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As per the Income Tax Act 1961, The Income Tax Department can serve notice on transactions — both digital and cash transactions. The aforesaid department is highly vigilant about an individual’s spending Even a single hint of mismatch between the income tax return (ITR) filed by the taxpayer and his/her spending is sufficient for the income tax department to send income tax notice to an individual. However, if we take into consideration the views of think tanks of tax, there is no necessity to get panic if you have been served notice by the income tax department. The reason being, after serving notice, the income tax department provides reasonable time to the taxpayer to give justification or defend his position against the notice. Tax expert Jitendra Solanki said, "Income tax department can slap notice on both cash and digital art. But, after receiving the income tax notice, one should first find out the reason for the income tax notice. To find that reason, one needs to log in ...

For importing the oxygen and cryogenic tankers or chemicals there is a simplification procedure so as to bring the import easier for transportation.  The government of Indian has verified the current enrollment process and approval of global manufacturers for importing the oxygen cylinders and cryogenic tankers/ containers by the Petroleum and Explosive Safety Organization (PESO). The physical inspection of global manufacturers’ production facilities shall not be undergone by PESO prior to the furnishing of these registrations and approval due to the covid-19 effect . Now, these approvals will be provided online excluding any delay upon credentials submission ISO certificate of the manufacturer; List of Cylinders/ Tankers/Containers, their specifications, drawings & batch number; Hydro test certificate and Third-party inspection Certificate. Read Also: Breaking News: Govt Exempted IGST & Customs Duties on Imported Health Items If there is any clarification Mr. S.D. Mi...

Towards distinct tax compliances, the government has postponed the duration which too engaged furnishing of the late or revised return for 2019-20 fiscal, till May 31. The Central Board of Direct Taxes (CBDT) states that the furnishing of the late income tax return beneath sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, 1961, for the assessment year 2020-21 is postponed to 31st, May 2021. The last date for furnishing the income tax return was 31st March 2021. An ITR filed post the last date is known as belated return. Below are the mentioned steps to furnish the belated income tax return.  Penalty for Late Furnishing of The Income Tax Return: If you furnish the ITR post to the last date then the late furnishing fee will be imposed. Rs 10k is the maximum penalty. If the tax theft is is more than Rs 25 lakh the punishment can be 6 months to 7 years under the mentioned norms of the income tax department.  Below is The Procedure to F...

The Central Government started providing relaxations to ease compliances that need to be made by the taxpayers for the purpose of providing relief during these tough times. In the present unwell circumstances arising because of the severe Covid-19 pandemic, the Center on Saturday extended certain income tax deadlines. The government received many representations recently in which various stakeholders shared problems they are facing. On the basis of that, and to mitigate the difficulties, the Central Board of Direct Taxes (CBDT) has granted the following exemption related to compliance by taxpayers: An appeal is made to the Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing an income tax return under that section was April 1, 2021, or thereafter, may be filed before the pre-defined time under that section or by May 31, 2021, whichever come Later; Objections represented in front of the Dispute Resolution Panel (DRP) under Section 144C of the Act, for w...