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31st Dec 2021 is the due date to furnish the ITR for FY 2021. The majority of the assessees who were unable to furnish the tax returns within time should need to furnish the penalty to furnish Income tax return for the AY 2020-21 on missing the date of 31st December.  But some assessees are privileged from furnishing the late fee even after the passing of the last date. Towards the same assessee’s the due date to furnish the late tax return for the Financial year 2021 is 31st March 2022 so as to prevent the penalty.  Do You Also Get Privilege of Filing Penalty to Furnish Belated ITR? Within the last date, the income tax department directed the assessee to furnish their income tax returns. But if you lose the last date then you could still furnish the income tax return excluding any late fee. The tax return is enabled to file online and offline by people. An assessee was needed to pay the fine of Rs 10000 till the former assessment year for losing or misses to file the returns...

Form ITR-1 is used to furnish the ITR also for FY 2021-22; half of the ITR has been filed through it. Most of the salaried assessee use the same ITR form also known as Sahaj, therefore, taxpayers can easily online file ITR 1 Sahaj form for assessment years 2021-22. ITR-1 would be furnished when: The assessee is a Resident Individual The income does not exceed Rs 50 lakh. Salary, one house property, agricultural income up to Rs 5,000 and additional sources such as interest from a savings account, deposits, income tax refund, family pension are his income sources.  Joining of the income within spouse or minor. You must note that the ITR-1 would be practiced to furnish the ITR even if you own one property mutually with your spouse.  But there are various cases in which an assessee would not use ITR-1 to furnish the tax returns for the FY 2020-21 even while holding the mentioned income sources. When The ITR-1 Cannot Be Used by You  As per the tax compliance, a person would n...

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 Softwa...

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 ...

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...

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 retu...