Income Tax

For the time being, let’s forget the recommendations done by SIT. I have some recommendations to make! If my recommendations are implemented, the government can block many black money generating avenues! Please read and comment whether my suggestions make sense or not! You may disagree with me, but it is …

No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file their Returns Well in Time to …

This is in continuation to my previous article ‘what are the recommendations of SIT on curbing black money? Part 1’ Misuse of exemption of Long Term Capital Gains Again, there is nothing new in the SIT report here. The rigging in stock market is not a new revelation. It’s been …

Due date for filing returns of income has been extended from 31st August 2015 to 7th September 2015 in respect of all taxpayers who were required to e-File their return of income by 31st August, 2015. Earlier the due date was 31st July which was extended to 31st August and …

  In our earlier article Does the Income Tax Officer have the discretionary powers to take up scrutiny of IT returns? we have explained power of Income Tax Officer in selection of cases for income tax scrutiny. Income tax department is selecting cases for scrutiny under  “Limited Scrutiny selected under Computer Aided Scrutiny …

Previous Article: How black money is converted into white money I want to begin this article with an analogy. Assume you hire the services of a doctor to find out the reasons for a ‘cold’. He comes out with a detailed 30-page document (after 6 months) listing out the reasons such …

Recently income tax department has introduced electronic verification of income tax return. Income tax return can be verified now by generating an Electronic Verification Code or EVC. If you verify your return via EVC, you are no longer required to send signed physical copy of ITR-V to CPC, Bangalore. At …

Soon, the taxman will be able to access all the financial information of taxpayers in a single window. The income-tax (I-T) department is embarking on a project called Income Tax Business Application to collate all information on a taxpayer from various sources based on the permanent account number (PAN). Of …

Dear Politician, I am an ordinary man. A very ordinary man… Not unlike the many you see everyday. I am the same man who elected you to power a few years back; I am the same man who chose you as my representative. I am the same man whom you …

As the due date for filing the Income Tax Return for Assessment year 2015-16 is approaching ie 31st August 2015, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Bangalore. Electronic filing of income tax return is mandatory for …