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What to do after the ITR Filing Season is over

October 25, 2017

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CBDT extends ITR filing deadline for Audit Cases by a month to 31 October 2019

The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return filing deadline for audit cases from 30 th September 2019 to 31 st October 2019. As per the Income Tax Act Rule, the ITR should be file by those entities who are assessed under section 44AB of the income tax such as companies, partnership firms & proprietorship. In addition, those businesses whose total sales, turnover or gross receipts exceed Rs 1 crore in the financial year is eligible for Tax Audit. The income tax department took to microblogging site Twitter and shared the post, saying "on consideration of representations received from across the country, CBDT has decided to extend the due date for ITR Filing & Tax Audit Reports from 30th Sep 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited," the CBDT said in a late-night statement. Look at the applicability in Tax Audit under the following conditions- Must be a person under t...

NITI Aayog Moots Extension of 10% Income Tax Slab to Rs 7 Lakh

The country’s premier policy think-thank is keen on extending the 10 percent income tax slab from Rs 5 lakh to Rs 7 lakh while keeping the threshold for exemption at Rs 2.5 lakh. The report quoted a National Institution for Transforming Indian (NITI) Aayog official as saying that instead of expanding the exemption limits, the body wants to enable more people to pay taxes. The report added that the think-thank has also recommended that job creation be the central theme of the Budget. The three existing tax slabs include 10 percent for annual income between Rs 2.5 lakh and Rs 5 lakh, 20 percent on annual income from Rs 5 lakh to Rs 10 lakh, and 30 percent on income above Rs 10 lakh. Niti Aayog has also batted for social sector spending to be increased three-fold. The roadmap involves partially cutting down on mega subsidies as well as diverting extra revenues to sectors such as health and education. The report added that the NITI Aayog will unveil a three-year action plan aft...

Small Businesses Accepting Payment By Digital Mode Will Pay Low Income Tax On Profit

As soon as calendar strikes April 1st, the financial year will end and everyone will be occupied by calculating and efiling income tax. This time scenario is a bit different as Indian Government is a lot more focused on building a cashless economy of this nation. To promote this view, the government has taken few initiatives to attract small businesses like local stores and grocery shops as they are a big part of our economy. Small businesses across India, which are involved in manufacturing or retail or wholesale trading tend not to maintain a proper account book. Thus, they measure their income as deemed profit during efiling income tax. So, the new announcement to promote cashless transactions is that the deemed profit rate will be decreased to 6% from 8% if small businesses turn digital. This 8% rule was mentioned in Section 44D of Income Tax Act which is now changed to 6% of gross rate. So how you will be getting the tax benefit during efiling income tax? Assume, you have...

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