There is a good news for lakhs of taxpayers, the income tax department will now issue the refunds in a short period of time of 7-10 days because of its latest technology and aadhaar based ITR verification. The income tax… Read More
Income Tax Department will take action against taxpayers violating the Rs. 2 lakhs limit
The income tax department has recently warned taxpayers involved in violating the cash transaction limit of Rs. 2 lakh or more and said that the receiver of the amount will penalized with an equal amount as penatly. The income tax… Read More
Aadhaar mandatory for ITR filing
The Income Tax Department has made it mandatory for the Resident Individuals to qoute their Adhaar or enrollment id mandatorily for the Assessment Year 2017-18. The change have been mandated by the Finance Bill 2017 to make it mandatory for… Read More
Statement on Financial transaction (SFT)
According to Section 285BA of the Income Tax Act, 1961, a statement for financial transactions (SFT) need to be filed for the transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date of filing of Statement… Read More
Income Tax Department facilitates to correct the errors in Adhaar and PAN
The income tax department has recently went under launch of an e-facility to correct the errors in the database of PAN and Adhaar. Further the department has launched the facility to link the biometric identifier Aadhaar with PAN. The department… Read More
ITR for Assessement Year 2017-18
The central Board of Direct Taxes has intoduced the Income Tax Return (ITR) forms for Assessment year 2017-18. The CBDT in the new designed forms has taken a reform to introduce new simplified ITR form (Sahaj 1) which can be… Read More