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Income Tax ComplianceIncome Escaping Assessment, Reasons to Believe- Based on the Judicial Pronouncements and Principles
Formations of Reasons to Believe to be based on Cogent and Tangible Material Information received from external agencies or other departments. Based on such information received, the information and records already in possession, and by application of his mind, the AO have to form
Income Tax Compliance302nd Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 13th June 2021 GSTR-6 May 2021 Due Date for furnishing summary of Outward and Inward Supplies for Taxpayers registered as Input Service Distributor 14th June 2021 Form 16B April 2021 The due date for issue of TDS
Income Tax ComplianceGuidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2021- 22
To All Pr. Chief-Commissioners of Income-tax/Chief-Commissioner of Income-Tax All Pr. Director-Generals of Income-tax/Director-Generals of Income-tax. Madam/Sir Subject: Guidelines for compulsory selection of returns for Complete scrutiny during the Financial Year 2021-22 – conduct of assessment proceedings in such cases – regarding:- Kindly refer to the
Income Tax ComplianceHow To File ITR Using The New Filing Portal of Income Tax
Introduction CBDT has introduced a new income tax return filing portal. Return filing is now way simpler than earlier. In the case of small taxpayers, it can be filed without the help of any professional. It is easy to file ITR using the new filing
CA Shafaly Girdharwal
Income Tax Compliance301st Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 07th June 2021 ITNS 281 May 2021 Due Date for Payment of TDS on all types of payments 07th June 2021 ITNS-281 May 2021 Due Date for payment of TCS u/s 206C (other than Government Assessee) 07th
Income Tax ComplianceSection 194Q vis a vis Section 206C(1H)
Section 194Q 206C (1H) Applicability w.e.f 01-July-2021 w.e.f 01-Oct-2020 Who (Deductor/Collector) Every Buyer whose turnover (Excluding GST) in Preceding F.Y. is More than Rs. 10 Crore (While Calculating this turnover value of goods and services both included) Every Seller whose turnover (Excluding GST) in
Income Tax ComplianceTDS(tedious) and TCS Overall Analysis
Analysis of TDS provisions as per Income Tax Act (“the Act” or “IT Act”) Salary Related – 192 AND 192A Section Nature of payment Payer Payee Rate Remarks 192 Salary Any person Employee (R or NR) Slab rate Note 1 192A Accumulated balance of a
Income Tax Compliance300th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 31st May 2021 (Extended till 30th June 2021) ITC-04 Jan-March 2021 Due Date for furnishing Details of Job Worker 31st May 2021 (Extended till 31st July 2021) GSTR-4 FY 2020-21 Due Date for furnishing Summary of Inward
Income Tax ComplianceSection 206AB changes as applicable from July 1, 2021 – Declaration on the filing of the tax return for past years and linking of PAN with Aadhaar
Government of India vide Finance Act 2021, has introduced a new section 206AB under the Act wherein a buyer is responsible to deduct TDS at a higher rate (i.e., twice the rate as specified under the relevant provision of the Income Tax Act or
Income Tax ComplianceCircular No. 10/2021: CBDT
Circular No. 10/2021 F. NO. 225/49/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 25th May 2021 Subject: Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the
Income Tax ComplianceSlump Sale Amendment Rules Notified on 24/05/21 by CBDT
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th May 2021 G.S.R. 338 (E).— In exercise of the powers conferred by section 50B read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board
Income Tax Compliance299th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 24th May 2021 GSTR-3B Jan-March 2021 Due Date for furnishing Summary of Outward & Inward Supplies for taxpayers whose aggregate turnover is up to Rs. 5 Crores (Quarterly) 25th May 2021 GSTR-3B April 2021 Due Date