Form 26AS is an important document for filing Income Tax Return (ITR). It records all the details of tax deducted for your PAN at various sources. When filing ITR, the assessee must ensure that the data entries appearing in Form 26AS match the information on the ITR. What is Form 26AS? Form 26AS is an…
The financial year 2019 is drawing to a close and you might still be busy in last-minute tax planning to ease your tax burden. When it comes to tax saving, Section 80C is the buzzword allowing you to claim cumulative tax deductions of up to Rs. 1.5 lakh. However, there are multiple investment options available…
New GST Return (GSTR) Forms have been announced by the Central Board of Direct Taxes (CBDT), the apex authority for taxation in India. The new forms have been titled as GST Return (Sahaj), GST Return (Sugam) and GST Return (Normal). These new forms will be available as part of a pilot project for use by…
The Central Board of Direct Taxes (CBDT), the apex body for collection of indirect taxes in India, has clarified that no GST (Goods and Services Tax) will be levied on TCS (Tax Collected at Source) of a product. Thus going forward, the TCS component will not be part of the price of the good used…
At the 33rd GST council meeting held in late February 2019, input tax credit was recently removed in case of residential real estate transactions. The new lower GST rates for under construction residential property purchases are 1% GST in case of affordable housing residential transactions (from 8% earlier) and 5% GST in case of residential…
As per the latest communication shared by the income tax department, eligible tax refunds will be only issued digitally. Further, tax refunds will be made only to the bank accounts which are linked with PAN. The new guidelines regarding the tax refunds will be effective from March 1, 2019. E-refund of income tax means…
31st March 2021 Deadline Confirmed for Aadhaar-PAN Linking The Central Board of Direct Taxation (CBDT) has reiterated that Aadhaar-PAN linkage is mandatory for tax filing and the deadline for linking is the 31st March 2021. This follows the Supreme Court directive announced in September 2018 which upheld the constitutional validity of UIDAI’s Aadhaar. The linking of PAN…
As per various media reports, the revenue department is set to put a mechanism soon to ensure that all eligible tax refunds are issued within 24 hours of time frame. Revenue secretary Ajay Bhushan Pandey has shared with the media that within 2 years of time, the income tax department, will start processing income…
In order to facilitate the submission of Income Tax Returns (ITR) seamlessly, the Income Tax Department has allowed taxpayers to verify their tax returns online using aadhaar OTP. Alternatively, you can e-Verify your income tax return by generating and submitting an Electronic Verification Code (EVC). ITR Verification Methods Earlier, you had to send the ITR…
