# 2023
65 posts in `2023` tag
Financial Dates November 2023 FD Tax Deadlines
Pensioners and retirees, especially those aged 80 or older, need to regularly prove they are alive to continue receiving their pension. They do this by submitting a life certificate to pension-paying authorities like banks or post offices.
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By Krishna
Diwali 2023 Tax Implications Gifts Relatives Tax Free
Diwali is just a few days to go and many of you are wondering whether the gift will also be taxable on Diwali or not! With the Diwali gift-giving season upon us, you might be curious about which gifts could potentially incur taxes.
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By Krishna
Important Tax Compliance Dates November 2023 Complete List Income Tax Department
The Income Tax Department in India has a tax calendar that lists important dates for taxes. This includes when to file tax returns, pay taxes in advance, and deduct taxes from income. If you miss these dates, you might have to pay extra fees.
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By Krishna
How To Pay TDS Online 2023 Step By Step Guide
In India, Tax Deducted at Source (TDS) is a tax collection method where the payer deducts a portion of the payment made to the recipient as tax.
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By Krishna
GST Revenue September 1.62 Trillion
In September, both the central and state governments in India collected Rs. 1.62 trillion through the Goods and Services Tax (GST).
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By Krishna
Statutory & Tax Compliance Calendar October 2023
These responsibilities have specific deadlines set by government authorities, and it's crucial to meet them on time. To help you keep track of these important dates in October 2023, we've created a Statutory Compliance Calendar.
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By Krishna
CBDT Extends Deadline ITR 7 Filing AY 2023-24
The Central Board of Direct Taxes (CBDT) has given people more time to submit their Income Tax Returns using Form ITR-7 for AY 2023-24.
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By Krishna
E-Invoicing E-Waybill HSN Code Changes Effective October 1 2023
This change will be enforced from October 1, 2023, for e-Waybills and e-Invoices. Please make sure to comply with this requirement by the specified date.
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By Krishna
Advance Tax Due Date 15 Sep 2023 2nd Installment Submission
The deadline for paying advance tax is September 15, 2023. Taxpayers are now consulting Chartered Accountants (CAs) to assess their tax obligations.
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By Krishna
Tax Compliance Calendar – September 2023
Here is the comprehensive Income Tax compliance calendar for September 2023. Be sure to keep these due dates in mind to prevent any unnecessary penalties.
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By Krishna
Tax Calendar September 2023 Must Complete Before Due Dates
September month is about the start and there are certain important dates pertaining to the tax work that you must be aware of. Why? Because it is essential in tax planning and to avoid further consequences.
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By Krishna
CBDT seeks suggestions draft form 6c comments 31st august 2023
As part of the Finance Act 2023, changes were made to Section 142(2A) of the Income Tax Act. This allows the Assessing Officer to instruct the taxpayer to have their inventory valued by a Cost Accountant, selected by higher-level authorities.
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By Krishna
How To Check Tax Refund Status For FY 2022-23 (AY 2023-24): Step-By-Step Guide
If you filed your return some time ago but are still waiting for the refund, verify whether you have e-verified your ITR. Remember that simply filing the ITR isn't sufficient and only ensures a refund if you have successfully e-verified your return.
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By Krishna
Income Tax Returns Surge: Over 53.67 Lakh First-Time Filers for Assessment Year 2023-24
A significant update has been announced regarding Income Tax Returns. As of July 31, a remarkable 6.77 crore ITRs were filed for the assessment year 2023-24. Among these, 53.67 lakh individuals filed returns for the first time, according to the Income Tax Department.
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By Krishna
Key Changes in August 2023: Credit Cards, Income Tax, and More - Stay Informed
Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.
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By Krishna
Key Changes in August 2023: Credit Cards, Income Tax, and More - Stay Informed
Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.
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By Krishna
Tax Compliance Calendar for August 2023: Important Dates and Deadlines
Following tax-related compliances is mandatory for taxpayers in India. This includes meeting the due dates for GST return filing as per the government's compliance calendar. Non-compliance may result in heavy penalties imposed by the government.
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By Krishna
Itr Filing Statistics fy 2022 23 ay 2023-24 comparison
Understanding these figures can help taxpayers and professionals gain a better perspective on the filing landscape and draw valuable conclusions.
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By Krishna
Itr Filing Last Date 2023 what happens if you miss tax return deadline
Today is the last date to file Income Tax Returns: The IT department advised taxpayers to file their tax returns before the deadline ends to avoid penalties and other consequences.
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By Krishna
Itr Filing 2023 income tax department 5 crores itrs filed 27th july
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs. Hence, if you yet have not filed your ITR, do it as soon as you can.
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By Krishna
Itr Filing Deadline 5 days dos and donts how to file itr online 2023
Filing ITRs within the prescribed time frame keeps important for taxpayers. Not only does it avoid late filing penalties and interest charges, but it also provides enough opportunity to rectify any errors or discrepancies that may arise during the process.
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By Krishna
Itr Due Date Extension ay 2023-24 everything you must know
This shift in sentiment can be attributed to the remarkable increase in the number of returns filed this year and the growing awareness among taxpayers about the advantages of early ITR filing.
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By Krishna
How to Check Your Income Tax Refund For FY 2022-23 (AY 2023-24): A Step-by-Step Guide
If any request is distinguished from any earlier years with the income tax department, then the department may acclimate the due request with the current year’s refund.
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By Krishna
ITR Filing 2023 Update: Income Tax Department Processes 1.5 Crores ITRs Out of 3 Crores Filed Returns
As of Wednesday, the income tax department has received and processed over 3 crore income tax returns (ITRs) for the fiscal year 2022-23. Among these, an impressive 91% have been electronically verified.
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By Krishna
Rectifying Wrong Bank Account Details in ITR Filing 2023: Step-by-Step Guide
Income tax return filing is a responsible task for every taxpayer but errors made in bank details can cause a delay to receive a refund on time.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
ITR Due Date Extension Update: Will the Government Extend the Last Date of Income Tax Return for AY 2023-24
According to Revenue Secretary Sanjay Malhotra, as reported by news agency PTI, income taxpayers are advised to file their returns as soon as possible, as the finance ministry is not considering any extension of the July 31 deadline.
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By Krishna
ITR Filing 2023: AIS vs. Form 26AS - A Comparative Analysis for Choosing Your ITR Filing Method
While AIS provides a more extensive view of income from various sources, Form 26AS focuses solely on TDS and TCS information. It is advisable to refer to both AIS and Form 26AS during ITR filing since they serve distinct purposes.
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By Krishna
ITR Due Date Extension 2023: Will the Deadline for E-filing ITR Be Extended
Notwithstanding the challenges experienced by a few users, this year's tax filing has seen a remarkable surge. As of July 11, the Income Tax Department has achieved a significant milestone by surpassing the 2 crore mark for filed Income Tax Returns (ITRs) 9 days ahead of the previous year.
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By Krishna
ITR Due Date Extension 2023: Will the Deadline for E-filing ITR Be Extended
Notwithstanding the challenges experienced by a few users, this year's tax filing has seen a remarkable surge. As of July 11, the Income Tax Department has achieved a significant milestone by surpassing the 2 crore mark for filed Income Tax Returns (ITRs) 9 days ahead of the previous year.
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By Krishna
50th GST Council Meeting Highlights: Key Updates from July 11, 2023
On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST.
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By Krishna
Key Deadlines in July 2023: ITR Filing, EPFO Pension, and TDS
Whether you are an individual taxpayer, a pension beneficiary, or an employer, staying informed about these deadlines will help you navigate the financial landscape smoothly and stay on the right side of the law.
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By Krishna
DGFT Extends Amnesty Scheme Application Deadline till December 31, 2023
The Directorate General of Foreign Trade (DGFT), through Public Notice No. 20/2023 dated June 30, 2023, has prolonged the deadline for applying under the Amnesty Scheme until December 31, 2023. Additionally, the deadline for making payment of Customs Duty along with interest has been extended until March 31, 2024.
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By Krishna
Income Tax Compliance Calendar: July 2023 Deadlines and Important Dates
Here is the comprehensive income tax compliance schedule for July 2023. It is crucial to keep track of the deadlines to prevent incurring avoidable penalties. The deadline for filing Income Tax Returns (ITR) without any fines is July 31st, 2023.
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By Krishna
Key Updates: Changes in Income Tax Return Forms for FY 2022-23 (AY 2023-24) Affecting ITR Filing
Additionally, in unique scenarios, the taxpayer may be eligible to claim TCS credit pertaining to another individual to offset their own tax obligation. To cater to these exceptional scenarios, the ITR form now offers an option for taxpayers to claim credit for TCS related to another person.
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By Krishna
ITR Filing Deadline Approaching: Consequences of Missing the 31st July 2023 Deadline
The government made an amendment to reduce the time limit for filing belated income tax returns by three months. Individuals previously had the option to file a belated ITR until the end of the applicable assessment year, which is March 31. This option was available until the financial year 2019–20 (the assessment year 2020–21).
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By Krishna
Direct Tax Alert: CBDT Excludes Cases from E-Appeals Scheme, 2023 Disposal
In line with this, the CBDT recently issued order 2 specifying the cases exempted from the Scheme's provisions. However, we have mentioned below some of the significant instances in which the scheme shall not be applicable.
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By Krishna
CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act
The Central Board of Direct Taxes (CBDT) notified on June 16, 2023, the scope of the e-Appeals Scheme, 2023, under Section 246(6) of the Income Tax Act, 1961.
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By Krishna
Advisory Regarding The Extension of Due Dates For GST Returns
As per Notifications No. 11/2023 – Central Tax, 12/2023 Central Tax, and 13/2023 – Central Tax, all dated 24th May 2023, the government has granted an extension for the due date of filing GSTR-1, GSTR-3B, and GSTR-7 for the tax period of April 2023.
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By Krishna
Ignoring Income Tax Notices
The department has explicitly stated that individuals who disregard income tax notices will be subject to thorough scrutiny regarding their Income Tax Returns (ITR).
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By Krishna
ITR Filing Due Date, Benefit, & Documents For AY: 2023-24
The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.
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By Krishna
ITR-1 and ITR-4 forms are Available Online mode
The income tax department has made ITR forms 1 and 4 available on the e-filing website. These forms were enabled for online filing almost a month after the department released the Excel utility for them.
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By Krishna
ITR Filing AY 2023-24 Tax Helplines Latest Updates
According to information from the Income Tax Department, the helpline numbers for Aaykar Sampark Kendra (ASK), which are 1800 180 1961, and 1961, are scheduled to be discontinued from June 1st, 2023. This change will take place after a period of nearly 11 months from now.
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By Krishna
Government to launch a special TWO-Month nationwide Drive Against GST frauds w.e.f. 16th May
Starting on May 16, the government will initiate a two-month special drive to combat fraudulent practices involving input tax credits within the Goods and Services Tax (GST) system. This drive aims to target individuals, professionals, and firms who unlawfully claim input tax credits by using fake identities and forged documents, despite not actually supplying any products.
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By Krishna
Big Update For E-filing of Income Tax Return Form 2 For FY 2022-23 (AY 2023-24) Available Via Offline Method
The income tax department has recently made available the offline form ITR-2 for filing income tax returns (ITR) for the financial year 2022-23 (AY 2023-24). In the previous month, the CBDT had announced the availability of offline forms for ITR-1 and ITR-4.
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By Krishna
Big Update! RELEASED INCOME TAX RETURN FILING EXCEL BASED UTILITY FOR FILING ITR 2 FOR FY 2022-23 AY 2023-24
An Excel-based utility for filing Income Tax Return (ITR) 2 for the financial year 2022-23 and assessment year 2023-24 has been released. Using an Excel-based utility can make the process of filing your income tax return more convenient and efficient.
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By Krishna
All About The GST Amnesty Scheme 2023 For Non-Filers
The GST department issued a number of notices on March 31, 2023, to begin this programme, which started on April 1, 2023.
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By Krishna
Statutory & Compliance Calendar For May 2023
The tax calendar is a crucial tool that helps people and organizations stay compliant by keeping them informed of their duties and deadlines related to taxes.
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By Krishna
An Overview of TDS/TCS Rate Financial Year 2023-24 (AY: 2024-25
Complying with Tax Deduction at Source (TDS) is essential for individuals subject to Income Tax. The Income Tax legislation outlines various sections that specify different TDS rates, payment methods, and threshold limits.
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By Krishna
ITR Document Checklist For Financial Year: 2022-23 Assessment Year: 2023-24
Whether you're a salaried individual or a self-employed professional, using this checklist will enable you to compile all the necessary paperwork for timely and accurate ITR filing.
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By Krishna
Income Tax Department released Excel based utility for ITR-1 and ITR-4
The e-filing portal has enabled the filing of ITR-1 and ITR-4 for FY 2022-23. Additionally, the Central Board of Direct Taxes (CBDT) has also issued an Excel source for ITR-1 and ITR-4.
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By Krishna
ITR Filing Started on Income Tax Portal for fy 2022-23 ay 2023-24
The Income Tax Return filing for the Financial Year (FY) 2022-23 or Assessment Year (AY) 2023-24 has been made available on the Income Tax Portal. The commencement of the new financial year 2023-24 began on April 1, 2023. Taxpayers are required to file their income tax returns by July 31 for FY 2022-23.
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By Krishna
when will start ITR filing for ay 2023-24
The Assessment Year 2023-24 spans from April 1, 2023, to March 31, 2024, marks the beginning of the tax year. The Income Tax Return (ITR) filing process for this Assessment Year will commence after the conclusion of the 2022-23 financial year, which is after March 31, 2023.
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By Krishna
Section 115BAC of The Income Tax Act
Individuals are able to pay income tax at a reduced rate thanks to Section 115BAC. However, anyone who choose the new tax system under Section 115BAC must forgo almost 70 tax exemptions and deductions.
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By Krishna
Benefit in Old And New Tax Regime Rates For F.Y. 2023-2024 AY 2024-2025
Under the new tax system, the standard deduction benefit is now available to salaried individuals and retirees (including family pensioners).
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By Krishna
CBDT NOTIFIES COST INFLATION INDEX OF FY 2023-24
Central Board of Direct Taxes (CBDT) in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation index of Financial Year (FY) 2023-24.
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By Krishna
All About New GST Amnesty Scheme w.e.f. 01-04-2023
The 49th GST Council Meeting introducing a new Amnesty Scheme for taxpayers issued notifications on 31st March 2023, held on 18th Feb 2023…
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By Krishna
Statutory & Compliance Calendar For April 2023
The new financial year has started and the statutory and compliance calendar for April 2023-24 is here. April is a significant month for all taxpayers and businesses to complete all the vital compliance filing before the due dates.
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By Krishna
TDS Rate Chart for Financial Year (FY) 2023-2024 /Assessment Year (AY) 2024-2025
Tax dedication at the source (TDS) is one of the essential compliance for the income taxpayer. There are different types of sections in income tax laws, which specify different TDS rates, threshold limits for TDS, and the nature of the payment.
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By Krishna
Budget 2023 - Impact On Market Infra, Tech & Others
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
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By Krishna
Budget 2023: A glimpse of old vs current income tax slabs
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
Union Budget 2023: PM Narendra Modi Praised The budget Of Amrit Kaal
Prime Minister Narendra Modi on 1st Feb of 2023 praised the First budget of ''Amrit Kaal'' and tweeted “This will construct a robust foundation for building a developed India. Adding more in his words "This budget will fulfill dreams of aspirational society, poor people, middle-class people, and farmers,”.
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By Krishna
Budget 2023 - 5 Major Announcements Proposed In Union Budget 2023
The Union Budget of India, presented annually by the Finance Minister, outlines the government's plan for revenue and expenditure for the upcoming financial year.
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By Krishna
Union Budget 2022-23 Income Tax Updates
The income tax slabs were left unchanged by the Union Budget 2022.
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By Krishna