15Sep 2020 by Asmeet No Comments

Over 35,000 direct tax disputes resolved under Vivad Se Vishwas

Income Tax
Over 35,000 direct tax disputes resolved under Vivad Se Vishwas The government on Monday said that 35,074 direct tax-related disputes have been resolved under the Vivad se Vishwas scheme as on September 8. This is even as nearly 6 lakh such cases are pending in different forums, including commissioner of appeals, tribunals, high courts and the Supreme Court. The dispute resolution scheme meant for direct taxes was passed as an Act earlier this year but the deadline for the scheme to avail concessional settlement provision has since been extended to December 31 due to Covid-19. A tax official said that a large number of cases would come under the scheme closer to the deadline. The government is hoping that a substantial portion of over Rs 10 lakh crore in revenue…
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25Aug 2020 by Alok Shah

How to E-Verify Your Income Tax Return

Income Tax
How to E-Verify Your Income Tax Return Once you have filed you return it is to e-verified or sent via post to CPC Bangalore. E-verifying the return is fast and easy way. Here are the few ways to e-verify your return Via net bankingVia Aadhaar OTPVia EVC on the Income Tax Department website Steps to E-Verify Your Tax Return  Step 1: Login to incometaxindiaefiling.gov.in  Step 2: Select the ‘View Returns/Forms’   Step 3: Select the option ‘Click here to view your returns pending for e-verification’     Step 4. Select the option ‘e-verify’.   Step 5: When you click on e-verify, there is a list of modes through which you can generate an EVC.   Step 6: Upon successfully generating the EVC through the desired mode, enter the EVC and submit.    Step 7: A confirmation message will be displayed with a transaction…
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25Aug 2020 by Alok Shah

Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens

Income Tax
Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens Did you spend over Rs 20,000 on a hotel stay or took a domestic business class fight? You could well come under the income tax scanner as the government plans to widen the list of reportable financial transactions to plug tax evasion and widen the tax base. The government proposes to include payments over Rs 50,000 on life insurance, health insurance premium payment over Rs 20,000, foreign travel and donations and payment of school/ college fees over Rs 100,000 a year in the list of Statement of Financial Transactions (SFT). Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000 and demat accounts and bank lockers. With a list of…
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