Shifa Tax Consultancy Services

25/07/2023

The last date to File Income Tax Return ( ITR ) for F.Y. 2022-23 ( A.Y. 2023-24 ) without a late fee is 31st July 2023.

27/06/2022

PAN AADHAR LINKING WILL COST MORE AFTER 1ST JULY, 2022



The deadline to link PAN with Aadhaar was extended from March 31, 2022 to March 31, 2023. Though the deadline to keep your PAN operative without linking it to your Aadhaar, linking of PAN-Aadhaar from April 1, 2022, will cost you money.

If you link your PAN to your Aadhaar on or before June 30, 2022, you will be charged Rs 500. A fee of Rs 1,000 would be required if the PAN-Aadhaar link is completed on or after July1,2022. A window of opportunity has been provided to the taxpayers up to 31st of March 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs 500 up to three months from 1st April 2022 and a fee of Rs.1000 after JUNE 30TH, 2022.

26/04/2022

Now ITR filing mandatory if your TDS, TCS is Rs 25,000 or more in a financial year
The government has now made it mandatory for an individual to file income tax returns if his/her total TDS/TCS during the financial year is Rs 25,000 or more even if the individual's income is below the basic exemption limit.

In case of senior citizens this rule will apply if the individual's aggregate TDS/TCS is Rs 50,000 or more in the year, Further, an individual whose deposits in a saving bank account are Rs 50 lakh or more in the fiscal will also have to compulsorily file ITR irrespective of his/her income level.

The seventh proviso to Section 139 was inserted by the Finance Act, 2019, which provided for certain criteria which mandated the filing of income-tax returns even when the individual's income is less than the basic exemption limit. Such criteria include deposition of Rs 1 crore or more in a current account, expenditure exceeding Rs 2 lakh for foreign travel, or an amount exceeding Rs 1 lakh for electricity consumption during the year.

Now, vide Notification No. 37/2022, CBDT has notified a new Rule 12AB which prescribes additional conditions which mandate the filing of Income-tax returns despite the fact that income is below the basic exemption limit,. These additional criteria are:

• Total sales/turnover/gross receipts in the business exceed Rs 60 lakh during the previous year
• Gross receipts in profession exceed Rs 10 lakh during the previous year

• Aggregate TDS/TCS during the year is Rs 25000 or more (In the case of senior citizens increased limit of Rs 50,000 shall be applicable)
• Deposits in saving bank account is Rs 50 lakh or more during the previous year.

This will be applicable for the ITR filing of FY 2021-22 ( AY 2022-23).

31/03/2021

16/07/2020

Taxpayers asked to verify ITRs for AYs 2015-16 to 2019-20 by September 30

A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it using either Aadhaar one-time password (OTP)

The I-T Department on Monday gave a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns for assessment years 2015-16 to 2019-20, and asked them to complete the verification process by September 30, 2020.
A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it using either Aadhaar one-time password (OTP), or logging into e-filing account through net banking, or by Electronic Verification Code (EVC) or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
The Central Board of Direct Taxes (CBDT) in an order said that a large number of electronically filed ITRs still remain pending with the IT Department for want of receipt of a valid ITR-V (Verification) form at Centralised Processing Centre (CPC), Bengaluru from the taxpayers concerned.
It said non-filing of ITR-V within time can lead to returns being declared as 'non-est'.
As a one-time measure for resolving the grievances of the taxpayers associated with non-filing of ITR-V for earlier assessment years and to regularise such returns which have either become 'non-est' or have remained pending for non-filing or non-receipt of ITR-V form, the CBDT has permitted verification of electronically filed tax returns for assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 either by sending a duly signed physical copy of ITR-V to CPC Bengaluru through speed post or through EVC/OTP modes. Such verification process must be completed by September 30, 2020.
It, however, clarified that "this relaxation shall not apply in those cases, where during the intervening period, Income-tax Department has already taken recourse to any other measure as specified in the Act for ensuring filing of tax return by the taxpayer concerned after declaring the return as Non-est.".
This order provides a good opportunity to them for regularising their past ITRs and not only solve the issue of past non-compliance but also receive past pending refunds stuck due to this procedural lapse.

01/06/2020

"FORM 26AS NEW AVATAR FROM 1 JUNE 2020"

From 1 June 2020, CBDT is going to give new look to form 26AS as notified through Notification No.30/2020 dated 28 May 2020, according to which new rule 114-I is inserted to have all income information in New form 26AS from 1 June 2020. Which means now no one can conceal any income from Income Tax Department and Income Reconciliation will become very easy for Income Tax officer. Soon you will get the New look or Avatar of form 26AS