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The assessee has complained about the technical issues with the Income-tax return portal, with the approaching last date to furnish the ITR for the FY 2020-21 (AY21-22)  31st Dec is the last date to file ITR for AY21-22 . The Union government has postponed the due date for filing of an income tax return to 31st Dec from 31st July formerly in the year.  But the assessee has asked for the extension of the last date as they complained that the tax filing portal was not running correctly and the same is happening again and again.  On Twitter India #Extend_Due_Date_ has begun trending as various users asked the government to prolonge the last date by a few days.  "Is 31st December an extended due date for Software Developer or Taxpayer as Taxpayer has got much lesser time than the one prescribed? Therefore the message should be '31st December is the extended due date for Developer but not Taxpayer'," said a user of Twitter. Is 31st December an extended due date for Softwar

Nowadays everything is present on the online web portals. One would apply for valid ID proof and would furnish his/her ITR online.  Yes, one would read and write it Now every assessee who is subjected to furnish the tax would practice their DSC to furnish the ITR. The same has enabled the submission process of returns easier and diminishes the probabilities of getting fooled and theft from the brokers. So as to furnish or e-file the ITR on the new 2.0 portal the assessee must attach a digital signature of themselves towards the income tax filing to the tax return document so that the council could verify the same.  Indeed as per the IT act, 2000 digital signatures have reached a similar value as of the regular signature. Furthermore the same is simple to verify and authenticate the digitally signed documents securely. Towards Income Tax E-filing Use The Digital Signature  Before that, if any of the assessees have chosen to furnish the ITR then it is essential for him to pose a safe el

If anyone wants to furnish his ITR online then he or she is required to go with the new portal of the income tax department i.e www.incometax.gov.in/. However one needs to enroll on the e-filing portal before logging in to your account.  Below will be the discussion upon the procedure to log in to the e-fling portal. What is The Method to Log in to The E-filing Portal? Several ways induced to log in to the portal: As per the tax department, there are 14 methods. An assessee can log in through different methods like using Aadhaar OTP, Net Banking, Static password, including some additional methods. Below is the procedure to log in to the income tax e-filing portal through the mobile number or email address. What is The Method to Login Login Method  Credentials to be Entered OTP on Registered Mobile / email ID User ID (PAN) & Password Aadhaar OTP (including the case where e-Filing vault option is enabled) User ID (PAN) Aadhaar Number (Only for Individual taxpayers) User ID (Aadhaar

The latest begun Annual Information Statement (AIS) tool gives the assessee the details which the tax council revealed about him. AIS is an extensive statement that poses the information about all the transactions concerned to the financial aspects that have been performed by the assessee towards the fiscal year and pose details which have been mentioned beneath the income tax act 1961.  AIS points to the details concerned with the income earned from several sources like salary, interest from a savings account, dividend, sale and purchase of equity shares, recurring deposits, bonds, mutual funds, and others. The Statement poses the details concerned to the preparing e-TDS or TCS returns along with the additional tax demand/refund. Below is the process to download the AIS from the e-filing website. Steps to Download AIS Via New Income Tax Portal Step 1: Login into your account on the government's e-filing portal at www.incometax.gov.in. Step 2: Beneath the 'Services' tab,

The CBIC official department has declared earlier that the filing of GSTR -3B summary form and GSTR - 1 sales form or IFF by organizations using the  Electronic Verification Code (EVC) feature, instead of Digital Signature Certificates (DSC) has been moreover forwarded till the 31st October 2021 for the span from 27th April 2021 to 31st August 2021. According to the circular of CBIC, the closing date extension of the late fee reprieve scheme and extension of the time limit for filing a revocation application for cancellation registration will profit a massive number of taxpayers, mainly small taxpayers who could not e-file their GST returns in time because of multiple reasons, primarily due to complexities caused by COVID-19, and whose GST registrations were canceled because of the same. Taxpayers are asked to aid the main benefit of these latest extensions at the earliest to decline the last-minute rush.  What Does GSTR -1 Mean? GSTR -1 is known for monthly or quarterly returns that

Infosys, an IT company, considers that there are some individuals who are facing issues in accessing the income tax portal and specified that the portal is misbehaving while running, integrating within the Revenue Tax Division, to improvise the platform for the users.  While filing in BSE Infosys directed that there are nearly about 3 crores assessee who have successfully filed their essential transactions and approximately 1.5 crore income-tax returns were furnished via the new portal.  The company from Bengaluru had been criticized for the arrival problems from various months after the beginning of the portal in June, it also states that it sees revisions in its use towards a previous couple of weeks and exceeding 3 cr assessee have logged in to the portal and furnished various transactions successfully. IT Services Available on 2.0 Portal E-verification Option: Aadhaar OTP authentication is mostly used in e-verification. The Electronic Verification Code is a 10-digit alpha-numeric

Introduction On 7th June 2021 new Income Tax Portal was introduced by CBDT ( Central Board of Direct Tax ) where the new income tax portal i.e ‘ www.incometax.gov.in ’ has been renewed by the former e- filing portal i.e ‘www.incometaxindiaefiling.gov.in ‘. The particular one who wants to file the returns has to file returns on this new portal afterward. The new portal has been renewed to eliminate glitches and other errors so that it will work smoothly in a filing. Traits of New Income Tax E-filing Portal Processing of ITR:   This is considered as the fastest processing of income tax returns which assists the taxpayers for immediate responses of tax filing. Meanwhile, the process of filing of income tax returns on this portal quickly initiates the process of the returns and it also delivers fast refunds to the taxpayers.  Free Tax Return Preparation Software:   Apparently, there are  ITR-1 and ITR-4 which are conveniently online and offline, and ITR-2 which is free online. The remaind

It is important news for GST taxpayers as the Central Board of Indirect Taxes and Customs (CBIC) has announced to file the GSTR-7 and GSTR-8 for the month of August 2021 by Sept 10th, 2021. This all focused on the GST Taxpayers who needed to withdraw Tax at Source (TDS) and TCS under GST. Late filing of GSTR -7 & GSTR 8 probably engages late fees and interest.  CBIC has tweeted: "Attention GST Taxpayers who are required to deduct Tax at Source (TDS) under GST! File your GSTR-7 & GSTR 8 Return for the month of August 2021 by September 10th, 2021."  Earlier month, it has notified that government pours relaxation on taxpayers by lowering/renouncing the late fees for non- furnishing form GSTR -3B throughout the tax period from July 2017 to April 2021, However, if it is supposed to returns for these tax time span are embellished from June 01, 2021, to August 31, 2021.  Whereas, the end date to claim the advantages of the late fee release scheme was to widen from the exis

Gen XBRL is a complete software tool for validating and preparing XBRL sheets for accounting and taxation professionals, including company secretaries (CS) and chartered accountants (CAs). It is well known that CS and CAs spend a lot of time preparing and e-filing of the balance sheets, profit & loss a/c calculation based on the new XBRL format, etc. Therefore, using Gen XBRL software is a great idea for accounting professionals to perform the above-given tasks in a few easy steps. Gen XBRL software also allows CA and CS professionals to prepare XML sheets based on the latest Indian accounting standard (IND AS). This MCA business rule-based software gets regularly updated and is also extremely easy to use for accounting professionals. With the help of Gen XBRL return filing software , the professionals can easily perform the import and export of current and previous year XML and also validate it directly with other vendor’s software. Here is a list of some of the most attractive

From this point, the institutions like banks can find out the TDS (Tax deducted at source) at a higher rate of 20% on the interest you have gained on the deposits. As you had furnished TDS upon the interest income you need to get it managed for your overall tax liability. Indeed if the tax cut was more than your tax liability then you can avail of the refund. The assessee shall need to show pre-tax or gross, ITR and the credit for the tax furnished shall need to be taken separately.  But you might face hardships in availing of the TDS credit as it will not get shown on your Form 26AS as you shall not file your PAN through your bank. The TDS return furnished through the bank shall mention, “PAN not available”. Tax expert stated that "Any person deducting TDS, including banks, needs to know the PAN (and Tax Account Number or TAN) of the person whose TDS is being withheld and paid. The deductor has to submit a quarterly statement (TDS Returns) of whose TDS has been deducted and paid

Are you the individual whose income is less than taxable income i.e. Rs 250000 and you are not required to file income tax return ? Worth mentioning here that even if your income is fewer than Rs 2,50,000 and you file an ITR, you shall get many benefits that your peers might recognize after a few years. The first benefit is the ease of taking a loan from the bank. Filing ITR is proof of income whatever it is and it increases your credibility. This makes it easy for you as an individual to take out a loan. Many banks ask for proof of return for the 2 years while taking a home loan or vehicle loan. Visa Application Help Available ITR  increases the probability of getting a Visa. if you have applied for it. It presents proof that you are a responsible citizen. If Additional TDS is Deducted Refund is Processed You shall get a refund in case of Tax Deducted at Source (TDS). For instance, if your income is Rs 1 lakh from interest on Fixed Deposit, the Bank shall cut TDS directly. However, if

At the time when the GST registration was done,  the prerequisite for bank account-related details had been withdrawn since the bank account cannot be opened before the start of the business. The Bank account information might be added by changing the non-core area. Following are the steps to change the Bank Account details on the web portal of the GST Log on to the web portal of GST  Then Go to Services Thereafter Click on Registration Then Click on the tab Amendment of the Registration non-core field In the fifth step Select tab Bank Accounts Then click on the Verification code In the Seventh Step, Select Authorised Signatory Then Enter a Place Sign the application using the Digital Signature Certificate (DSC) Finally E-sign or EVC Consequently, a success message shall pop up on the screen and the copy of acknowledgment shall be sent to the registered email id and the mobile phone. How to Add Bank Details? In order to add the bank details on the web portal of GST,  Login with the cre

Instead of starting the new GST return filing system, the government shall try to begin the new specifications to the traditional system. Here is the whole guide to download the excel file of GSTR 2B from the GST portal which is available in JSON for import data.  The excel file of the GSTR 2B assists us to build the reconciliation in a simpler way and the JSON file assists us to import the information to any software.  The Procedure Which Guides Us: Step 1: Log in to the new GST portal by entering the username and password, Tap on login.  Step 2: Post tapping the log in the dashboard shall be displayed and then tap on the service then opt for the return and then tap on the return dashboard.  Step 3: Now you shall need to furnish the details towards the FY quarter and period. Post to furnish the entries tap on search. Step: 4: Now scroll down and choose the auto-drafted input tax credit (ITC) statement on GSTR-2B then opt for the download option.  Step 5: The last thing is that

The date of filing Income Tax has yet not expired. Just like other years, there are certain new attributes or some key takeaways that are to be considered for filing the Income Tax Return of this year. For Instance, there is a JSON-based mechanism for filing I-T returns and soon the I-T department shall launch a mobile application that shall have all the attributes of the new web portal of the i-t department .  Worth mentioning here is the fact that the last date for filing the income tax return for the financial year 2020-21 has been stretched to September 30, 2021. Though the last date is far away, it is advisable to file returns promptly as there may be technical glitches on the new web portal which has been launched by the I-T department or there may be errors in filing the I-T return. Following are the 5 key takeaways that you should consider while filing I-T returns this year: This attribute holds historical significance. Probably for the first time since 1961, taxpayers shall ha

An Individual shall have to pay due to tax even if he has died. Doesn’t it seem awkward and unreasonable? But Yes it is the truth and it is a legal compulsion also given the fact that a deceased has a legal heir If a person dies suddenly and he has the tax liability then his legal heir has to pay the tax on behalf of the deceased person. For the general public, taxes, and death both are bitter truths and inevitable.  The income tax return has to be filed given the fact that the income before allowing the capital gains and other chapter IV deductions crosses the exemption limit. Moreover, in certain cases, an individual legal heir has to file income tax return even if the income is lower than the exempted limit. This is applicable in the following circumstances: If the deceased owns a foreign asset Spent Rs 2 lakh or more on a foreign trip If the deceased has deposited more than Rs 1 crore in the current account during the present financial year or  Has paid electricity bill more than

The Government of India on June 25 declared the extension of the deadline for a number of the income tax compliances.  The taxpayer can make payment till October 31; however, they have to pay the interest along with the tax. The last date for employers to furnish the TDS certificate in the Form 16 to the employees has been extended from July 15, 2021, to July 31, 2021. Form 16/16 A is the certificate of tax deducted at source and it is mandatory for employees to issue these certificates to taxpayers. And the amount of tax has to be deposited in a government account. However, in certain cases, It is compulsory to file TDS statements electronically for the following category of deductors: Offices of the Government Persons are required to get their accounts audited as per  section 44 AB of the Income Tax Act 1961 Companies Deductors that have reported greater than 20 deductee records for a quarter in the financial year. Form 16 Has Two Components and They Are  Part A and Part B.  The For

On the web portal of GST, Form GSTR-2B is an ‘automatically drafted Input Tax Credit Statement’ that shall be displayed for each registered person on the criteria of the information that is furnished by his suppliers in their corresponding. GSTR-1 GSTR-5 (Non-resident taxable person) GSTR-6 (Input Service distributor) GSTR-2B is a static statement (unlike GSTR-2A that is dynamic)  and is made available every month. The day of disclosure is the 12th day of the next month implying that no changes shall be made after the 12th day of the next month in GSTR-2B. Attributes of GSTR-2B Details about the import of goods made available  from ICEGATE System:  The GSTR-2B Statement provides details on the import of goods that are brought from the ICEGATE system that is inclusive of details about the inward supply of goods from the units or developers of Special Economic Zones(SEZ). Nevertheless, it is not included in the released version of the GSTR-2B for July month. Yet it shall be made availab

The Income Tax Department has come up with the concept of e-PAN with the launch of the new web portal on June 7 of this year. Just like a Driving license is crucial while driving; similarly, permanent account number (PAN) is essential in our day-to-day commercial transactions that are undertaken along with payment of tax. But, in many cases, PAN gets lost. Manually it is a time-consuming process to reissue PAN. So the Income Tax Department has come up with the concept of the e-PAN card. Though the new income tax portal used by the taxpayers is interactive and user-friendly; however, the rules are still stringent related to Permanent Account Number. The Income Tax department has made compulsory the use of PAN for taxpayers. What is a Permanent Account Number (PAN)? Permanent Account Number is a distinctive and unique 10-digit alphanumeric number that is issued by the Income Tax Department to Income Tax Payers. Through this PAN, the income tax department is involved in recording all tax