Online CA Services - Taxgoal

A taxpayer is required to furnish a return of his income annually to the Income-tax department. As an obligatory measure for the taxpayer, it has been sufficient to keep away honest taxpayers from the hefty penalties of the department. Usually, every year Income tax return filing is followed on or before 31 st July. If any taxpayer fails to match this compliance on the specified due date, then he/she has to file a belated return of his income after the notified due date with the required late fees or penalties. The Income tax department notifies for the tax filing period on the official web portal of the Income tax department located at Incometax.gov.in  Before the due date, an ITR can be filed without penalty or late fees.  The due dates for ITR filing vary according to the type of taxpayer, whether being an individual taxpayer, HUF, Corporate entity, Non-Profit entity, etc, and also on the basis of the applicability of provisions of an Income tax audit. For Instance, as...

You might have made some investment this year, which might yield you in the coming years. Or you might be getting off, of your past investment finding it to be no more rewarding in the current year. But is it so easy to escape, when you have invested for long term or gained some benefits out of your investment in its initial years? No, there’s huge compliance involved in admitting and withdrawing out of investments. The Income Tax Act, 1961 guides for applicability of a Capital Gain tax , where any investor though holding any investment including any movable or immovable property receives any gain or profit out it during its holding period, at its resale, or at its maturity as the case may be. Capital gain tax is charged on the profits and gains realized by the investor on certain investments which the investor has to submit to the Income-tax department. Taxgoal is an online CA service provider agency with a team of dedicated and highly professional tax consultants and compliance ...

The policy of TDS (Tax Deducted at Source) was proposed to deduct certain tax amount from the income of the taxpayers just as he receives such income from a particular source. This was done to simplify tax compliances for the taxpayers.TDS is deducted on different income sources of the taxpayer like Fixed deposit interest income, share trading income, commission income, brokerage income, etc.. In most cases, the taxpayer’s TDS is deducted more than his applicable income tax slab for which he has to claim a refund of TDS deducted. For Instance, the tax slab applicable on the taxpayer is 5% and TDS deducted on his income is 10%, if the actual tax amount is less than the TDS deductions, then the taxpayer has to claim the additional taxes paid to the government as per the difference of his tax slab applicable and file the required tax amount to the government. There are certain investment avenues and policies which can help a taxpayer to save most of his taxes and claim the maximum of hi...

With relaxation in compliance norms for the corporate sector, the Government of India did announce for some effective policy measures for individuals and corporate entities to keep their business going and balance their compliance obligations during this time of the pandemic.  In respite of the COVID-19 pandemic, the Finance Minister Nirmala Sitharaman in April 2020 announced to extend the due date for filing Income Tax Return for the AY 2020 -21 to 30 th November 2020 which was to be filed on 31 st July 2020. Due Date for Filling Income Tax Return for AY 2020-2021 (FY – 2019-2020)   Particular Due Date For all taxpayers on whom audit provisions are not applied 30 th November 2020 For all taxpayers (inc. companies) on whom audit provisions are applicable 31 st October 2020 To file a return of Income tax is the responsibility of every Indian citizen. It is obligatory for both individua...