Budget 2018-19

  This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1 The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1 This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement. “To provide relief to the taxpayers who were eligible to file application as on January 31, but could not file the same due to cessation of ITSC vide Finance Act, 2021, it has been decided that applications for settlement can be filed by the taxpayers by September 30 before the Interim Board …,” CBDT said in a release on Tuesday. This applies to on...

  An individual will be levied Rs 1,000 as a fine if the Aadhaar and PAN are not linked after March 31, 2021 According to Section 139AA in the Income Tax Act (2017), individuals have to link their Permanent Account Number (PAN) and Aadhaar numbers. The deadline is March 31, 2021. If they are not, PAN will be considered invalid to useUntil 2017, income tax could be e-filed without the PAN-Aadhaar link. Earlier, the deadline to link the both was August 31, 2017, and then kept getting postponed until the central government put a stop. Even though the I-T returns can be filed, the returns cannot be processed without the linkage. This is the eighth time in a row that the government has extended the due date for the linking of Aadhaar and PAN. Earlier to this, the deadline was June 30, 2020. As there are many people who are struggling to rectify the detail mismatch in their Aadhaar and PAN, the government kept extending the dates. Three ways to  link Aadhaar and PAN: 1: Online linki...

  ‘Continued challenges’ faced by people in the coronavirus pandemic prompts tax department to extend deadlines. The deadline for individuals to file income tax returns has been extended by 10 days to January 10, 2021 due to “continued challenges” people face due to the coronavirus. The new deadline for filing GST annual return is February 28. The last date for declaration under Vivad Se Vishwas Scheme has been extended to December 31, 2020. The new date for furnishing of Income Tax Returns for taxpayers (including their partners) who have to get their accounts audited is January 31. The date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions was extended to January 31, 2021. The date for furnishing of  Income Tax Returns  for other taxpayers was extended to December 31, 2020. “In view of the continued challenges faced by taxpayers in meeting statutory compliances due to out...