Income Tax

The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, […]

The government has extended the due date of filing the Audit Report and ITR for the A.Y. 2018-19 from 30th of September 2018 to 15th of October 2018. However, This must be noted by the taxpayers and the other interested parties that the interest u/s 234A will be payable by the Assessees.  The Central Board […]

Income Tax Audit

According to section 44AB of Income Tax Act 1961, every assessee falling within the scope of this section is required to get its books of accounts audited by a Chartered Accountant. This audit is completely different from the General Audit from which we are regularly exposed. The scope of Tax Audit is to check whether […]

Tax Planning

What is Tax Planning ??? Tax planning is the art of arranging your affairs in ways that postpone or avoid taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend. Or both. Your choice. Put another way, tax planning means deferring and flat out […]

Demonetization and Income Tax

Recycling almost 85% of the currency of Indian Economy is considered as a very bold and historic decision by The Prime Minister of India and is welcomed by almost all the common Indian citizen. It is considered as a very important move to tackle the Counterfeit Money,  Parallel Economy and Black Money. Although a lot of […]