NEW DELHI: Over 4.15 crore taxpayers have already filed their income tax returns (ITR) for assessment year 2020-21 (FY2019-20) till December 26, the Income Tax Department said on Sunday. As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (AY) 2020-21 early to … Read more
Synopsis The faceless assessment scheme is a major change in the work flow and processes of the I-T department that has always functioned in well-defined geographical areas. Dynamic sphere of control — where a tax return filed in, say, Delhi would be looked into by a team of tax officials stationed in, say, Chennai — … Read more
By Rameesh KailasamBudget 2020 introduced Section 194-O of the Income-Tax (I-T) Act. Its primary intent was to widen the tax base by bringing the ecommerce ecosystem into it. Participants in this ecosystem, it was believed, neither paid taxes nor filed their tax returns, thereby escaping tax liability.194-O exempted non-resident ecommerce participants, set a ceiling limit … Read more