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11) In Aug 2020, expenses more than a specified limit on hotels, life insurance premiums, property tax, etc would now be reported in the new Form 26AS. Also faceless assessment of Income Tax returns has been introduced.

Particulars Old New
Taxation on expenses
  • Expenses on hotels, life insurance premiums, health insurance premiums, property tax, electricity bill etc. were not reported or visible in Form 26AS
The below expenses would now be reported inForm 26AS
  • More than Rs 20,000/- as hotel expenses
  • More than Rs 20,000/- as property tax
  • More than Rs 20,000/- as health insurance premiums
Faceless Assessment
  • Income tax returns would be scrutinised and notices sent to cases where there are discrepancies.
  • From Aug 13, 2020, under faceless scrutiny assessment, a central computer randomly picks up returns for scrutiny and allotted to a team of officers for scrutiny.
  • Notice is sent for these randomly selected cases in case of any discrepancy and such notices need to be responded to electronically.

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    Commercials for ITR filing services

    ITR Form Base Rate ** Services Offered
    ITR 1 Rs. 750+taxes Only for ITR 1 filing, Single Form 16 and only Salary Income
    ITR 1 Rs. 1000+taxes Multiple form 16, interest income from FD/Savings ac & salary income
    ITR 2 Rs. 3500+taxes Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, 1 Demat account, RSU Disclosure
    ITR 2 Rs. 5000+taxes Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5, sale of RSU
    ITR 2 Rs. 7500+taxes Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5,sale of RSU, filing of form 67, dividends from foreign stocks
    ITR 2 Cost will be discussed based on complexity Other than the above cases
    ITR 3 Rs. 12,500 F&O Income and RSU
    ITR 3 Cost will be discussed based on complexity If Audit required

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    Rs. 500 + taxes

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