# ai
49 posts in `ai` tag
Consequences Failing File Audit Report Tax Penalties Late Fees
It is important to note that although Section 139 of the Act has been extended until 30th November 2023, which is one month after the original deadline, you should aim to file your taxes by 31st October 2023. Filing late can result in a late fee of Rs 5000.
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By Krishna
GST Portal New Feature Electronic Credit Reversal Reclaimed Statement
In the Closing Balance part of the statement, you'll see how much of the ITC Reversal balance is left and can still be used in form GSTR-3B.
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By Krishna
AI Notice Mitra Simplifying Income Tax Notices
The platform aims to make things easier for taxpayers by using advanced AI tools to detect possible reasons for income tax department notices.
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By Krishna
CESTAT Rules No Service Tax on Sales Tax VAT Paid on Goods for Repair Service
Since Sales Tax/VAT had already been paid on these items, they contended that these amounts should not be included in the assessable value, and therefore, no Service Tax should be applied to them.
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By Krishna
Income Tax Department Carification Incorrect Tax Notices Section 80p Claims
Many people gathered on X (Formerly Twitter), a social media platform, and shared that they got notices related to Section 143(1)(a)(ii) of the Income Tax Act, 1961.
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By Krishna
Income Tax 88 Percent Processed ITR Verified 14000 Returns Awaiting Verification
The income tax department is continually enhancing its efforts to provide efficient taxpayer services. As part of these efforts, the time it takes to process ITRs (after verification) has been significantly reduced.
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By Krishna
Claim Input Tax Credit On Gold Coins White Goods GST Ruling
The AAR observed that the applicant provides these gold coins and white goods as incentives based on agreements with the recipients. These items are given with specific conditions and requirements.
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By Krishna
Failed ITR Verification What To Do Now
Taxpayers were granted an additional 30 days to verify their ITR following the July 31 filing deadline. As the verification deadline of August 30 approached, the Income Tax Department also sent notifications to taxpayers.
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By Krishna
Section 133(6) Income Tax Act Detailed Guide
The tax department is sending notices to the taxpayers under sections 133(6) & 148 of the Income Tax Act, 1961. These notices are only being sent to those taxpayers who have not filed their tax returns.
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By Krishna
Late Fee Failure e-verify Tax Returns Before 31st August
The income tax department has also started to send notifications regarding the verification of tax returns before the deadline which ends the day after tomorrow.
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By Krishna
Unfair Cancellation GST registration without valid reason
However, this can only happen if there are proper reasons for it. If they cancel it without a good explanation, it's seen as a random use of their authority.
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By Krishna
Beware income tax scams it department clarification
The messages which are circulated to the taxpayers are being sent by scammers hence be careful before taking any action. This type of fraudulent message is aimed to fetch the sensitive information of the taxpayers.
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By Krishna
Managing Late Filing Penalties: Paying While Filing Belated Tax Returns
Keep in mind that when filing late, there is a penalty as per Section 234F of the Income Tax Act, 1961. Additionally, you won't be able to carry forward losses from different sources of income, except for losses from house property, when submitting a belated ITR.
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By Krishna
Patience Pays: Understanding Income Tax Refund Processing Time
The response hinges on diverse elements, encompassing tax authorities' processing duration, data precision, and the selected refund method.
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By Krishna
Avoid Tax Notice: How to Manage Changes and Amend Returns After Submitting Tax Return
The Annual Information Statement (AIS) was introduced in March 2023 alongside the e-verification scheme, and it has become a key component of the ITR filing process.
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By Krishna
AI-Powered I-T Department Targets Tax Fraud by Salaried Employees: Income Tax Department's New Approach
The IT department has identified various methods used to evade tax, including submitting fake rent receipts in the name of relatives, false donations, exaggerated claims against loans, and more.
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By Krishna
HRA Deduction: Section 10(13A) Permits HRA Deduction for Rent Paid to Wife
The tribunal referred to a previous ITAT judgment in the case of Abhay Kumar Mittal vs. DCIT, which emphasized that there is no legal basis to deny a husband's ability to pay rent to his wife. Furthermore, the tribunal verified that the rental income was duly declared and accepted by the revenue department.
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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
Demystifying Section 54F of Income Tax Act: Capital Gains Tax, Indexation, and Benefits Explained
Indexation is a method that accounts for inflation from the time of asset purchase to its sale. It adjusts the purchase price of the investment, thereby reducing the overall taxable capital gain amount.
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By Krishna
Income Tax Raids on UP Youtuber Earning Rs. 1 Crore Through Videos: Insights and Updates
The income tax department conducted a raid on the home of YouTuber Taslim in Uttar Pradesh. Taslim is accused of earning nearly Rs 1 crore through illicit YouTube videos on share market trading.
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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 Filing Deadline Approaching: Avoid Last-Minute Rush, Act Now
Taxpayers who file their tax returns early of the provided deadline will be more chances of receiving early refunds. On the other side, those who file their returns late receive refunds lately as the income tax department gets a large data to process at once in the last few days of the ITR filing Deadline.
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By Krishna
GSTR-9 & GSTR-9C Filing Requirement Waived: Turnover-based Exemption for Taxpayers with 2 Cr. & 5 Crore Turnover
For Reducing the Compliance burden of Small Taxpayers, CBIC take this step and made this waving-off of the Filing requirement decision to contribute more to the ease of doing business initiatives.
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By Krishna
GST Relief on Household Appliances, Mobiles, Medical Supplies & Daily Consumables: Exploring the Benefits
As a result, buyers will no longer be required to pay the previous 31.3% GST for these products. The revised tax rates following the implementation of GST encompass a wide range of goods and services, including televisions up to 27 inches, refrigerators, washing machines, electrical appliances, geysers, fans, coolers, and mobile phones, among others.
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By Krishna
Retain Credit Card Summaries for Tax Deductions: Smart Reasons to Keep Track
Medical expenses can add up quickly, and some of these expenses may be tax-deductible. By reviewing your credit card statements, you can identify medical expenses paid using your credit card.
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By Krishna
Chennai ITAT Eliminates Addition: Hospital-Consultant Doctor Relationship Clarified
However, the Commissioner of Income Tax (Appeals) CIT (A) determined that the consultant doctors employed at the hospital had individually obtained professional indemnity insurance policies at their own cost.
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By Krishna
Steps To Pay Income Tax: ITR Filing For Individuals
Filing income tax can seem troublesome, but online platforms have made it easier and more convenient. Filing income Tax has been now more accessible than before.
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By Krishna
GST fraud 10000 crore 3000 shell cos fake details
About 3,000 shell businesses were found during the government inquiry into the alleged GST fraud in Noida.
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By Krishna
Deposit 2000 notes without attracting income tax notice
Notice
RBI: There has been a decrease in the overall worth of Rs. 2000 notes in circulation, accounting for approximately 10.8% of the total as of March 31, 2023, which is around Rs 3.62 lakh crore.
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By Krishna
Claimingh HRA home loan deductions guide
Although many employees choose to claim income tax deductions either on their House Rent Allowance (HRA) or home loan repayments, only a few take advantage of claiming both deductions simultaneously.
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By Krishna
Advance Tax payment due dates applicability procedure installment details
Advance Tax Payment is a crucial aspect of income tax compliance in many countries, including India. It requires taxpayers to pay their tax liability in installments throughout the financial year, rather than in a lump sum at the end. This ensures timely revenue collection for the government and helps taxpayers manage their tax obligations effectively. This article will take you through the due dates, applicability, procedure, etc. So, Read on to know more…
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By Krishna
Penalty For Non-Compliance With Companies Main Objective
As per the sources, several companies registered with the Ministry of Affairs fail to comply with the laws, regulations, and requirements of declaring the objectives according to the object clause of the memorandum of association.
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By Krishna
GST Campaign Under way 4,000 Firms In District Tagged Suspicious
Around 4,000 firms based in Ludhiana have been flagged as doubtful by the online system of the Goods and Services Tax Network (GSTN).
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By Krishna
Company Directors Get 3 Months Jail For Income Tax & Liability Delay
Yash Patnaik, Mamta Patnaik, and their television production company have been convicted by a metropolitan magistrate court for failing to submit income tax amounting to Rs. 8.37 crore. The court has sentenced the directors to three months imprisonment in three separate cases filed by the Income Tax department. Additionally, a fine of Rs. 5,000 has been imposed in each of the three cases.
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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
ITAT: No TDS u/s 194H of I-T Act For Expenditure Claimed
ITAT: No TDS u/s 194H of I-T Act For Expenditure Claimed To Have Been Debited To Profit & Loss Account Under Head “Commission”
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By Krishna
How To Claim Your TDS Refund: Types of Refund Status
On the Income Tax website, you can check the status of your TDS refund by using your PAN card number.
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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
New Annual Information System form 26AS
Finance Act, 2020 (Budget 2020-2021) and amendment, inserts new Rule 114-I, had introduced a New section 285 BB in THE INCOME TAX ACT 1961 TO IMPLEMENT REVISED FORM 26 AS (Annual Information System).
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By Krishna
Download Your Aadhaar Card Using Your Mobile Number
It’s easy for a registrant to download e-Aadhaar, if he/she has registered mobile number and email ID during the enrolment.
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By Krishna
Relief By Waiver Of Late Fee For Delay
Relief By Waiver Of Late Fee For Delay In Furnishing Outward Statement In FORM GSTR-1 For Tax Periods For Months From March, 2020 To June, 2020.
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By Krishna
Deduction 80EEA in respect of Interest paid on Loan for Residential House Property
Deduction 80EEA In Respect Of Interest Paid On Loan Taken For Acquisition Of Residential House Property (Affordable Housing).
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By Krishna
Due Date is Extended of Income Tax Return A.Y. 2019-20
Filing of Income Tax Return A.Y. 2019-20, Due Date Is Extended Again Till 30 September, 2020
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By Krishna
5-Year Wait For Gratuity Is Over, Big Gift To Employed People
The regulations provide that once an employee qualifies for gratuity, he or she has 30 days from the date it becomes payable to apply.
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By Krishna
Timeline For Holding Annual General Meeting is Extended
A Big Relief Given By Ministry Of Corporate Affairs Extending The Timeline For Holding Annual General Meeting Till December 31st From September 30th.
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By Krishna
MCA extended the duration of several schemes
In light of the ongoing disruption brought on by the, the Ministry of Corporate Affairs has extended the lifespan of numerous programmes until December 31, 2020.
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By Krishna
Govt extends timelines of certain compliances
Govt Extends Timelines Of Certain Compliances, To Mitigate The Difficulties Faced By Taxpayers Due To The Ongoing COVID-19 Pandemic.
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By Krishna
Extension of Time Limits of Certain Compliance to Provide Relief to Taxpayers
It has been determined to offer income-tax exemption to ex-gratia payments in order to alleviate the burden on the taxpayer's family members.
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By Krishna