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Due to pandemic November 30, 2020, is the last date for filing the ITR for FY 2019-20 (AY2020-21) which is extended by the Central Board of Direct Tax (CBDT). From the laws of Income-tax, various forms are available for the taxpayers of various kinds for filing the income tax return forms for the financial year 2019-20 in the name of ITR1, ITR2, ITR3,  ITR 4, ITR 5, ITR 6 and ITR 7. The method of filing the IT return is called e-filing. For filing the income tax, the IT department has introduced the unconventional portal.  Step 1: Proceed into income-tax e-filing portal -- incometaxindiaefiling.gov.in Step 2: Download appropriate ITR utility under Downloads > IT Return Preparation Software. Step 3: Extract the downloaded utility ZIP file and open the utility from the extracted folder. Step 4: Choose the appropriate and necessary fields of the ITR form. Step 5: Verify all the tabs of the ITR form and calculate tax. Step 6: Generate and save the XML. Step 7: Now, logi...

  The Central Board of Direct Taxes (CBDT) has recently introduced some new changes in form 26AS . The move is said to bring more transparency between the assessments and the department. Form 26AS or the Annual Information Statement is a form showing all the high paying transactions. Now, the department will also get the information about the high-paying transactions from the financial institutions, apart from that filled by the assessee. New Form 26AS Form 26AS is a type of consolidated annual tax statement which includes information about tax deducted/collected at source, advance tax, self-assessment which is can be found with the income tax department against the PAN number of the assessee. During the declaration of Budget 2021, the government had introduced some changes to the form making it even more transparent. The new form will be applicable from 1st June 2020. Now the form will reflect the information about the high-paying transactions which were previously listed under S...

The Central Board of Direct Taxes (CBDT) had enabled the forms for all the assessees to file their Income Tax Returns (ITR) on 29th May 2020 for the previous year 2019-20. Now the assessees can file their returns through all the seven forms that are made available by the government. The seven forms, as issued by the department are:  ITR-1 (Sahaj) This form is to be used by all the assessees having an earning from salary, house property and/or income from other sources. Assessees earning up to Rs. 50 lakhs can file their ITR through Gen Income Tax Software on this form.  ITR-2 This form is to be used by all the assessees of Hindu Undivided Family who are not engaged in the business of proprietary or any profession. ITR-3 This form is to be used by all the assessees of Hindu Undivided Family who are engaged in the business of proprietary or any profession. ITR-4 (Sugam) This form is to be used by all the assessees getting their income from a business or profession.  ITR-5 ...

Taxpayers often make mistakes of paying extra Income tax against the applicable tax. In such mistakes, taxpayers are eligible to get a refund of the excess tax amount paid by him. Today in this article we are going to talk about all the provisions related to the claim of Income Tax refund of excess IT paid by the taxpayer. Basic Provisions If the taxpayer by mistake paid the excess tax amount than the applicable tax (whether it is advance, TCS/TDS, self-assessment, or regular assessment tax) then the taxpayer is eligible to get the refund of the excess tax paid by him/ her. In the matter of refund of tax provisions under Section 237 to 245 are applicable. When Does the Income Tax Refund Arise? Section 237 states that ‘ If a taxpayer can prove in front of the Assessing Officer (AO) that the tax paid by him or on his behalf or treated as paid by him or on his behalf for any previous year exceeds the applicable tax amount then he\ she is eligible for the refund of the excess amount. The ...

The validity of Electronic Way Bill or e-Way Bill has been extended by the Central Board of Indirect Taxes and Customs (CBIC) till 30th June 2020. The date has been extended for all the bills generated on or before 24th March 2020 and validity of which has been expired between 20th March 2020 and 15th April 2020.  In a notification released by the board, paragraph first of clause (ii) read "Provided that where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and whose validity has expired on or after the 20th March, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020." Read Also:    E-way Bill Generation and Registration Pdf Guide by Gen GST Software V2.0 The notification will prove to be beneficial for the transporters and truckers of the country. The board had earlier extended the validity of bills till 31st May 2020 fo...

Employees need to declare their investment to save tax at the beginning of every financial year (April Month) to allow the employer to deduct tax at source (TDS). But Lockdowns due to Covid-19 this year is unsettling everything and it also caused a delay in investment declaration submission this year. Meanwhile, Finance Minister Nirmala Sithraman introduced a new Income tax Regime on 1st Feb 2020 and allowed people to choose one of them as their default tax regime. The New tax regime features more tax slabs and lower tax rates below an income of 10 Lakh which seems more beneficial compared to the Old tax regime . The inclusion of a new option makes the declaration more important because if employees will not declare their choice then the employers will be not able to deduct the TDS as per the last year’s tax-saving investment declarations. The Government also made it mandatory to choose the Income-tax regime at the beginning of a financial year. It needs to be mentioned here that the ...

Taxpayers often make mistakes while filing GST challan, one of the most common ones is “making payment under the wrong head”. At Present time when countrywide lockdown has been imposed and the end of it is not appearing clear, taxpayers are already going through a liquidity crunch, and on top of that these common mistakes are worsening the condition because their payment gets blocked, What are the steps government has taken to rectify and solve these mistakes? The government had earlier introduced the GST PMT-09 Form through notification no. 31/2019 dated June 28, 2019, for the same and now made it live on April 21, 2020, for taxpayers who made mistakes during making GST Challans. Form GST PMT-09 can be utilized for shifting falsely or incorrectly paid GST through cash ledger. Taxpayers can also use it if they have paid CGST instead of SGST. Who can Fill the GST PMT-09 Form? Each and every taxpayer who wants to correct their wrongly paid tax can fill the GST PMT-09 Form . Authorities ...