Non-Filing of the Income Tax Return may result in Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment, Claim of Refund of Taxes, Prosecution for Failure to Furnish Return of Income etc.
To relieve the retired person, as well as reduce the cost to the government, NPS or the New Pension Scheme was introduced in the year 2004
Presumptive income scheme simplifies tax calculation for small businesses with gross receipts or turnover less than Rs 2 crore.
Section 44AD covers provisions to reduce tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation.
Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year.
Due to COVID-19 pandemic and challenges faced by taxpayers, the government has extended dates for various compliance in direct taxes.
Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions
NRI Bank Accounts Explained in Simple Language
TDS section 194N applies to Specific entities responsible for paying a sum or aggregate of sum, in cash exceeding Rs. 1 Crore to any person during a year.
Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer shall be displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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