TAX DESTINATION

Hi guys, We all are familiar with Form 26AS. However, Income Tax Department has amended Form 26AS  vide Notification dated 28th May 2020, vide section 285BB of Income Tax Act, 1961 to simplify the tax filing procedures. This Amendment is made applicable w.e.f. 1st June 2020. So let's look into all about these amended forms. Firstly, Let's have a brief discussion about old Form 26AS- Form 26AS is an annual consolidated tax statement issued to the Permanent Account Number holders. It is also known as Tax Credit Statement or Annual Tax Statement. Form 26AS is divided into the following parts: PART A: Tax Deducted at Source PART A1: Interest or Income on which TDS has not been deducted due to submission of Form 15G/15H PART A2: TDS u/s Section 194IA from Sale of Immovable property (for Seller) PART B: Details of Tax Collected at Source PART C: Details of Tax Paid (other than TDS or TCS) PART D: Details of Paid Refund PART E: Details of SFT Transaction PART F: TDS u/s Section 194IA

Hi guys, We all are familiar with Form 26AS. However, Income Tax Department has amended Form 26AS  vide Notification dated 28th May 2020, vide section 285BB of Income Tax Act, 1961 to simplify the tax filing procedures. This Amendment is made applicable w.e.f. 1st June 2020. So let's look into all about these amended forms. Firstly, Let's have a brief discussion about old Form 26AS- Form 26AS is an annual consolidated tax statement issued to the Permanent Account Number holders. It is also known as Tax Credit Statement or Annual Tax Statement. Form 26AS is divided into the following parts: PART A: Tax Deducted at Source PART A1: Interest or Income on which TDS has not been deducted due to submission of Form 15G/15H PART A2: TDS u/s Section 194IA from Sale of Immovable property (for Seller) PART B: Details of Tax Collected at Source PART C: Details of Tax Paid (other than TDS or TCS) PART D: Details of Paid Refund PART E: Details of SFT Transaction PART F: TDS u/s Section 194IA

Taxpayers can furnish information about their income and tax payable to Income Tax Department by filing Income Tax Returns (ITR). CBDT has notified 7 ITR forms. The applicability of forms depends upon the status of the taxpayer, source of income and amount of income. Let us understand the applicability of each ITR form in detail with respect to the financial year 2021-22: ITR-1 (SAHAJ) This return can be filed by  a resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh: Income from Salary/ Pension; or Income from One House Property; or Income from Other Sources ( excluding Winning from Lottery and Income from Race Horses ) Agricultural income up to ₹ 5,000. Who cannot file this return? A person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India  has signing authority in any account

Taxpayers can furnish information about their income and tax payable to Income Tax Department by filing Income Tax Returns (ITR). CBDT has notified 7 ITR forms. The applicability of forms depends upon the status of the taxpayer, source of income and amount of income. Let us understand the applicability of each ITR form in detail with respect to the financial year 2021-22: ITR-1 (SAHAJ) This return can be filed by  a resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh: Income from Salary/ Pension; or Income from One House Property; or Income from Other Sources ( excluding Winning from Lottery and Income from Race Horses ) Agricultural income up to ₹ 5,000. Who cannot file this return? A person who: is a Director in a company has held any unlisted equity shares at any time during the previous year has any asset (including financial interest in any entity) located outside India  has signing authority in any account

Who should file an Income Tax Return (ITR)? The persons who are mandatorily required to file their Return of Income have been specified under section 139(1) of the Income Tax Act, 1961. Let's understand this in a summarized manner- The section specifies that Every Person who is: (a) A Company or Firm; or (b)  A person other than a Company or a Firm, if his total income during the previous year exceeded the maximum amount which is not chargeable to income tax, is required to  furnish a return of his income on or before the due date. We need to understand the following terms- 1) Maximum Amount not chargeable to income tax: 2) Due date for furnishing Return of Income: In order to ensure that persons who enter into certain high-value transactions do furnish their return of income- Section 139 of the Income Tax Act, 1961 is amended so as to provide that a person shall be mandatorily required to file his return of income if, during the previous year, such a person had undertaken any of s

Who should file an Income Tax Return (ITR)? The persons who are mandatorily required to file their Return of Income have been specified under section 139(1) of the Income Tax Act, 1961. Let's understand this in a summarized manner- The section specifies that Every Person who is: (a) A Company or Firm; or (b)  A person other than a Company or a Firm, if his total income during the previous year exceeded the maximum amount which is not chargeable to income tax, is required to  furnish a return of his income on or before the due date. We need to understand the following terms- 1) Maximum Amount not chargeable to income tax: 2) Due date for furnishing Return of Income: In order to ensure that persons who enter into certain high-value transactions do furnish their return of income- Section 139 of the Income Tax Act, 1961 is amended so as to provide that a person shall be mandatorily required to file his return of income if, during the previous year, such a person had undertaken any of s

A New Section 194R has been introduced through The Finance Act, 2022 which deals with the d eduction of tax at source on benefit or perquisite provided in respect of business or profession. So, Today let's discuss everything about this section- Section 28(iv) of the Income Tax Act, 1961 provides that the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession  shall be chargeable to tax under the head "Profits and gains of business or profession" in the hands of the recipient. There have been many instances where these recipients do not disclose the receipt of such benefits in their return of income and the tracking of such benefits will become very difficult for the Government. In order to keep a check on these transactions, Central Government has introduced this section. This section will have the effect from 1st July 2022. Thus, Tax at source is not deductible on  the benefit or perquisite which h