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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