Over 4.54 crore taxpayers have already filed their income tax returns (ITR) for A.Y 2020-21 (FY 2019-20) till December 29, the Income Tax Department said. As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (A.Y) 2020-21 early to avoid last minute rush “More than 4.54 crore Income Tax Returns for AY 2020-21 have already been filed till 29th of December, 2020. Hope you have filed yours too!,” the department tweeted. This includes over 2.52 crore taxpayers filing ITR-1, over 1.00 CRORE filing ITR-4, over 55.99 lakh ITR-3 and over 32.93 lakh filing ITR-2. The deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31,
Read MoreAuthor: Classic Associates
lassic Associates was established in the year 2016. We “Classic Associates” is a professionally managed Audit Firm operating from our Head Office in Tuticorin and two branch offices at Coimbatore and Chennai. Classic Associates is one of the leading providers of Financial Services, Auditing Services, Online Company Registration, Trademark Registration, Copyright Registration, GST Service Tax Registration, ISO Certification Services, Bookkeeping Services, Patent Registration, GST Registration Firm, ITR Filing, Business Advisory, Financial Services, CA Auditing, LLP registration, OPC registration, Sales tax registration, Online legal documentation.
With a global approach to service delivery, the firm responds to clients complex business challenges with a broad range of services across different industry sectors and national boundaries.
We have 3 offices in Tamil Nadu which includes Tuticorin (Head Office), Coimbatore and Chennai. We have more than 500+ happy customers and serving 50+ industry/company for all their finanical needs.
How to get your PAN Card in Tuticorin, Thoothukudi | Classic Associates
Greetings from Classic Associates, Tuticorin ! Get your PAN card from our team in Tuticorin. The Permanent Account Number (PAN) Card is a ten character alpha-numerical identification card issued by the Income Tax Department, Tuticorin, Thoothukudi in India to anyone who applies for it. It acts as a vital document which is mandatory for most of the financial transactions including opening of bank account, accepting taxable salary, filing IT returns, and so on. The primary use of the PAN is to confirm the universal identification related to all the financial transactions and the number helps in prevention of tax evasion. Have more questions ? ! ? Need help in getting your ITR filed ? Feel free to contact us at:
Read MoreHow to File ITR ( Income Tax Returns ) in Thoothukudi, Tuticorin | Classic Associates, Tuticorin
Greetings from Classic Associates, Tuticorin ! What is ITR? A tax return is a form(s) filed with a taxing authority that reports income, expenses and other pertinent tax information. Income Tax returns allow taxpayers to calculate their taxliability, schedule tax payments, or request refunds for the over-payment of taxes. Types of ITR Forms ITR(1) – Salary/Pension, Other Sources, Income from one or more house property ITR(2) – Every income from IT R-1 >50 Lacs, Capital Gains, More then one house property,Foreign income /assets,EquityShares ITR(3) – Every Income from IT R 2, Business or Profession, as a partner in a firm, presumptive income greater than 50 Lacs ITR(4) – Every Income from IT R 1 presumptive income under Salary/Pension/other sources/one house
Read MoreTDS Consultant in Tuticorin, Thoothukudi | Classic Associates, Tuticorin
Greetings from Classic Associates, Tuticorin ! The Central Board of Direct Taxes (CBDT) on Tuesday issued a circular clarifying that tax deducted at source (TDS) and tax collected at source (TCS) provisions are applicable from October 1, 2020. According to the circular, TCS has to be collected and paid on all payments received on or after October 1, 2020, including the amount of GST and also sales made prior to October 1, 2020. The threshold of Rs 50 lakh is year based and hence, the payment received before October 1 2020 are to be considered. However, applicability shall be on payment received on or after October 1, 2020 Have more questions ? ! ? Need help in getting your
Read MoreGST Consultant in Tuticorin, Thoothukudi | GST News Tuticorin | Classic Associates, Tuticorin
The CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities, an official of the GST administration said on Friday. Deputy commissioner, north, He said in a CII organised webinar that there are many reasons for blocking ITC by the department. “Blocking of ITC is done after substantial verification. The amount of fraud happening in GST is crucial for the department to take a cautious approach”,he said. That in many cases it is found that suppliers of inputs are found to be non-existent. “Upon physical verification by the GST department, if suppliers are found to be non-existent, then ITC will be blocked. Then the option left
Read MoreIncome tax department has again postponed the ITR filing due dates | Classic Associates, Tuticorin
The last date for filing belated or revised ITR for AY 20-21 has already been extended several times this year in the wake of the covid-19-induced lockdown. Yesterday, the Finance Ministry notified that the income tax department has again postponed the ITR filing due dates for AY 2020-21 (FY 2019-20) from November 30 to December 31, 2020, for tax individual’s taxpayers. For Individual taxpayers who need to get their accounts audited, the last date of return filing has been shifted from October 31, 2020, to January 31, 2021. While the deadline is extended this year, experts advice not waiting till the last day to file their tax return. This extension was given to provide relief to taxpayers in these stressful times
Read MoreClassic Associates, Tuticorin| Income Tax Filing in Tuticorin|Due date for filing of Tax Audit Report & ITR for AY 2020-21 – To extend or not to extend?
The COVID-19 pandemic had an extremely adverse effect on the professional work capacity of Chartered Accountants, Tax Advocates, Tax Practitioners, and Article Assistants, etc. While the country is slowly moving towards the unlock process, it is no news that the spread and severity of COVID-19 cases is increasing with each passing day. With the due dates of Tax Audit, Transfer Pricing Audit, Income Tax Return, and various other Audit Reports approaching, various problems are being faced by professionals, some of which are: 1. Infected employees/members/professionals: Numerous employees, members, and professionals have been infected by COVID-19, making it next to impossible for them to work. On an average, a person who gets infected is not able to work for at least
Read MoreClassic Associates, Tuticorin| Income Tax Filing in Tuticorin| Income Tax Return 2020: How to e-file ITR in easy steps
How to e-file ITR? There are three ways to file an Income Tax Return: 1. Offline – Download the applicable ITR form in either JAVA or Excel format as per your convenience, fill it offline, generate the XML and upload the same by login into e-Filing portal. This mode is applicable for all ITR forms. 2. Online – Login into e-Filing portal, prepare the return online and submit it. This mode is applicable for ITR-1 and ITR-4 only. 3. Through Tax return filing software Offline User is required to follow the below steps to file income tax return by Offline mode: Step 1. Go to the Income Tax e-Filing portal by using link https://www.incometaxindiaefiling.gov.in/ Step 2. Click on the “IT Return Preparation
Read MoreClassic Associates, Tuticorin| Income Tax Filing in Tuticorin| CBDT extends the due date for A.Y 2019-20
On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued. Official Notificaton is as follows: F. No. 225/ 150/2020-ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, Division New Delhi, the 30th September,2020 Order under Section 119(2)(a) of the Income-tax Act. 1961 The date for furnishing of Income-tax returns under section 139 of the Income-tax Act ,1961 (‘Ace) for the Assessment Year 2019-20 was 31. March, 2020. However, on consideration of difficulties being faced by the taxpayers due to
Read MoreClassic Associates, Tuticorin | ITR Filing in Tuticorin – ITR Filing 2020 Q&A
Greetings from Classic Associates, Tuticorin (Thoothukudi). We have answered few questions related to ITR Filing. My IRS not showing my refund status? If the Check Status screen shows that your tax return is accepted, then you can check your refund status with the IRS on the Where’s My Refund? tool or by calling 1-800-829-1954. tool before that time, your refund information will not show up on the IRS system. Can I claim tax refund for belated return? A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier. If you file a belated return for FY 2019-20 but before December 31, 2021, you will have to
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