Lexlais

Meaning :  Section 139 of the income tax Act, 1961 has provided the limit for every type of assessee who is required to file an income tax return. For filing of the return, every person should comply with the income tax act. Although if he made certain mistakes while filing the return then such return shall be deemed as defective return. In this article, we will discuss all those cases in which a return shall be called a defective return and how to deal with such a  defective return notice . A return shall be considered as a defective return unless it has contained all the following documents : Return in the Prescribed form:  Department has specified the income tax form as per the type of income and type of assesse. For example: if the person is having a salary income only then he is required to file ITR-1 if he has filed his return in any other form, then such return shall be considered as defective return.   Statement of computation of tax payable: ...

After filing the Income Tax returns by the assessee, the Income Tax department processes the return and verifies the correctness of the same and issues Income tax notices if necessary. The Taxpayers need to study and analyze the income tax notices and should take the needful action within the stipulated time provided. In this article, we will discuss such situations or reasons which lead to raise  income tax notices . Following are the few major reasons because of why taxpayers may get Income Tax Notice Defective Return Failure to file Return Mismatch with Form- 26AS Hiding Income/ Not Disclosing Income High-Value Transaction Scrutiny Adjusting Refund due against the Outstanding Tax Payable Escaping Income from Assessment Defective Return The Assessee may get a defective return notice u/s 139(9) of Income Tax act if his return has not accompanied by the documents, which are defined in this section. For Example, the Person files his income tax return ...

Udyam Registration introduced by the Government of India for the enterprises which are engaged in the production or manufacturing or processing or preservation of goods or in the provision or rendering of services. In other words, which are engaging in only trading i.e., buying, selling, importing, or exporting goods are not even eligible for the Udyam Registration. The Ministry of Micro, Small, and Medium Enterprises has made the announcement regarding the new classification of MSME Enterprises launched on July 1, 2020, under the name of  Udyam Registration  by the notification on June 26, 2020. The Ministry also launched the new portal for Udyam Registration which is www.udyamregistration.gov.in. The portal established is in a very simplified form where the entrepreneur can know all the details of the registration step of what should know and what they should do. While establishing the new portal the Central Government has set up the advisory board for the recomm...

Most of the investors are not aware of how income tax is calculated and the basic understanding of tax related concepts when they start their career. In this guide, you will learn how to calculate income tax in a very simple and easy to understand way without involving any complicated way. What is Income tax? Income tax is a tax imposed by the government on the income of an individual in every financial year. To calculate your income, all the income sources like salary, business income, rent, dividends, etc are considered. Every citizen of the nation or even a non-residential individual also has to pay this tax to the government if he is earning any income in India. The govt of any country has various kinds of expenses like paying pension to govt employees, building roads and infrastructure, start various schemes for the citizens benefit etc etc. For all this, they need money and income tax is one of the ways for the govt to earn the money. The same money eventually is used...

Most of the Indians are obsessed with gold. But are you aware of the restriction on how much gold can you hold even the worth of gold does not match your income status? In this article I will exactly touch base on that How much gold can you have without receipts? Have you ever wondered what will happen if govt starts raiding all households in India and demands the proof of how you bought all that gold you have? Often we do not keep a track of receipts and proof of how we paid for that gold bought very long ago. In that case, how much gold can you hold without any proof, even if it does not match your income status? As per Central Board of Direct Taxes (CBDT), this limit is different for a married woman, unmarried women and a man. This might sound strange, but here is the limit A Married woman 500 gms Unmarried woman 250 gms A Man 100 gms What type of proofs is required in case of any enquiry? These above limits include both the inherited and the self-bought gold jewelry. In...

As we all know if we had paid excess taxes than our income tax liability either by TDS/ TCS or in the form of Advance Tax, we can claim the refund of such excess tax paid by filing Income Tax Return u/s 139. The last date of filing of Income Tax Returns u/s 139(1) is July 31st of the relevant Assessment Year. However, Belated return can be filed under section 139(4) by the end of the relevant assessment year i.e. 31st March. So, if you want to claim a refund of the excess taxes paid, you must file your ITR maximum by 31st March to avoid the loss of your refund. But, there are many cases where the assessee missed this second deadline also and struggling to get their refund from the department. So, In this article, we will discuss in detail how you can get your old  Income Tax Refund  related to the previous year. Section 119(2)(b) of the Income Tax Act, 1961: Section 119(2)(b) confers the power to Central Board of Direct Taxes by which board if c...