Understanding Income Tax Returns Income tax return (ITR) filing is a crucial process for individuals and businesses in India. It involves declaring your income, expenses, and taxes paid during the financial year. Accurately filing your ITR not only ensures compliance with legal requirements but also helps in claiming refunds if any excess tax has been paid. Why File Income Tax Returns? There are several reasons why individuals should file their income tax returns. Firstly, it serves as a record of your earnings and helps in availing loans. Financial institutions often require ITR as proof of income. Secondly, filing ITR on time can lead to a reduction in future tax liabilities due to carry-forward losses from past investments. Lastly, timely filing can protect you from penalties

Rule-59(6) is getting implemented on GST Portal from 1st September 2021. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has not furnished the return in FORM GSTR-3B for preceding two months; a registered person, required to furnish return for every quarter under the proviso to sub-section (1) of section 39, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the

Many taxpayers have voluntarily paid lakhs of Rs. of late fee for late filing of returns In the recent meeting Goods and Services Tax (GST) Council have discussed various relief measures in view of the damage caused by the second wave of Corona. This was the 43rd meeting of the GST Council which took place more than 7 months after the last meeting. In this meeting, an important decision was taken to give relief to those taxpayers who have long pending returns to be filed. These include taxpayers who have defaulted in filing GSTR 3B returns from July 2017 to April this year. For taxpayers who do not have any tax liability, the late fee has been capped at Rs 250 each for CGST and

New e-filing website (www.incometax.gov.in) launch:  Along with the launch of the new e-filing portal, the Income Tax Department is providing free of cost ITR preparation software for Forms ITR-1, ITR-2 this month. The Income Tax Department launched its new e-filing portal www.incometax.gov.in yesterday (7th June, 2021). It will provide convenience and a “modern, seamless experience” to taxpayers. “India gets new and most advanced Income tax portal for filing returns and paying taxes. Along with new website/portal the government has also changed it’s domain from earlier https://www.incometaxindiaefiling.gov.in/ to http://www.incometax.gov.in/ What are the new features? New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;All interactions and uploads or pending actions will be displayed on a single dashboard

Know what are Pros & Cons before you decide to invest your money Pros & Cons of Investing in Cryptocurrency You may have heard about the new craze surrounding cryptocurrency nowadays. Some big names are openly coming out in support or against these digital currency. Bitcoin, Ethereum, and Litecoin are some of the more popular types today. You can think of them as digital cash that can be used to pay for goods or services no matter where the seller is located. The most notable characteristic of cryptocurrency is that it isn’t controlled by one authority, like a government or financial institution. This decentralization is brought about by peer-to-peer transactions facilitated by blockchain technology, which confirms the processes involved in the transfers and records them