Phoenix Auditing

Income Tax raid: I-T dept detects Rs 450-crore black money after raids in Kolkata

The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses such as running...

What is ITR3 & How to file ITR-3

The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 : Carrying on a business or profession If you...

Check latest ITR filing status message by I-T department

Income Tax ITR Filing: The Income Tax Department has confirmed that over 4.84 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till December 31, 2020. “Over 4.84 crore Income Tax Returns for AY 2020-21 have already been filed till 31st of December, 2020,” the Income...

How to prepare for filing of your ITR

Before you actually sit down to upload your income tax return (ITR) or visit your Chartered Accountant for filing your ITR, it is better you do some ground work to save the time as well to ensure that full particulars are submitted without any omission. Let us discuss what...

Depreciation on automobiles

The following change was made in the rate to boost the automobile industry as a drastic downfall was observed. Therefore to attract buyers an enhanced rate of depreciation was introduced.  (i).Motor cars, other than those used in a business of running them on hire, acquired or put to use...

Depreciation for AY 2020-2021 under Income Tax Act, 1961

Depreciation is a way of measuring decline in the value of asset. The main causes of depreciation are the usage , wear and tear and obsolescence of the asset. Since assets are used in the business/profession therefore some amount of such asset can be logically debited to the Profit...