Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021

Income Tax
Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021 Circular No. 08/2021, dated 30-04-2021The Central Board of Direct Taxes (CBDT) has granted relief to taxpayer by extending due dates of certain compliances under the Income-tax Act. In view of severe pandemic, the board has provided that due date for completion of following Income-tax compliances by the taxpayers shall be 31-05-2021:1) Filing of appeal to CIT(Appeals). However, if the last date allowed by section 249 for filing of appeal before CIT(A) falls beyond 31-05-2021 then such later date shall be taken into consideration.2) Filing of objections to Dispute Resolution Panel (DRP) under section 144C. However, if the last date allowed by section 144C for filing of objections falls beyond 31-05-2021 then such later date…
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Major Income Tax Proposals in Budget 2021

Budget, Income Tax
Major Income Tax Proposals in Budget 2021 1. No Income tax returns for senior citizen of 75 year or above age where the total income consist only of pension and interest income 2. Income tax returns will have prefill data of capital gains from listed securities, post office interest, Interest income, Salary etc,. 3. Increase in tax audit limit from Rs. 5 crore to Rs. 10 crore if more than 90% transactions are made digital mode and increase in tax Audit Exemption Limit for NRIs who carry out 95% of their transaction digitally, to Rs. 10 crores 4. Introduction of Faceless for Income tax appellate tribunal. A National Faceless Income Tax Appellate Tribunal Center to be constituted, wherein all communication between the Tribunal and the Appellant shall be electronic. Where…
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All About filing ITR 1 Sahaj For AY 20-21

Income Tax
All About filing ITR 1 Sahaj Who Should use this ITR1 Sahaj ? This form is for Individuals being a Resident (other than not ordinarily resident) having total income upto Rs. 50 lakhs, having Income from Salaries, one house property, other sources and agricultural income up to Rs. 5,000. Who is not eligible to use Form ITR-1 (Sahaj) for A.Y. 2020-21? This ITR Form should not be used by an individual who (Either conditions is fulfilled)– a) is a Director in a company; (b) has held any unlisted equity shares at any time during the previous year; (c) has any asset (including financial interest in any entity) located outside India; (d) has signing authority in any account located outside India; or (e) has income from any source outside India. This…
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