Monday, July 15, 2024

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Income Tax Return Filing

‘Expenditure Tax’ in place of Income Tax : Indeed a block-buster reform

If Personal Income Tax (PIT) is done away with, not only more than 6 Crore people will have freedom from the burden of submitting the annual ITRs for which now the last date has further been extended from 31st December 2021 till 31st March 2022 but even the organizations complying with the TDS will also be free from the burden of collecting, remitting and submitting various returns if PIT is shelved.

PAN No. of unlisted co.

equest CBDT to revisit it's decision to file ITR with unlisted shares' holding list showing PAN No. of concerned Co. whereas Company Master Data page of MCA do not contain this PAN detail that's why for we seniors it is a problem.

Do Not Forget to Declare Loan and Card Payment Over 2 Lakhs in Cash In ITR

These new ITR forms and the rule for declaring cash transaction over 2 lakhs during the demonetisation period is an initiative taken by the government purely to trace the tax evaders.

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