“ Dear Taxpayer, It is seen that a claim of refund has been made in the Income Tax Return xxxxxxxxxxxxxxxxx (e-filing acknowledgement number) @ for 20YY (Ass.Year.) filed by you on DD-MMM-YYYY.(Date of Filing of Income Tax Returns). Your Income Tax Return has been selected under risk management process wherein your confirmation is required on the claim of refund. You are requested to submit your response in the e-Filing Portal post login by selecting either of the following options: 1. The claim of refund is correct to the best of my knowledge and belief. 2. Return of Income is being revised wherein, correct claim of refund shall be made. To submit the above mentioned response, please login to e-Filing portal,
Read MoreCategory: Income Tax
Avoid filing revised income tax returns for faster processing under the Jhatpat scheme | Classic Associates, Tuticorin
The Income Tax Department launched Jhatpat Processing of tax returns on December 20. Now, taxpayers have come up with novel ways to hasten processing of their returns filed between June and August 20, which are yet to be processed. Just for perspective, returns filed after mid-October 20 are being processed within days. This has led to vague suggestions by taxpayers that if your tax return has not been processed yet, you should revise your return as that would ensure faster processing and delivery of refund, going by the swiftness of the new tax-filing utility. But blindly following the advice and Revising the Return could backfire and lead to further delay of processing the return, warn chartered accountants. Not all returns processed With
Read MoreWhat is the Due Date for Income Tax (ITR) Filing? FY 2019-20, AY 2020-21 | Classic Associates, Tuticorin
Greetings from Classic Associates, Tuticorin (Thoothukudi) !!! The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under 234A and penalty under section 234F. It is important for all the taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of taxpayers. For instance, salaried individuals are usually required to file their income tax returns by 31st of July of the assessment year. Income tax filing due dates for the FY 2019-20 (Classic Associates) Category/Type of Taxpayer Due Date for Tax Filing – FY
Read MoreThe deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. | Classic Associates
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 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
Read MoreNPAs set to rise sharply on COVID impact, financial system remains sound, says RBI
RBI Governor Shaktikanta Das said “the financial system in India remains sound”. Nonetheless, in the current environment, the need for financial intermediaries to proactively augment capital and improve their resilience has acquired top priority. “In the evolving milieu, while risk management has to be prudent, extreme risk aversion would have adverse outcomes for all,” Das said. Among the bank groups, GNPA ratio of public sector banks may increase from 11.3 per cent in March 2020 to 15.2 per cent by March 2021 under the baseline scenario. “Bank-level stress test results show that 23 banks16 with a share of 64.5 per cent in banks total assets might fail to maintain the required CRAR under the scenario of 3 SD shock to
Read MoreCentral Government further extends tax(IT) compliance deadlines – Check for new updated dates !
The Central Government last Wednesday provided further relief to taxpayers by extending statutory and regulatory compliance deadlines, which were set to expire by June-end. Extensions ranging between one month and three months have been granted on filing income tax returns, filing audit reports, making investments in savings instruments under income tax, issuing of Form 16 by companies to employers besides issuing notices or orders by authorities under various direct taxes and Benami Law. Deadline for linking PAN with Aadhaar has also been extended by three months. Returns of income required to be filed by July 31, and October 31, can be filed to November 30, since due date for IT return for the FY 2019-20 or assessment year 2020-21 has
Read More