the reason for difference. So it's better to claim only those deduction which are specified in Form 16 . The one which are left over can be claimed in return provided one has substantial evidence to prove the same . In all likelihood department may send the notice in case of mismatch between the income in form 16 and that shown in ITR . Any refund claimed by taxpayers in ITR which is not as per Form 16 would be like asking for trouble .

Filling Incometax returns

Penalties for missing efilling deadlines Returns filed After 31/07/ 2018 - > ₹ 5,000/- Returns filed After 31/12/2018-> ₹ 10,000/- After 31/03/ 2018 - > Cannot be filed # penalty will be ₹ 1,000/- if Taxable income is below ₹ 5,00, 000/- @Better Get your ITR filed by 30/06/2018 to avoid last moment panic due to any technical problem such as AADHAR mismatch, server problem, personal problem, etc. @TIME FOR LINKING AADHAAR WITH PAN IS EXTENDED TILL 30.06.2018.

Personalised financial & Tax consulting through weekends and public holidays and on weekdays till…

Personalised financial & Tax consulting through weekends and public holidays and on weekdays till 9pm