Search results

  1. C

    Share your Tax issues.

    Hi All, I am opening this new thread for any tax related questions that you have - from derivative trading to crypto taxation. Happy to help you to the extent possible. Regards CA Nikhil
  2. C

    Due date for Tax Audit Report Submission is 15 January 2021

    Dear All, This is a quick update for everyone. Please note that the due date for submission and acceptance of Tax Audit Report for AY 2020-21 is 15 January 2021. The 15 February 2021 is due date only for tax return. Kindly take note of the above as late filing of Audit report attracts a...
  3. C

    Due Date has been Extended

    Hey All The due date for the tax return has been extended by a month. https://www.moneycontrol.com/news/business/personal-finance/govt-extends-deadline-for-filing-income-tax-returns-by-a-month-2767461.html
  4. C

    File your tax return in Time this year

    Hey All, From this year (AY 2018-19), there is a fees for late filing of income-tax returns: 1. For cases when Income exceeds Rs 5 lakhs and return is filed after due date but before 31 December : Rs 5000/- 2. For cases when Income is below Rs 5 lakhs and return is filed after due date but...
  5. C

    AY 2018-19 Tax Form Changes

    Hey All, The tax return forms for AY 2018-19 have been published and a few changes that will be relevant for almost everyone have been made which are as under: 1. The ITR forms now ask for more details regarding the salary structure such as Allowances not exempt, Value of perquisites, Profit...
  6. C

    31 March is the last date for tax filings for AY 2016-17 and AY 2017-18

    Dear All, In case you have not filed the income-tax return for past two years, kindly note that the last date for such filings is 31 March 2018. This applies to financial year 2016-17 (AY 2017-18) also as the last date for filing under section 139(4) has been rescued by 12 months.
  7. C

    Anyone Received Notice for Trading in Bitcoins?

    Hey, Has anyone already received notice from trading in bitcoins and other coins?
  8. C

    Tax Audit Due Date Extended Again to 7 November

    Hey Guys, The income-tax department has extended the due date for tax audit and return filing to 7 November. In case you have not filed your return yet, please take benefit from this extension. In case you do not file the return before the due date under 139(1) business losses for the current...
  9. C

    One Week Left for Filing Tax Audit report and return

    Hey All, This is just to keep you all posted that the due date for tax audit filing is 31 October. this is specially relevant for the tax payers who which to carry forward their current year losses. If the return is not filed by this date, the current year losses will be forfeited.
  10. C

    Tax Return Due Date Extended to 31 October

    Dear All, A late update. The due date for the returns covered under tax audit has been extended to 31 October 2017 (for AY 2017-18). Plan for filings accordingly.
  11. C

    Bitcoin - Localbitcoins

    Hey Guys, Any idea about how good/safe/liquid Localbitcoins.com is for trading in bitcoins?
  12. C

    Audit Applicability

    I often receive queries on the applicability of audit under different circumstances. Now, that non-tax audit returns are almost done, I thought it would be best to share a few clarifications on when and why tax audit will apply to a particular case. Please note that the note below is...
  13. C

    Due Date Extended to 5 August

    Hey All, Income-tax department has extended the due date for tax filings (for non-audit cases) to 5 August. Make sure you use this time to file your returns, specially if you losses to carry but audit doesn't apply to you.
  14. C

    Answer for Taxation Queries

    Dear All, Over past couple of years, especially after demonetization, we have seen an avalanche of amendments in taxation laws, be it regarding how you file returns under 44AD, the tax return forms, cash deposits, reporting requirements (Form 61A) etc. I would be glad to help you all for...
  15. C

    Form 61A Not Mandatory

    Dear All, Finally CBDT has issued the clarification that Form 61A is to be filed only where there is atleast one reportable transaction. Accordingly, if you no transaction to report, then just file the preliminary response and no need to file the Form 61A
  16. C

    Traders - Compliances under Revised 44AD

    In the last year's budget, govt of India amended the section 44AD. This current post covers the revised tax positions based on the section 44AD as it stands post amendments: Key changes are as under: 1. The turnover limit under 44AD now stands at Rs 2 CR 2. Once you choose an...
  17. C

    Tax Audit Due date Extended

    Dear All, Income-tax department has extended the due date for submission of tax audit reports and the corresponding tax returns to 17 October 2016. Regards
  18. C

    Impostors

    Dear Friends, I have been contributing to this forum for a past few months. Except for one case (lemondew) where my advisory/services were not up to the mark, I believe I have guided others satisfactorily. Many of you write to me for professional help. Some even for general advise. I...
  19. C

    Tax Audit Due Date extended - Still Time to Catch up

    Dear Friends, I hope you all have finished your tax filings for Financial Year 2014-15. In case you have missed out, then you still got another Four weeks to set things right as the Income-tax Department has extended the due date for tax audit cases upto 31 October 2015. Nikhil
  20. C

    Business Tax Returns Filing Started

    Dear All, The tax filing for Business/profession cases in ITR-4 has started. In case you need any assistance, feel free to add to this thread. Regards