Income Tax & GST Compliance

In this article we are going to discuss which Income Tax Return (ITR) Form to be used by NRI having Income in India. If you are Individual Non-Resident of India (NRI) and you have earned Income outside India and remit same in India same is not Taxable as not earned or accrued in India. But if you earn or accrue any Income in India which exceeds Rs. 2,50,000/- during Financial Year (April - March) they you have to compulsorily file Income Tax Return. If you don't File Income Tax Return within Due Date then you will be liable to pay Late Filling Fees which is up to Rs. 10,000/-. If you are having Rental Income of House Property and / or Interest Income then you have to File Income Tax Return using ITR - 2 .   Post your Queries in Comment. CA. Nitesh R. Gugale

In this article we are going to discuss which Income Tax Return (ITR) Form to be used by Person having Income from Partnership Firm only for AY 2020-21 FY 2019-20 If you are Partner in any Partnership Firm and getting income as Salary or Remuneration from Partnership Firm, Interest on Capital Invested and Share of Profit or Loss in Firm. Then you have to File your Income Tax Return (ITR) in ITR - 3 declaring your Share of Profit or Loss, Interest on Capital and Share of Profit or Loss. Post your Queries in Comment. CA. Nitesh R. Gugale

Last year during this time everyone is rushing to get there ITR Filled as Income Tax Return Filling Due Date for Non-Tax Audit Case is 31st Jul.  But due to Covid-19 Pandemic Central Board of Direct Taxes (CBDT) has extended Due date to 30/11/2020 vide notification no. 35/2020/F.No.370142/23/2020-TPL DT. 24-06-2020 . Salaried employees will get Form 16 Part A and Part B mentioning details of Tax Deducted and Salary Details based on that Income Tax Return have to be filled. Some employees says that our employer have paid Taxes from our Salary so we don't have to file Income Tax Return. It's not correct even when Employer deduct TDS from Salary every person who's Income Exceeds maximum amount chargeable to Tax (In case of AY 2020-21 Rs. 2,50,000/-) have to file Income Tax Return. If person has only Income from Salary / Pension , Other Source Income (Interest or Dividend etc. Income) and Income from One House Property have to File Income Tax Return using ITR -1  

Hello Friends, I have received many Queries that What Information and Documents should we collect and maintain for filling Income Tax Return? So I have complied list of Documents and Information required for Filling Income Tax Return of FY 2019-20 (AY 2020-21) . Due to Covid-19 Pandemic CBDT has extended  Due Date for Filling of Income Tax Return for Financial Year ending 31/03/2020 (AY 2020-2021) is For Non-Tax Audit Case 30/11/2020 Tax Audit Case 30/09/2020 *There is Compulsory Late Filling Fees for delay in filling Return. Documents / Details required for Filling of Income Tax Return A. Copy of PAN Card B. Copy of Aadhar Card C. For Salary Income : Form 16 / Salary Slip of All month D. Documents related to Interest Income - Bank Statement / Passbook for Interest on Saving Account - Interest Income Statement for Fixed Deposit - TDS Certificate issued by Bank and Others E. In case of Income form Business and Profession : Balance Sheet and Profit & Loss F. All Bank Statement or