ITR 2024-25: How to download capital gains statement for Income Tax Return filing | How To News

The profits or loss made from selling capital assets are schematically explained in an Income Tax Return (ITR) capital gains statement. It is important particularly when it comes to providing precise information regarding taxable income and determining the relevant capital gains tax. Details such as the date of purchase, its value at the time of purchase, selling date and amount received as well as the net are normally involved in the statement. Downloading a capital gains statement for Income Tax Return (ITR) filing involves a few steps, which may vary…

GSTN Enables New Feature for Registered Taxpayers to Track Return Filing Status by FY-Wise

New functionality has been incorporated by the GST portal that permits the users to monitor the status of return filing of the enrolled assesses financial year-wise. The same rise has the motive to furnish effective clarity and simplicity of access to historical information for businesses and tax professionals. Key Highlight of New Functionality Track the Status of Your Return Filing Financial Year by Year.: Users are now facilitated to review taxpayers’ GST return filing status from FY 2017-18 to the present date. It eases the procedure to track compliance over…

Allahabad HC Dismisses Petitions Against Extension of GST Filing Deadlines for FY 2017-18

A bunch of petitions have been dismissed by the Allahabad High Court contesting central and state government orders/notifications extending the time duration to file the GST return for the FY 2017-18 and also extending the time limit for its investigation and audit via tax officials. Because of the COVID-19 pandemic, the time limit to file the GST returns was extended in 2020. The bench constituting Justice SD Singh and Justice Donadi Ramesh was hearing a clutch of petitions furnished via a multinational firm M/s Graziano Transmission and several others. As…

CBDT lays down more conditions for mandatory filing of ITR

Through CBDT NN. 37/2022 dated 21.04.2022 notified rule 12AB has prescribed certain conditions for furnishing of ITR by specified persons referred to in clause (iv) of 7th proviso to section 139(1). The conditions prescribed for compulsorily filing of ITR by specified persons are as follows: (i) if the total sales, turnover or gross receipts in the business exceed Rs. 60 lakhs or the total gross receipts in the profession during the previous year (PY) exceeds Rs. 10 lakhs during PY; either (ii) If the aggregate of TDS and TCS during…

CBDT notifies ITR-U for filing updated ITR u/s 139(8A)

Through CBDT NN. 48/2022 dated 29.04.2022 notified ITR-U and Rule 12AC for filing updated return u/s 139(8A) relating to AY2020-21 and subsequent AYs. Further, ITR-U has to be chosen by the eligible person as the reason for updating ITR from the following- Return not filed earlier, Income not reported correctly Wrong head of income or chosen tax rate, carry forward loss or unabsorbed depreciation or reduction in tax credit under section 115JB/115JC other Also, if the filing of updated ITR leads to further loss or reduction in unabsorbed depreciation or…

Common mistakes in filing GSTR returns which needed to avoid

What is Common errors in filing of GSTR returns which needed to avoid. Prior to the GST regime, there was the VAT system, which enabled for returns to be amended if an error was detected. Despite the fact that the GST Act has been in effect for three years, those who are registered under it continue to make numerous errors while filing their GST reports. To avoid departmental lawsuit, it’s critical to file GST returns as accurately as possible. Since there is no provision under GST law for amending a return,…

nw Condonation for delay in filing Form 10-IC for 20-21

Condonation for delay in filing Form 10-IC for assessment year 2020-21 Concessional rate of tax at 22% Finally, a big relief for domestic companies, who had opted for a concessional rate of tax of 22% for assessment year 2020-21, but did not file Form 10-IC on or before the due date of filing return of income I forgot CBDT vide circular number 6/2022 dated March 17, 2022 condoned the delay in filing Form 10-IC for the assessment year 2020-21 under section 119(2)(b) of the Income Tax Act, 1961 . nw…

Filing of ROC Form CSR-2 on Reporting on CSR

MCA Form CSR-2 on Reporting on Corporate Social Responsibility MCA has released a new Form CSR-2 for Reporting on Corporate Social Responsibility to be reported annually along with Form AOC-4 starting from FY 2021 needed. Because the amendment in AOC-4 has not been implemented for FY 20-21, it will be filed separately by 31-03-2022. , Post Filing of ROC Form CSR-2 on Reporting on CSR first appeared Rajput Jain & Associates – Chartered Accountant in Delhi, Source link

Penny Stock Cases: Vivad Se Vishwas scheme not confers any vested right on assesse: ITAT Condones delay in Appeal Filing

Facts and issue of the court The Court : In all the applications the revenue has sought for condonation of delay in filing the appeals before this Court  under  Section 260A of the Income Tax Act, 1961 (the Act, in brevity) challenging the orders passed by the Income Tax Appellate Tribunal, Kolkata (the Tribunal). For the purpose of disposal of the applications filed under Section 5 of the Limitation Act, it may not be necessary to go into the factual aspects nor as to what would be the relevant assessment…