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As per Income Tax Laws, Hindu Undivided Family is a separate assessee and its returns are filed separately. A few years back, registering as HUF (if feasible legally) and paying tax as a HUF assessee was an attractive way to save the tax. But now it is not as alluring for tax saving as it used to be in the past. Few Takeaways About Hindu Undivided Family First and foremost, HUF comes into existence automatically; so it is not formed through a legal process though registration is required   To file income tax for HUF, it is necessary to apply for a Permanent Account Number with the income tax department. How many families are detaching from the concept of the HUF as the tax regime is not as attractive as it used to be. However, if you were filing income tax returns as a HUF assessee in the past and want to cease it, the task is complicated and it is not simple. What is a Hindu Undivided Family? A HUF comprises the ‘Karta’, usually the eldest male member in the family. Although...

The Central Board of Direct Taxes (CBDT) announced the directions are guidelines to assist the assessee in furnishing the particulars in income tax return form‐1 for the AY 2021‐22 describing to the Financial Year 2020‐21. What is ITR‐1 SAHAJ? So as to make tax compliance simpler the income tax council has divided the assessee into various groups based on the income and its source. Thus you are urged to furnish the returns as per that. ITR-1 is also known as Sahaj Form and is for the person whose income is Rs 50 lakhs.  Who is Liable to Furnish ITR 1 for AY 2021-22 The resident can use the return form rather than not an ordinarily resident whose income for the Assessment year 2021-22 is less than Rs 50 lakh and whose income comes beneath the mentioned heads named Income from Salary/ Pension; or Income from One House Property; or Interest income and/ or family pension taxable below additional sources. It is important that in the case where the income of the person such as a spouse,...

The ITR filing mechanism has been put on hold till June 6  amidst the designing of the new e-filing web portal of the income tax department and shall soon start from June 7 onwards. The income-tax filing  process on the web portal incometaxindiaefiling.gov.in was paused from midnight of May 31, 2021, after scrapping the e-filing web portal. The link to the website is Incometax.gov.in, incometaxindiaefiling.gov.in “Considering the overhaul and migration or transition of existing e-filing portal to a completely different platform, a blackout period for the usage of the existing portal has been announced by the Government from 1 June 2021 to 6 June 2021 during which the existing income tax portal would not be available for usage to the taxpayers. In order to avoid any inconvenience to taxpayers, the Revenue Department has issued directions to fix any hearing of cases or compliance only from 10 June 2021 onward. This would give the taxpayers the necessary time to respond well to t...

Notably, in response to the extension of the deadline of ITR forms, The apex body ‘Central Board of Direct Taxes (CBDT) has issued guidelines to assist the taxpayers while filing the particulars/ details during the filing of income tax returns for the assessment year 2021-22 . Furthering the episode, The CBDT also mentioned that no significant changes have been made in the format of this year’s  ‘Income Tax Return forms’ when compared to the format of last year’s ITR. The reason being, last year also,  the country faced COVID Pandemic. To begin with Form ITR-1 Sahaj, It is synonymous to its name “Sahaj’ and its literal meaning is simple and user-friendly and is filed by a large number of small and medium taxpayers. Recalling its ambit and scope, this form is filed by an individual having income up to Rs 50 lakh and who receives income from salary, house property, other sources like interest and so on. Similarly, form ITR-4 Sugam has to be filed by Individuals,  Hindu U...

This June has come with a lot of surprises and consequent responsibilities for both taxpayers and caretaker of the State’s exchequer i.e. Government. The Central Government, yesterday, has made many paramount declarations in the wake of the second covid pandemic. The last date for filing late or revised income tax returns for the financial year 2019-20 has lapsed. It was May 31, 2021 E-filing portal 2.0: The Income tax department is rejuvenating and revamping the ITR e-filing web portal. And a new portal with additional attributes shall be available from June 7. An Individual can check the details on the below-mentioned link.  https://incometax.gov.in  rather than https://incometaxindiaefiling.gov.in   However, e-Filing services shall be unavailable from June 1 to June 6, 2021. The last date of filing State of Financial Transaction as per  Section 285BA has been extended till June 30. Earlier it was May 31. The last date for submitting the statement of reportable ac...

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...