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ITR processing
ITR
CA. Kavit Vijay

Processing of ITR Filed electronically with refund claim under section 143(1) beyond the prescribed limit in non- Scrutiny cases

After filing of Income tax return, processing of Income tax return under section 143(1) is the first step wherein return is electronically processed by the Department system and action is taken as per the prima facie validations such as TDS is granted as per information available in Form 26AS irrespective of amount claimed in ITR, computation of interest etc. Refund claimed in Income tax return is processed only after processing under Section 143(1) of Income Tax Act.

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Specific transactions for PAN
Expat Taxation
CA. Kavit Vijay

Specific transactions for which an expatriate will be required to obtain PAN

PAN is an identity provided by the income tax authorities to each taxpaying individual , which is necessary for each one who is needed to file income tax return, and for people who wish to deal in the financial transaction. Expatriates wanting to work in India or to indulge in any business transaction with a company based in India would also need a PAN for such transactions.

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Amendments by The Finance Act, 2020
Income Tax
CA. Kavit Vijay

15 important changes in Income tax applicable from 2020 onwards

Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.

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Tax Avoidance Practices plugged by Department
ITR
CA. Kavit Vijay

Tax Avoidance Practices plugged by Department

This tax liability reduction practise, either through legitimate or illegitimate options, is known as “Tax Avoidance”, “Tax Evasion” and “Tax Planning. Although the words “Tax avoidance” and “Tax evasion” and “Tax planning” sound similar but in practical scenarios they are radically different.

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Verify Income Tax Return
ITR
CA. Kavit Vijay

How to E-Verify Your Income Tax Return | E-Verify ITR

For the purpose of Income tax return filing, mere uploading a return file is not sufficient. Post uploading of return, sending a signed copy of acknowledgment (ITR-V) was prerequisite to verify the ITR and complete the filing process. ITR is considered as not filed till it ITR verified and the signed copy of ITR-V is not received at Central Processing Cell (CPC), Bangalore.

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