The Income Tax Department has totally disappointed us after launching the new E-filing 2.0 website. Some issues and observations regarding the New Portal have been highlighted in this article.
If a taxpayer files TDS details in ITR only with Form 26AS details before 31st May, then there is a chance of mistakes. Thus, it is important to wait for Form 16 or Form 16A certificates.
There are very few clarifications regarding Mutual Fund Dividend Exemption under section 10(35). Is it still available or not? Let's read and understand with official links.
Discussing Income Tax Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(1b), 80D, 80E, 80EE, 80EEB, 80G, 80GG, 80GGC, 80TTA, 80TTB, 24(b), and 87A that are applicable for FY 2020-21.
Generally there are four rates such as 5%, 12%, 18% & 28% under GST. Also there are Zero rated, Nil rated and Exempted category under GST.
'Your refund has failed, please raise a Refund Reissue Request', if you get this kind of email or sms after receiving ITR Processing Intimation u/s 143(1) then you need to follow just 2 simple steps to get you Income Tax refund.
CPC has started to process Income Tax Returns from 23rd November 2020. So, if you filed and verified your ITR successfully, your ITR will be processed soon.
Tax Audit U/s 44AB limit has been proposed to increase up to Rs. 5Cr. from AY 2020-2021 for MSME sector in Union Budget 2020 but several conditions apply.
Resetting Income tax e-filing password is not so difficult for a taxpayer but it becomes difficult when the mobile no. and email id. is not belongs to the taxpayer.