FINANCE

In India majority of older persons face financial hardship in old age as most of them are not in a position to earn their livelihood. Their savings, if any, are not enough to meet their day to day, particularly the medical expenses. Older persons with good net-worth value are in search of good short-term financial planning to earn a good income from their finance. The Income Tax law provides various benefits to senior citizens in India with the view to mitigate their issues. Who is considered as a Senior Citizen in India? According to the law, a senior citizen is an individual resident between the age group of 60 to 80 years, as on the last day of the previous financial year. Who is considered as a Super Senior Citizen in India? A super senior citizen is an individual resident who is above 80 years, as on the last day of the previous financial year. Just because a senior citizen has been filing an ITR all his life does not necessarily mean that he/she is mandatorily required to file an...

An income tax return (ITR) is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability. The deadline for filing Income Tax Return for corporate and other assessees who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others, it is 31st July every year as have been prescribed under the Act. However, with the ongoing COVID -19 pandemic a lot of income tax due dates were extended by The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 read with Notification No. 35 /2020, dated 24-06-2020. In view of the same, the due date of furnishing ITR for FY 2018-19 has been extended till 31 st  July, 2020 and for FY 2019-20 till 30 th  November, 2020. Individuals or HUF who are...

Notices from the Income Tax Department are very common these days due to their pepped up Tax compliance measures thru computerized/automated rules. While Receiving IT Notice is not a fun for anyone, it may create some panic among the tax payers. The tax payers need to react within the specified time limit to address the queries from IT Department to clear notice and / or Tax dues, if any. below are Top 7 reasons why a Tax Payer may get an Income Tax Notice from the Department Mismatch of Income between form 26AS and Income Tax Return If the Income declared in IT Return does not match with Form 26AS, then the ITD may serve the notice to the tax payer for arithmetical inaccuracies. The Tax Payer should submit either the revised return or submit the response to the query. Error in TDS Amount The TDS claimed in the Tax return should match with the Form 26AS. Otherwise, the ITD may serve the notice on the tax payer to correct the TDS amount. Discrepancy in Tax Returns If the Tax payer have ...