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2019

Methods for E Verification of ITR

Income Tax Return (ITR) verification refers to the process by which one validates or authenticates the details furnished during the return filing process. An Income Tax Return filed but not verified will not be considered as valid return. ITRs are processed further and refunds (if any) are given by the Income Tax Department (ITD) only when you are done with ITR verification.

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2019

Cost Inflation Index for the Financial Year 2019 20

CBDT has announced, in a recent notification, the Cost Inflation Index for the Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 is declared 289. Refer to the notification below:

2019

FAQs on Tax Deducted at Source under section 194I

The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax from rent. The Government introduced the provision to cover the income by way of rent under tax deduction at source. In other countries as well, such income is subject to deduction of income tax at source.

2019

TDS on Insurance Commission Section 194D

There are various provisions related to TDS in the Income Tax Act, 1961. One of the very important provisions related to TDS is TDS on TDS on insurance commission under section 194D. In this article we are going to discuss section 194D in to detail.

2019

Obligation of an Assessee to file Income Tax Return

It is generally believed by most people that a person needs to file Income Tax Return only if the total income of such person exceeds maximum amount not chargeable to tax. However, we must bear in mind that there are certain other conditions as well which necessitates a person to file his/her income tax return even though his/her total income does not exceed prescribed limit. Hence, even if your income is less than Rs. 2,50,000, you may be required to file income tax return.

2019

Fees and Penalty for Late Non Filing of TDS TCS Return 1

Tax Deducted at Source and Tax Collected at Source (Commonly known as TDS/TCS) are very important concepts in Income Tax Act, 1961. Every assesse who is liable to deduct / collect TDS or TCS at source must be well versed with all the related provisions. After collection/deduction of tax at source, the same must be deposited within a prescribed time limit to the credit of the Government of India. Along with that four quarterly TDS/TCS Returns must also be filed by the Deductor on or before prescribed dates during the financial year. 15th July 2019 is the due date for filing TCS return and 31st July 2019 is the due date for filing TDS Return for the quarter ending on 30th June 2019. Hence in this article we are going to discuss various provisions related to filing of TDS/TCS return as well as penalty and late filing fees associated with TDS/TCS Return if deadlines are missed.

Financial Management