Every Citizen of India has a right to get interest on their income tax refund under Section 244 of the Income Tax Act in the event that they have made excess payment of advance tax or excess of TDS has been deducted on their sources of income. The Central Board of Direct Taxes (CBDT) in… Continue reading Didn’t get your income tax refund? yet? Here is how much interest will you get in return?
The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return filing deadline for audit cases from 30th September 2019 to 31st October 2019. As per the Income Tax Act Rule, the ITR should be file by those entities who are assessed under section 44AB of the income tax such as companies, partnership… Continue reading CBDT extends ITR filing deadline for Audit Cases by a month to 31 October 2019
The Finance Minister, Mrs. Nirmala Sitharaman on 20th September has taken a new decision for the Indian economy by unveiling a tax bonanza for Indian Companies. As per the historic move, Nirmala Sitharaman announced a deduction in the country’s corporate tax rate to 22% (effective rate of 25.17% including cess and surcharge) for existing firms,… Continue reading Finance Minister reduces Corporate Tax to stimulate economy growth
Once your income tax return is processed, it almost takes 30-45 days for you to receive the refund. Taxpayers who have filed their income tax return before July 31 might have received the refund by now. On the other hand, Tax assesses who have filed the ITR around August 31 for the financial year 2018-19… Continue reading Not Got Your Income Tax Refund Yet? Here’s What You Should Do
In the recent statement by the Income Tax Department, it has cautioned all the taxpayers who are holding Permanent Account Number to not to disclose their ten-digit alphanumeric number PAN publicly on the internet and social media. The income tax administration stated that sharing personal information on the micro-blogging such as Facebook, Twitter, and other… Continue reading CBDT Cautions Taxpayers Not to Share PAN Details on Microblogging Sites
After you have filed your Income Tax Return it is necessary to e-verify your return. As the ITR filing deadline was August 31, 19 for the financial year 2018-19 thus, all the taxpayers who have furnished ITR should e-verify ITR within 120 days of filing. Because if you do not e-verify the returns than your… Continue reading Don’t forget to Verify your Returns after E-filing
A day after the income tax return filing session has been completed, it has created a new world record of online e-filing ITRs in a single day and that too so easily. As per the Central Board of Direct Taxes, nearly 49 lakh income tax return was filed by the taxpayers on August 31st, 2019… Continue reading Income Tax Department creates a new record with filing of 49 lakh ITRs