# dates
388 posts in `dates` tag
Manappuram Finance Limited Rs 42.78 Lakh RBI Penalty
After looking at reports and letters, the RBI found that the company didn't follow the RBI's instructions about giving back extra money to certain borrowers.
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By Krishna
RBI Statistical Handbook Indian States 2022-23
India is rapidly advancing as an economy and aims to sustain this growth, aspiring to attain developed economy status by 2047, marking the centenary of its independence.
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By Krishna
Easily Obtain PAN Income Tax Department e-Filing Portal
In India, you can easily get an e-PAN through the Income Tax Department's e-filing portal. This quick process only requires your Aadhaar card, which should be linked to your PAN and have a registered mobile number.
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By Krishna
Online GST Compliance Advisory ITC Mismatch Form DRC 01C
In simpler terms, the GSTN has introduced a tool to automatically notify businesses through Form GST DRC-01C about differences in Input Tax Credit (ITC) between the GSTR-2B statement and the ITC claimed in the GSTR-3B return, as directed by the GST council. This tool is now active on the GST portal.
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By Krishna
GSTN Advisory ITC Reversal Rule 37A Compliance
The GSTN has issued Important Advisory No. 613 dated November 14, 2023, regarding the Reversal of Input Tax Credit (ITC) under Rule 37A of the CGST Rules, 2017.
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By Krishna
Gross Direct Tax Collection India Surges 17.6 Rs 12.3 Trillion November
The government has set a target of 10.5% growth in revenues from corporate and individual income tax, aiming to reach Rs 18.23 trillion in the current financial year.
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By Krishna
Income Tax Rebate Types Eligibility
What is income tax rebate? When an individual pays beyond their tax liability, they receive a refund on the surplus amount, commonly known as a tax rebate. This extra money is reimbursed after the fiscal year.
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By Krishna
Diwali Season Tax Obligation Received Gifts
During Diwali, many businesses give gifts to their customers, vendors, and associates. They need to consider Section 194R, which mandates a tax deduction when the gift's value exceeds Rs 20,000.
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By Krishna
CBDT Exemption Section 10(46) Income Tax Press Council India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
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By Krishna
E-filing Form 56F AY 2023-24 Online
The CBDT, through the recently issued notification no. G.S.R. 786(E) on October 19, 2023, has made it a requirement to submit an audit report in Form 56F for claiming deductions under Section 10AA of the Income Tax Act, 1961.
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By Krishna
Agricultural Income Tax Navigating Taxation
Agricultural income tax is a levy imposed by governments on the income generated from agricultural activities. It is essential for ensuring a fair contribution from the agricultural sector to the country's revenue.
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By Krishna
Finance Ministry GST Amnesty Appeal Scheme
This initiative aligns with the decisions made during the 52nd Goods and Services Tax Council meeting. To take advantage of this opportunity, taxpayers must make a pre-deposit payment of 12.5% of the disputed tax amount.
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By Krishna
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
GST Registration Cancellation Rules Forms
The cancellation of GST registration is a process where a taxpayer's GSTIN number, which they receive during GST registration, is terminated. This cancellation can be initiated by the central tax authority or the taxpayer.
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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
Section 54F Income Tax Exemption Capital Gains
When it comes to taxes and selling property, the words "capital gains" might sound intimidating. But fear not! There's a bright side to this story. It's called Section 54F of the Income Tax Act.
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By Krishna
Section 194BA TDS Online Game Winnings
Section 194BA is a provision in the Indian Income Tax Act that deals with Tax Deducted at Source (TDS) on winnings from online games.
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By Krishna
Get GST Certificate Step by Step Guide
Before applying for the GST certificate, just make sure to have all the GST registration documents prepared. Note: You can get GST certificate only if you are eligible and fulfill all the prescribed criteria.
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By Krishna
Import Duties Guide Custom Taxes India
In recent months, India has introduced a significant change in its tax system by implementing Goods and Services Tax (GST). GST is a destination-based tax system, meaning that consumers bear the tax burden when they utilize goods and services.
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By Krishna
ITAT Rules Orders Without DIN Invalid Non Existent
Based on this argument and in line with previous Delhi High Court decisions and CBDT Circular No. 19/2019, the ITAT concluded that the assessment order was invalid and should be considered as if it was never issued. Therefore, the ITAT quashed the assessment order.
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By Krishna
GST ITC Refund Guide 2023
The introduction of the Goods and Services Tax (GST) in India brought about a significant change in the country's indirect tax system. A crucial aspect of GST is the smooth movement of the Input Tax Credit (ITC) throughout the supply chain.
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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
October GST Collection Soars 13 Percent Reaches 1.72 Lakh Crore Second Highest On Record
In October 2023, the Indian government collected Rs 1.72 lakh crore in Goods and Services Tax (GST), marking the second-highest collection ever. This amount was 13% higher than the previous year.
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By Krishna
Tax On Crypto In India Guide On Crypto And NFT Taxation
In India, cryptocurrency is commonly known as a Virtual Digital Asset (VDA). The regulations for taxing virtual currency, non-fungible tokens, and other VDAs were introduced in the Budget by the finance minister.
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By Krishna
What Is Professional Tax In India Applicability Exemptions Penalties For Non Payment Of P-Tax
Professional tax is a state government tax imposed on individuals who earn income through various means. It's not exclusive to professionals but applies to all individuals, regardless of their occupation or trade.
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By Krishna
Basics Of GST In India What Is GST Who Needs To Pay GST Purpose Of Introducing GST In India
GST, which stands for Goods and Service Tax, is a type of indirect tax that was introduced in India on the 1st of July, 2017. It is a value-added tax that is imposed on the manufacturing, sale, and consumption of both goods and services.
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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
Difference Between TCS And TDS Core Differences
Whether you pay taxes or not, the terms TCS and TDS might have confronted you. right? Even if you do not about the both terms TCS and TDS. no worries. This article will explain the difference between TCS and TDS.
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By Krishna
Difference Tax Exemption Deduction Rebate
Tax deductions are a way to lower the amount of your income that is subject to taxation. You can claim deductions when you have incurred specific expenses or made investments that are eligible for tax deductions.
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By Krishna
Generate Rental Receipt For Income Tax HRA Benefits
Employers often require rent receipts as proof when you want to claim House Rent Allowance (HRA). They use these documents to verify and calculate the HRA allowance and deductions.
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By Krishna
Significant RBI Rule Amendment Fixed Deposit Regulations
The Reserve Bank of India has announced a change in the rules for non-callable term deposits.
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By Krishna
What Does Tax Liability Mean Exploring Definitions Examples
Understanding income tax liability is not just a legal requirement; it's a financial skill that empowers us to manage our earnings and contribute to the nation's development effectively.
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By Krishna
Claiming Tax Deductions Patent Royalty Income Section 80RRB
When you have done outstanding work and earned royalties on a patent, it's like getting a well-deserved reward. To promote this kind of innovative spirit, the Income Tax Act introduced Section 80RRB.
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By Krishna
Income Tax Dept Alert Assembly Elections
As Madhya Pradesh gears up for assembly elections, the Income Tax Department is closely watching for black money and expenditures aimed at influencing voters.
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By Krishna
E-File Income Tax Returns Online Past 3 Years
ITR-U is a specialized form for fixing or updating your Indian income tax return. It's your chance to correct errors or add missing details from your original filing.
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By Krishna
What Is DTAA Double Taxation Explained Everything You Need To Know
Paying taxes in both your home country and the country where you work can be challenging. To solve this issue, India, along with 85 other nations, including the USA, has signed the Double Taxation Avoidance Agreement (DTAA).
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By Krishna
What Is ITR U How To File Updated Return Section 139 8A
Using ITR-U, you can revise your tax return within a specific timeframe, as Section 139(8A) of the Income Tax Act allows. It's important to remember that ITR-U is different from the regular tax return forms you use for your initial filing, like ITR-1 or ITR-2.
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By Krishna
Income Tax Act 1961 Section 144 Tax Assessments
Section 144 of the Income Tax Act, 1961 holds substantial importance as it grants tax authorities the authority to conduct assessments in specific scenarios, especially when a taxpayer neglects to file their income tax return or furnish essential information.
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By Krishna
No Penalties Not Reporting Interest Tax Refunds
The ITAT bench emphasized in their judgment that the interest portion of the refund should not be evaluated until it is actually received.
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By Krishna
Are Rs 1000 Notes Returning To Circulation
The RBI introduced Rs 2,000 notes to quickly meet the country's need for currency after discontinuing Rs 500 and Rs 1,000 notes.
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By Krishna
Fundamentals Advance Tax Income Tax Act 1961 Basic Particulars
The Income Tax Act of 1961, which forms the cornerstone of India's tax framework, incorporates numerous provisions designed to ensure a consistent source of government revenue. Among these provisions, the concept of advance tax stands out.
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By Krishna
Supreme Court DTAA Central Notification Section 90 Enforcement
In simpler terms, companies might have to pay more taxes on their profits when the DTAA is not formally recognized under the law.
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By Krishna
Optimize Credit Cards Maximum Savings 10 Ways
When you possess the knowledge of using your credit cards prudently, they become powerful tools for saving money.
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By Krishna
Income Tax Raids Investigate Trident Group Financial Transactions Compliance
The Trident Group, established during the early years of India's economic liberalization, has expanded its presence in various industries.
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By Krishna
Income Tax Department Initiative Facilitate Quick Refunds
As there are currently 3.5 million pending tax refund cases, the Income Tax (IT) department is examining the organization of campaigns to aid taxpayers.
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By Krishna
New Imps Rule Send Up To Rs 5 Lakh With Mobile Number Bank Name No Need Or Beneficiary Account Ifsc
You can now send money using just the recipient's mobile number and bank account name, according to NPCI. How does it work?
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By Krishna
Comprehensive Guide Section 194n Income Tax Act 1961
Section 194N, part of the Income Tax Act of 1961, was implemented to deter the flow of undisclosed funds and encourage digital transactions within India.
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By Krishna
Government Considering Major Changes Pension Scheme
Pension-related matters have become a topic of political debate, with various states governed by the opposition opting for the older pension scheme (OPS).
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By Krishna
Understanding Tax Collected At Source TCS GST Act 2017
The GST Act of 2017 marked a profound transformation in India's tax framework, introducing crucial provisions like Tax Collected at Source (TCS).
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By Krishna
Real Estate Sector Taxation GST Act 2017
As a result, the real estate sector, which was previously subject to a labyrinth of taxes and regulations, saw substantial changes. This blog will help you to know the impact of the GST Act of 2017 on the taxation of real estate in India.
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By Krishna
New GSTN Enrollment Option Unregistered Ecommerce Suppliers
Recently, the Goods and Services Tax Network (GSTN) introduced a new feature in response to changes in the Central Goods and Services Tax (CGST) Act.
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By Krishna
Time Of Supply GST Act 2017 Detailed Guide
These time of supply rules are crucial for businesses and tax authorities to ensure that GST is paid promptly & accurately. This article provides a detailed exploration of the concept of time of supply under the GST Act of 2017.
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By Krishna
How To File GST Returns Detailed Guide India
The Goods and Services Tax (GST) has revolutionized India's tax system, and understanding how to file GST returns is essential for businesses and individuals.
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By Krishna
Exempted Services GST Act 2017
The GST Act of 2017 is a complete tax system in India, covering both goods and services. It simplifies the old tax system by grouping items into different tax categories.
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By Krishna
What Is GST Returns Types How To File GST Returns
Understanding goods and services Tax (GST) returns is a fundamental aspect for both businesses and individuals. Whether you are a taxpayer or a business entity, having firm knowledge of GST returns is essential for maintaining compliance in the realm of taxation.
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By Krishna
Causes Delay Verified Income Tax Return Processing
Are you wondering about the reasons for not getting processed your tax returns even after verification? No worry! This blog will answer you why. Read on
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By Krishna
CBIC Response GST Gangajal Holy Water Ganga
They explained that Gangajal, the water from the sacred Ganga river, is considered a 'Puja Samagri' or a prayer item, and as such, it is not subject to GST.
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By Krishna
Verify Pan Aadhaar Linking Status TDS Return FY 2023-24 Quarter 2
Check Your PAN-Aadhaar Linking Before Filing TDS Return for Quarter 2, FY 2023-24
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By Krishna
RBI Fines Paytm Payments Bank 5.39 Crore Non Compliance
Upon reviewing the audit reports, the RBI-determined that Paytm Payments Bank had not correctly identified the beneficial owner concerning the entities that were brought on board to offer payout services.
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By Krishna
ITAT No Penalty Not Disclosing Interest Tax Refund
In a case involving a senior citizen and the income tax department, the Mumbai bench of the tax tribunal has ruled that the penalty is not valid which was imposed for not disclosing the interest earned on tax refund.
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By Krishna
Smart Spending Tips Festive Season Avoid Regrets
The festive season is a time of joy, celebration, and giving. However, it's also a time when your spending can get out of control, leading to financial regrets in the future.
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By Krishna
IT Dept Collects 700 Crore Rupees TDS Online Gaming Crypto Trading
When you withdraw money from your account or at the end of the financial year, taxes need to be taken out. Starting from April 1, 2022, there is a 30% tax on income from the sale of cryptocurrencies or virtual digital assets.
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By Krishna
CBDT Relaxation Pan Requirement Foreign Entities Gift IFSC
The decision is beneficial for foreign companies looking to establish treasury management operations, global institutional investors, and non-residents interested in setting up family investment funds or other structures at GIFT IFSC.
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By Krishna
Restricted Transactions GST Act 2017 List
This comprehensive law prohibits specific types of transactions, and it is vital for both businesses and individuals to grasp these restrictions to ensure they comply with the law.
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By Krishna
Income Tax E-flyer Cash Transaction Limits Promoting Cashless Transactions
The Income Tax Department has issued an E-Flyer about cash transaction limits and the potential consequences of certain types of cash transactions.
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By Krishna
Causes Delay Income Tax Refund Steps To Take
The deadline to file your income tax return (ITR) for the financial year 2022-2023 was July 31, and it was very crucial to meet this deadline to avoid penalties.
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By Krishna
What Is Tax Types Of Taxes How Does Taxation Work
The way of collecting tax in India is categorized into 2 parts. The first is Indirect tax and the other one is direct tax.
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By Krishna
GST Council Removes Tax Barriers Indian Rupee Trade
In an effort to boost India's exports, the GST Council has introduced measures to support foreign trade. One such measure involves providing tax credits to service exporters who receive payments in Indian rupees.
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By Krishna
Recent Changes Aadhaar Security Bank Safeguard Funds Fraudsters
To protect against the misuse of Aadhaar data, it's important to lock your biometrics using either the m-Aadhaar app or the Unique Identification Authority of India (UIDAI) website.
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By Krishna
Important Update GST Amnesty Scheme
According to GST law, when a taxpayer receives an assessment order for taxes, they usually have 3 months to file an appeal. However, this period can be extended by an additional month.
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By Krishna
Highlights 52nd GST Council Meeting
The 52nd GST Council Meeting Happened Today, Chaired by Finance Minister Nirmala Sitharaman at Sushma Swaraj Bhawan in New Delhi. The Finance Minister Announced the Decisions After the Meeting.
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By Krishna
Income Tax Department Extension ITR Form Due Dates Update
The deadline for filing Forms 10B and 10BB has been pushed to October 31, 2023. Additionally, the due date for ITR-7 has been extended to November 30, 2023.
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By Krishna
Understanding Pension Tax Senior Citizens Guide
Under the Income Tax Act of 1961, pensions are viewed as income and are subject to taxation based on the individual's applicable tax rate.
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By Krishna
Income Tax Department Refund Vedanta 2021-22
The income tax department will refund Rs 190 Crore to Vedanta Ltd for the 2021-22 assessment year, along with applicable interest. This decision came after a hearing in the Delhi High Court.
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By Krishna
What Is Tax Audit Understanding Applicability
A tax audit under the Income Tax Act becomes compulsory when the annual gross turnover or receipts exceed a specified limit. Chartered accountants, as defined in Section 44AB of the Income Tax Act, 1961, conduct tax audits.
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By Krishna
Upcoming GST Council Meeting October 7 Key Agenda
The upcoming GST Council meeting is scheduled to take place at New Delhi's Vigyan Bhawan this week, although the specific topics on the agenda have not been revealed yet.
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By Krishna
Add Nominee Demat Account
All individuals with demat accounts need to nominate someone by December 31, 2023. This ensures that if something happens to them, their assets can be passed on to their heirs without problems.
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By Krishna
RBI Extends Last Date Exchanging RS 2000 Notes
According to an RBI press release dated September 30, 2023, this extension was decided upon after reviewing the situation when the original deadline for withdrawal had passed.
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By Krishna
6 Money Management Tips Improve Finances Efficiently
Life becomes easy when you are aware of where your money is going. Having the skills to manage your money brings you a good credit score.
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By Krishna
Five Essential Financial Adjustments October
In the upcoming month of October, several noteworthy changes are set to unfold in the realm of personal finance.
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By Krishna
Missed September 30 Tax Audit Report Filing What To Do Now
Tax Audit Deadline: Taxpayers were required to file their tax audit reports by September 30, 2023. The income tax department did not grant an extension, and those who missed this deadline may face penalties.
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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
GSTN Form DRC 01C Address Differences GSTR 2B GSTR 3B
This amendment adds a new rule, Rule 88D, to the CGST rules, outlining how discrepancies in Input Tax Credit (ITC) between auto-generated statements (such as GSTR-2B) and returns (like GSTR-3B) should be handled.
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By Krishna
Over 3 Million Audit Reports Income Tax Website
The e-filing portal efficiently managed the influx of users, ensuring a smooth experience for taxpayers and tax professionals as they submitted their audit reports.
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By Krishna
Form 16 vs Form 16A Detailed Comparison
For salaried employees, every employer is obligated to provide a Form 16. Put simply, Form 16 is a document that summarizes an employee's salary details and the deductions made for taxes.
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By Krishna
Newly Established Manufacturing Cooperative Societies 15 Percent Reduced Tax Rate CBDT
Starting from the assessment year that begins on April 1, 2024, if you're a cooperative society based in India and you need to choose in line with the requirements of section 115BAE(5), you should use Form No. 10-IFA.
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By Krishna
Tax Department Advisory Digital Signature Certificates
The income tax department has issued an advisory related to the Digital Signature Certificate (DSC). DSC is now recognized worldwide as a trusted and secure digital tool. It simplifies all your online tax filing tasks.
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By Krishna
Form 10A Income Tax Act Maximizing Tax Benefits Guide
Form 10A is a critical document under the Income Tax Act of India, 1961, which organizations, particularly non-profit entities, use to apply to get the tax exemption.
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By Krishna
Understanding Section 80G Income Tax Savings Guide
However, specific limits and conditions must be met to avail of these deductions. In this comprehensive guide, we will delve into the intricacies of Section 80G and explore how it can be a valuable tool for tax savings.
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By Krishna
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
Uncovering Cess Surcharge GST India
These charges apply to various goods, services, and income, making the GST landscape complex. In this detailed article, we will delve deep into cess and surcharge under GST.
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By Krishna
ITAT Ruling Delayed GST Payment Deduction Income Tax Act
A recent judgment from the Jaipur branch of the Income Tax Appellate Tribunal (ITAT) has provided clarification regarding late payments of Tax Collection at Source (TCS) and Goods and Services Tax (GST).
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By Krishna
Form 13 Income Tax Eligibility Documentation
Form 13 income tax is an essential part of the TDS deduction application. If a recipient of payment believes that their income is not fully taxable in India, they can opt for Form 13.
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By Krishna
Income Tax Regulations Startup Investment Angel Tax
This change is a result of the 2023 Finance Act, which amended the Income-tax Act, 1961, to include consideration received from non-residents for the issuance of shares by unlisted companies under section 56(2)(viib).
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By Krishna
Online Payment TDS TCS Demand ITNS281 challan
By utilizing ITNS 281 Challan, taxpayers can simplify the payment process, ensuring compliance with tax regulations and contributing to the ease of doing business. Challan no. Deductors use ITNS 281 is used to deposit TDS, TCS, and demand payment.
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By Krishna
TIN TAN VAT PAN DSC DIN Detailed Comparison
Among these, TIN, TAN, VAT, PAN, DSC, and DIN are frequently encountered. All of these have different purposes and are essential for individuals and businesses alike. Let's delve into the differences and importance of each of these alphanumeric codes.
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By Krishna
CBDT Clarifies NBFC Eligibility Income Tax Deductions Actual Payments
The Central Board of Direct Taxes (CBDT) has issued a notification specifying certain categories of Non-Banking Financial Companies (NBFCs) eligible for income tax deductions to be applicable only upon actual payment.
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By Krishna
Upcoming Personal Finance Changes October
October will witness a series of shifts in the personal finance landscape, spanning from new tax collection at source (TCS) regulations to the unification of birth certificates for Aadhaar and government job applications.
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By Krishna
Tax Deduction Bank Fixed Deposits Form 15g Requirements
Suppose you expect that your total interest income from these FDs will exceed the prescribed threshold limit. In that case, you may not be eligible to submit Form 15G.
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By Krishna
Late Fee Pan Aadhaar Linking Rs 1000 Higher Charges Offline Process
If you choose to link PAN with Aadhaar using biometric authentication, you may also need to pay a nominal fee, along with a penalty of Rs 1,000.
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By Krishna
Latest ITR Update Guidelines Consequences Revised Belated Tax Returns
If you missed the deadline for filing your original ITR, you can opt for a belated ITR. Furthermore, taxpayers who submitted their returns initially but later discovered omissions or incomplete details can file a revised return.
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By Krishna
Income Tax Audit Report Significance and Submission Deadline Explained
The income tax return for the fiscal year 2022-23 was due on July 31st. However, the Income Tax Department doesn't just require tax returns from some taxpayers; they also need a tax audit report.
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By Krishna
Understanding Form 15G and 15H Significance and Usage
TDS (Tax Deducted at Source) is a fixed sum taken from your earnings like salary, commission, rent, interest, or professional fees. But, here's the catch: If your interest income is less than a specific limit, you can use Form 15G and 15H to your advantage.
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By Krishna
PPF NSC Small Savings Investors Submit PAN Aadhaar Details Deadline
As per the notification, individuals who have invested in post office small savings plans but did not provide their Aadhaar numbers when opening these accounts must do so by September 30, 2023.
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By Krishna
Deadline Submission Audit Reports Fiscal Year 2022-23
Additionally, the due date for filing the Return of Income in Form ITR-7 for Assessment Year 2023-24, which was originally October 31, 2023, has now been extended to November 30, 2023.
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By Krishna
Annual Filing For One Person Company Due Dates
A one-person company (OPC) is a unique business structure that offers individuals the benefits of limited liability while allowing them to retain full control.
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By Krishna
Section 44ADA Income Tax Act Objectives Benefits
Section 44ADA of the income tax laws in India offers a simplified tax regime for professionals and freelancers. It allows them to calculate their taxable income as half of their gross annual earnings, provided their total income falls below a specific threshold.
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By Krishna
Register DSC Income Tax Portal Step by Step Guide
To use e-filing services, taxpayers need to register their DSC (Digital Signature Certificate) on the Income Tax portal. Before attempting DSC registration, it's essential to have:
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By Krishna
ITR Deadline Extension Charitable Trusts November 30
The Income Tax Department has provided charitable trusts, religious organizations, and professional bodies with a one-month extension to file their income tax returns.
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By Krishna
Finance Ministry Establishes 31 State Benches GST Appellate Tribunal
The Finance Ministry has officially announced the establishment of 31 GST Appellate Tribunal (GSTAT) benches that will be located in every state and Union Territory.
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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
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
CBIC Advisory GST Provisional Attachment Section 83(2)
This communication will also reference Section 83(2) of the CGST Act, 2017, and state that the property or account in question is being released or restored in accordance with these provisions.
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By Krishna
Nitin Gadkari Clarifies No 10 Percent GST on Diesel Cars
Gadkari made these comments at a conference in New Delhi where executives from various car companies like Tata Motors, Mahindra and Mahindra, Maruti Suzuki, Mercedes, and Volkswagen were present.
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By Krishna
Income Tax Dept Online Challan Correction Feature Launched
The Income Tax Department has added a user-friendly tool to the Income Tax Return (ITR) portal. This will be focused on easing the process of paying income tax payments and fixing any mistakes in the payment process.
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By Krishna
Delhi High Court GST Officers Cant Seize Cash Search Survey
The person bringing the case explains that the authorities asked them to pay Rs. 11,41,750/- as tax, interest, and penalty. This request is made because the authorities claim the seized cash was from undisclosed sales.
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By Krishna
30 Day Time Limit Reporting Invoices E-Invoice Portal Effective November 1st
This time limit is applicable to taxpayers with an Aggregate Annual Turnover (AATO) of 100 crores or more. Consequently, taxpayers falling into this category will not be able to record invoices that are older than 30 days on the day of reporting.
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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
Rectify Mistakes Omissions Income Tax Return Updated Return
If you missed the deadline to file your ITR for the financial year 2022-23, which was July 31, 2023, you can file a belated return. However, there are some important points to keep in mind.
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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
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
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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
NPCI Unveils Hello UPI Global Fintech Fest
Right now, it works in Hindi and English, and soon it will include other local languages too. NPCI has also launched 'Lite X,' which lets you do rupee transactions even when you are offline.
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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
CBDT Average Income Tax Refund Processing Time Slashed To 10 Days
The Income Tax Department is dedicated to swiftly and efficiently processing Income Tax Returns (ITRs) for taxpayers. For the Assessment Year 2023-24, a total of 6.98 crore ITRs were filed, out of which 6.84 crore ITRs have been verified.
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By Krishna
Finance Minister Sitharaman Urges GSTN Income Tax Portal Enhance System Capabilities
These enhancements include the development of an efficient monitoring environment to detect tax evasion, the integration of robust data analytics capabilities, and the simplification of the return filing process.
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By Krishna
Income Tax Introduces Form 71 TDS Credit Previously Reported Income ITR
If you have reported income in your tax return under Section 139 for a specific assessment year, and TDS has been deducted from that income in a subsequent financial year, you can now apply to amend your assessment order.
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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
Fine Up To 50000 Non Display GST Number CBIC
Failure to comply with this guideline may result in fines of up to Rs 50,000. The CBIC is actively promoting GST number verification among businesses through a campaign running until September 15.
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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
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
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By Krishna
Mera Bill Mera Adhikar GST Incentive Program Win Up To 1 Crore
Each month, 800 fortunate individuals will receive Rs 10,000, and 10 winners will get Rs 10 lakh as prizes. Additionally, there will be a quarterly drawing with a massive prize of Rs 1 crore.
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By Krishna
Causes Income Tax Refund Delays Understanding
To prevent these delays, it is crucial to provide all the necessary supporting documents, like investment proofs, accurately and promptly. Any missing or incomplete documents can slow down the refund process.
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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
CBDT Fifth Annual APA Report Release
The Advance Pricing Agreement (APA) program by CBDT is a significant effort to create a business-friendly and non-confrontational tax environment in India.
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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
Taxpayers Alert SMS Income Tax Department How To Respond
Recently numerous taxpayers have shared that they have received an SMS from the Income Tax Department containing the following message:
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By Krishna
Indian Parliament Approves Legislative Amendments 28 Percent GST Effective 1st October
As per the new legislation, the 28% GST is to be levied on all horses, betting games, online casinos, and real money games…
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By Krishna
GST Update gstin Important Advisory Biometric Aadhaar Authentication Registration
On August 28, 2023, the Goods and Services Tax Network (GSTN) shared guidance about GST registration for folks chosen for Aadhaar authentication.
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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
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
Tax Refund Not Received What To Do
If you have filed your income tax return for the financial year 2022-23 and still waiting for your refund! This blog will help you out what to do in such a scenario. Read on…
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By Krishna
Income Tax Refund Reduction Processing Time 10 Days
From April 1 to August 21, tax refunds amounting to Rs 72,215 crore have already been issued, out of which Rs 37,775 crore went to companies and Rs 34,406 crore to individuals.
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By Krishna
CBDT Introduces New Income Tax Portal Renovated Website
The newly improved website was introduced by Nitin Gupta, the Chairman of the CBDT, during an event called 'Chintan Shivir' in Udaipur. This event was organized by the Directorate of Income Tax (Systems).
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By Krishna
Understanding GST Certificate Purpose Relevance Steps Download
A GST certificate is a vital document for Indian businesses. It assists them in keeping track of their taxes and ensuring adherence to GST regulations.
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By Krishna
GST Amnesty Scheme Deadline Approaching Verify Eligibility Benefits
The Central Board of Indirect Taxes and Customs (CBIC) has announced this extension for the GST Amnesty scheme, which applies to non-filers of GSTR 4, GSTR-9, and GSTR-10.
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By Krishna
Government India Launches Mera Bill Mera Adhikaar Scheme Promote Billing Culture
The main goal of the "Mera Bill Mera Adhikaar" scheme is to create a behavior change where consumers actively ask for invoices as their right.
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By Krishna
Form 10B Income Tax Return Update
This form pertains to the "Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of the Income Tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.
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By Krishna
Income Tax Audit Report Submission Deadline
The government's requirement for income tax audits for businessmen and professionals who earn a certain amount shows its commitment to transparency and responsibility in finances. This rule has multiple purposes.
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By Krishna
Income Tax Department Plans Reduce Refund Processing Time 10 Days Fiscal Year
Advancements in technology and a strong system are speeding up the processing of tax returns. Last year, the percentage of processed tax returns increased significantly.
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By Krishna
Real Money Gaming Startup Fantok Stops Operations Due to 28 percent GST
The real money gaming app Fantok has stopped its operations due to the government's decision to keep the 28% Goods and Services Tax on online gaming earnings, which has resulted in more negative outcomes.
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By Krishna
3.1 Million ITR Filers Miss Income Tax Refunds Ineligibility
Income Tax Return Update (August 24): Many people file their income tax returns on time via the Income Tax Department's e-filing portal, but often skip the crucial step of verifying their tax returns.
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By Krishna
Supreme Court GST Eligibility Immovable Property August 23rd Hearing
During the assessment proceedings, the Assessing Officer initiated penalty proceedings for not submitting the audit report within the specified time.
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By Krishna
Tax Saving Strategies Small Businesses India 8 Best
Efficient expense management entails making strategic decisions and implementing measures such as optimizing employee costs, embracing technology to streamline manual tasks, increasing production efficiency, and minimizing tax obligations.
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By Krishna
Updated Income tax regulations tax benefits employees accommodation free rent
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
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By Krishna
Tax Authorities 55 Million chose new Income Tax Regime
A senior government official noted that a considerable number of these taxpayers earn up to Rs. 7 lakhs. In the 2023-24 Budget, the government implemented substantial adjustments to the new tax structure to enhance its appeal.
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By Krishna
Understanding Section 269ss-269t Income Tax Act 1961
In this article, We will break down what they mean, why they matter, and when they apply. By the end, you'll have a better understanding of how these rules help make money dealings more honest and accountable.
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By Krishna
Exciting Feature Addition pay later income tax e-filing website
One standout feature is the 'Pay Later' option on the e-filing portal. This allows people to file Income Tax Returns (ITRs) without rushing to pay their taxes upfront. This article explores the details of this feature, covering its how to use it properly.
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By Krishna
CBDT notifies rule determination value perquisite residential accommodation
The Finance Act of 2023 made changes to how we calculate the value of perks like free or cheaper housing given by employers to employees. So, the CBDT adjusted Rule 3 of the Income Tax Rules, 1962, to fit these changes.
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By Krishna
Identifying fake GST original vs fake differences
To prevent fraud, it's essential to verify the authenticity of GST bills. These bills are often used for claims and filing Income Tax Credits. To stay safe, customers can easily check if the bill given to them is genuine.
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By Krishna
Revised Tax Return meaning filing process
For better understanding, If any individual had filed his/her income tax returns in the assessment year of 2020-21 but later that individual gets to know that s/he had made mistakes in the process of filing income tax returns.
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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
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
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
Challenges Ahead: Online Money Gaming Firms Grapple with Rs 45,000 Crore GST Tax Demand at 28%
The debate over whether online gaming is skill-based or chance-based has sparked discussions. Some companies argued for the lower 18% tax rate by categorizing their activities as skill-based.
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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
Unlocking Business Insights: The Vital Role of Audits
Audit documentation records procedures conducted, evidence obtained, and conclusions collected as part of an audit process. However, audit documentation also includes the conclusions that auditors collect based on their work.
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By Krishna
ITR Filing: Revising Tax Returns and Potential Penalties
These mistakes can lead to tax department inquiries or result in a defective ITR. To correct such errors and ensure accurate reporting, the option to file a revised ITR is still available to all taxpayers.
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By Krishna
Delayed Income Tax Refund: Reasons and Income Tax Department's Response
Income Tax Refund Update 2023: More than 6.8 crore individuals have submitted their income tax returns for the Assessment Year 2023-24. While many have already received their refunds, some are encountering delays.
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By Krishna
Switching Tax Regimes in Belated Income Tax Returns: Is it Possible
Filing income tax returns after the last date has gone is called as belated return. In simple terms, when you file your ITR after the original deadline, it is considered a "belated" tax return. The last date to file your income tax returns was 31st July 2023 for FY 202-23.
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By Krishna
Mistakes to Avoid When Filing GST Returns: Important Tips
The integration of GST has instigated significant alterations in India's taxation structure. Adhering to tax regulations now necessitates enterprises to enroll for GST.
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By Krishna
Tax Liability Notice's Impact on Share Price and Financial Performance
This notice cites a tax liability of Rs 273.44 crore under Section 74(1) of the Central Goods and Services Tax Act. The notice also includes interest charges and a penalty.
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By Krishna
Moonlighting in ITR: Under IT Department Investigation - Learn What it Is
Given the evolving job landscape, particularly due to job cuts and layoffs, numerous workers are seeking extra avenues to supplement their earnings alongside their primary employment.
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By Krishna
Cabinet Approves Amendments: 28% GST on Online Gaming, Casinos, and Horse Race Clubs
The Union Cabinet has given the green light to modify GST laws, imposing a 28% tax on the total face value of bets made in online gaming, casinos, and horse race clubs.
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By Krishna
Accelerate Your Income Tax Refund Process with Effective Strategies
Getting your income tax refund might have its own rules, but you can speed things up. Just be proactive and follow these steps. Once your tax return is processed, the refund process will begin.
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By Krishna
Changing Between New Tax Regime to Old Tax Regime While Filing Your Tax Returns: Explained
As per the CBDT and tax experts, this process is significant because the Finance Act of 2023 has established the new tax regime as the default option. Nonetheless, individuals can switch between the old and new tax regimes each year.
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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
ITR Processing Under Section 143(1): A Detailed Guide
According to governmental regulations, individuals with a specific level of taxable income in India are legally obligated to submit their Income Tax Returns within a stipulated timeframe.
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By Krishna
Income Tax Processing: Understanding the Process of Income Tax Assessment
This notice confirms the completion of ITR processing and indicates the payable tax amount or the refund owed by the income tax department.
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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
How to Check and Respond to Income Tax Notices Online: A Comprehensive Guide
The Income Tax Department delivers notices for various reasons such as not filing the income tax returns, any fault, documents missing while filing the returns, or other instances where the tax department demands any other documents or information.
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By Krishna
Government Issues Scam Alert: New Income Tax Refund Scam Targets Taxpayers
In recent times, there is a widespread occurrence of fraudulent messages pretending to be from banks, credit cards, or KYC services, aiming to deceive individuals. The latest scam gaining popularity is targeting taxpayers and bears a striking resemblance to the hoax PAN update scam.
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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
Income Tax Return Govt plans increase section 80c deduction limit details
Section 80C of the Income Tax Act, of 1961, is widely utilized for claiming tax deductions. It allows individuals to avail deductions for specific investments and expenses, such as pension schemes, PPF, and life insurance, among others.
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By Krishna
ITR Refund Process: Mandatory e-Verification Required Before Issuing Refunds
The IT department said in a notification that there will be no refund provided to those taxpayers who have not verified their tax returns. Any failure to do so will result in incomplete and invalid income tax returns.
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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
Income Tax Return E-verification Time Limit Reduced to 30 Days: What Taxpayers Need to Know
The Income Tax department claimed that over 6.7 crore income tax returns were filed for the FY 2022-23 (AY 2023-24). However, filing the ITR is only one part of the process; taxpayers must also verify their income tax return (ITR) to complete the filing.
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By Krishna
Consequences of belated income tax returns what is belated return and due date
As per the reports, a major part of the taxpayers have already filed their tax returns but still, there are some who failed to do it. They are now required to file belated tax returns.
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By Krishna
Alert for PAN Card Holders: Income Tax Department May Impose Rs 10,000 Fine - Check Details
The permanent account number (PAN Card) is an important identity card for all financial transactions. While PAN is necessary for most tasks, carrying it around can be risky.
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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
Important Update: New GST Rule Impacting Indian Companies Effective Today - Changes in Threshold
Companies engaged in B2B transactions and having a transactional value exceeding Rs. 5 Crore will be obligated to generate electronic or e-invoices. Furthermore, for all B2B transactions, companies with annual revenue of Rs. 10 Crores or more are currently required to generate electronic invoices.
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By Krishna
ITR Filing Deadline Update: Challenges Faced, Solutions for Belated Filers
The income tax department has not extended the deadline for filing ITR. Despite numerous pleas from taxpayers on social media for an extension, the income tax department maintained the original deadline for ITR filing.
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By Krishna
ITR Filing Deadline Update: Challenges Faced, Solutions for Belated Filers
The income tax department has not extended the deadline for filing ITR. Despite numerous pleas from taxpayers on social media for an extension, the income tax department maintained the original deadline for ITR filing.
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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
Taxpayers Unable Access It Portal Last Hour Rush It Dept Tweets Solutions
Today 31st of July 2023 is the last date to file income tax returns and provided million of taxpayers are rushing to file their income tax returns on the tax portal. Due to heavy traffic on the tax portal, taxpayers are facing some issues with the non-functions of the IT portal.
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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
Record Breaking Itr Filings Fast processing income tax refunds within 12 hours
ITR Filing 2023: The processing time for Income Tax Refunds has been fastened significantly. Previously, taxpayers filing their returns for AY 2023-24 had to endure a wait of several weeks for refund processing.
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By Krishna
Itr Filing Income Tax Department penalties up to 200 percent
Salaried individuals have been under scrutiny for submitting false or incorrect ITRs. The tax department is actively identifying and flagging such returns that involve fake rent receipts or false donation claims.
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By Krishna
Itr Filing Deadline consequences importance file on time benefits drawbacks
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.
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By Krishna
GSTN advisory e-invoice exemption declaration functionality now available
The Goods and Services Tax Network (GSTN) issued an Important Advisory on July 24, 2023, regarding the availability of the e-Invoice exemption declaration functionality.
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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
Consequences of Missing July 31 Deadline for ITR Filing: Penalties and Other Outcomes
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.
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By Krishna
Income Tax Department Sends 1 Lakh Notices for Non-Filing and Misrepresentation of Income
Union Finance Minister Nirmala Sitharaman: Some people received notices from the tax department because their income was close to Rs. 50 lakhs. These notices are expected to be resolved by the end of this financial year.
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By Krishna
Income Tax Department Clarifies Inoperability of PAN Cards for Certain NRIs: Read the Details
Despite this, certain NRIs and OCIs, who were exempted from linking their PAN with Aadhaar, expressed concerns over their PANs becoming inoperative.
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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
164th Income Tax Day: FM Nirmala Sitharaman to Celebrate the Occasion on 24th July
Income Tax Day is celebrated every year on the 24th of July to tell the importance of Income tax filing. This day aims to encourage more and more people to pay taxes on time for the nation's development.
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By Krishna
The Importance of Timely ITR Filing: Benefits and Drawbacks Explained
In the next step, the taxpayer is required to summarize his TDS amount from the TDS certificates (Form 26AS) received by him all 4 quarters of the assessment year.
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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
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
GST and Online Gaming: Rajeev Chandrasekhar to Advocate Reconsideration of 28% Tax with GST Council
We are in the starting phase of establishing a viable and permissible online gaming framework. Once this framework is developed, we will approach the GST Council and seek their reconsideration based on the new regulatory guidelines.
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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
Income Tax Milestone: Over 300 Million ITRs Filed by July 18, 7 Days Ahead of Last Year's Pace
In a tweet, Income Tax India expressed gratitude to taxpayers and tax professionals for helping them achieve this milestone of reaching 300 million ITRs, seven days earlier than the previous year.
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By Krishna
Clarification by IT Department: Actions for NRIs with Inoperative PAN Cards Explained
When foreign citizens and OCIs (Overseas Citizens of India) apply for PAN cards under resident status but fail to correct or update their status with the Jurisdictional Assessing Officer or haven't filed an Income Tax Return (ITR) in any of the previous three assessment years, their PAN cards become inoperative.
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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 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
Beware of Mistakes in ITR Filing: Avoid Problems with Incorrect Deductions and Exemptions in Tax Returns
To rectify any errors in your income tax return, you can file a revised return as per Section 139(5) of the Income Tax Act. However, it's important to note that the revised return can only be filed within three months before the end of the relevant assessment year.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
FM Nirmala Sitharaman's Major Announcement: New Tax Regime Exempts Individuals Earning Up to [Specific Amount] Per Year from Income Tax
In a tweet, the Finance Minister stated that "Under the new tax regime, individuals with an annual income up to Rs 7 lakh are exempt from paying income tax. Additionally, with the inclusion of marginal relief provisions, this threshold effectively increases to Rs 7.27 lakh.
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By Krishna
8 Financial Transactions You Can Still Do with an Inactive PAN Card: Exploring Possibilities
Having an inactive PAN can pose challenges for individuals when conducting certain transactions. However, there are specific transactions that can still be carried out with an inactive PAN, For more information, refer to the following article.
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By Krishna
Delhi ITAT Ruling: Car Parking Rental Income Deductible Under Section 80IA
During scrutiny, the Assessing Officer denied the deduction u/s 80-IAB for the income earned from car parking rentals, stating that it lacked a direct connection with the taxpayer's business operations.
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By Krishna
ITR Refund Process Accelerated: Technology Drives Efficiency in Income Tax Return Refunds
However, it is taking less time to receive the refund as compared to the previous years. Just make that you have validated the returns after filing it. If you have done both steps, you will get the refund very soon.
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By Krishna
CBDT Clarifies Tax Implications of Offshore Investments through Alternative Investment Fund: Key Insights
The definition of 'investment fund' in the Income-tax Act, of 1961 underwent an amendment through the Finance Act of 2023.
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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
New GST Registration Rules Proposed by GST Council to Tackle GST Frauds
GST Council is continually working to check GST fraud and that’s the reason new GST registration rules are proposed by the GST authorities during the 50th GST Meeting.
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By Krishna
GST Council Mandates E-invoicing for Registered Persons: Threshold for Supplies to Govt. Departments
The purpose of generating e-invoices for supplies to government departments is specifically for Tax Deduction at Source (TDS). In the Goods and Services Tax (GST) system, the generation of e-invoices holds significant importance for compliance among certain businesses.
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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
FM Announces 28% Tax on Online Gaming Firms: Highlights from 50th GST Council Meeting
The Council's first gathering since February got off to a rocky start. The recent move by the Union government to include the GST Network in the scope of the Prevention of Money Laundering Act (PMLA), which is overseen by the Enforcement Directorate (ED), was challenged by representatives of States not governed by the BJP.
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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
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
Income Tax Rules: Update on Maximum Allowable Amount for Gold Jewelry Storage Limit
However, the tax law says that If you have received gold as a gift or inheritance, it is necessary to provide supporting documentation and include this information in your income tax return.
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By Krishna
EPFO Higher Pension Application Deadline Today: Apply Now with Required Documents
Furthermore, employers have been granted until September 30, 2023, to upload the salary details of employees who are applying for a higher pension. As a result, members will likely receive an extension to apply for the EPS scheme.
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By Krishna
CBDT Direct Tax Collection Update: Income Tax Department Provides Information for ITR Filers
As of now, Net Direct Tax Collection has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis during the financial year 2023-24. As per the notification released by the Ministry of Finance, the gross collection is Rs 5.17 lakh crore.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
7 Essential Precautions for Individuals When Filing ITR: A Guide to Error-Free Tax Returns
This discrepancy may catch the attention of the tax department, resulting in a tax demand notice being issued to you. This notice will require you to pay any additional tax dues that may be applicable based on the unreported income.
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By Krishna
BIG UPDATE: GSTR-9 Annual Return Filing for Turnover up to Rs. 2 Crores
The CBIC, through a tweet, also made an announcement regarding the waiver of the obligation for taxpayers with an annual turnover of up to Rs. 5 crore to file a reconciliation statement in Form GSTR-9C.
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By Krishna
GST Council Considers Physical Verification for High-Risk Category Cases: What to Expect
In the upcoming council meeting on July 11th, a new provision is expected to be introduced. This provision will require mandatory physical verification of the business premises for applicants considered to be at high risk before granting them GST registration.
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By Krishna
ITAT Ruling: Section 80P Deduction Inapplicable for Income from Commercial Activity
Additionally, it was mentioned that the head office division carried out diverse activities for its members, including the sale of fertilizers, seeds, and agricultural equipment, and providing exclusive credit financing. These activities fell under the purview of various types of deductions permitted under Section 80P of the Income Tax Act.
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By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
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By Krishna
AAR Ruling: Same Place of Business Doesn't Mandate Separate GST Registration for Each Type of Business
The applicant has submitted this application under subsection (1) of section 97 of the GST Act and the corresponding rules, addressing the following queries in sequential order (number 14) on FORM GST ARA-01
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By Krishna
Delhi Govt GST Collection Shows Impressive 15% Growth in Q1 of FY 23-24
Additionally, the overall revenue collection for the Delhi Government across various categories in FY 2023-24 is projected to be around Rs. 53,565 crore.
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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
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
First-Time Income Tax Filing: A Comprehensive Guide to Getting Started
If you are filing your income tax return for the first time, then these instructions will help you avoid the usual mistakes that beginners do. Read on for more…
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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
Section 234F: Penalty for Late Filing of Income Tax Return - Overview and Implications
However, taxpayers who filed their returns after the due date were liable to pay interest under Sections 234A, 234B, and 234C of the Income Tax Act. These sections imposed interest charges for the delay in filing the return and/or the delay in payment of taxes.
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By Krishna
What is a Defective Return? Avoiding Mistakes and Preventing Defective Tax Returns
While receiving a notice from the income tax department can be alarming, it is important to note that rectifying a notice regarding a defective ITR is typically straightforward. Let's explore the steps you can take to address the issue related to a defective ITR.
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By Krishna
PAN-Aadhaar Linking Deadline Expired: Steps to Resolve Incorporative PAN
The deadline for linking the Permanent Account Number (PAN) with the Aadhaar number was June 30, 2023. Unlike previous instances, the government has chosen not to extend this deadline.
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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
CBDT Clarifies PAN-Aadhaar Linking Deadline: Stay Informed
The income tax department has provided a clarification regarding PAN-Aadhaar linking for individuals who have paid the penalty but failed to link them by June 30, 2023. It is crucial to remember that June 30, 2023, was the deadline for linking PAN with Aadhaar.
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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
Income Tax Department Cracks Down on Tax-Evading Social Media Influencers: Learn More about the Action Taken
In a recent development, the Income Tax Department has taken a step further by utilizing data analytics to examine the social media accounts of influencers. They aim to identify any disparities between their social status and the income declared in their Income Tax Returns (ITRs).
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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
CBDT Extends Time Limits for TDS/TCS Statement Submission
The initial deadline for submitting the statement of tax deduction for the first quarter of the financial year 2023-24, which was originally set for July 31, 2023, has now been postponed to September 30, 2023.
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By Krishna
9 ITR Filing Mistakes to Avoid: Ensure a Smooth Tax Return Submission
When it comes to filing your income tax return (ITR), paying close attention to your personal details is of utmost importance. Thoroughly reviewing and verifying your personal information, such as your name, address, and contact details, is crucial to ensure accuracy in your tax filing process.
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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
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
CBDT Implements Amendments to Regulations for Institutions, Trusts, and Funds
"The Central Board of Direct Taxes notified the Income-tax (Eleventh Amendment) Rules, 2023 on June 23, 2023, with the applicability of the amendments starting from October 1, 2023."
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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
Appointment of Woman Director: Optional or Mandatory? Understanding the Requirements
The representation of women in managerial positions showed a small increase from 27.2 percent to 28.3 percent between 2015 and 2019. However, in 2020, there was no further increase, marking the first year without progress since 2013.
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By Krishna
Income Tax Rules: Setting Off Long-Term Capital Loss from Debt Mutual Funds
For investments made after March 31st, 2023, in mutual fund schemes with a domestic equity investment that does not exceed 35% of the total investment, the profits will be considered as short-term capital gains along with the holding period.
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By Krishna
Introducing Form 10-IEA: CBDT's Latest Addition for Business Owners and Professionals Choosing the Old Tax Regime
As per the CBDT release, individuals with business or professional income who wish to opt out of the new tax regime must submit Form 10-IEA before the due date mentioned in Section 139(1) of the Income-tax Act, 1961, for filing their income tax return for the respective assessment year.
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By Krishna
Application Deadline Nears: 6 Factors to Consider for Higher EPS Pension Eligibility
To obtain a general estimate of your pension under EPS 95, you can use the following guidelines, taking into account the length of your service and your pensionable salary (average salary of the last 60 months).
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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
ITAT Upholds Appellant's Evidence, Eliminates Cash Deposit Addition
The ITAT recognized and accepted these pieces of evidence, leading to the dismissal of the addition. Additionally, the ITAT considered the fact that the ld CIT(A) had overlooked an affidavit provided by the assessee, which included a registered sale deed.
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By Krishna
Alert for Taxpayers: Missing Data on Advance Tax Payments in Prefilled Returns Forms
While filing the Income Tax Return, the details of a taxpayer get auto-populated from Form 26AS as a pre-filling technique into the ITR form. However, this pre-filling feature is missing in upcoming returns forms
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By Krishna
ITAT: Deduction u/s 80IA/80IB Reduces Business Profits for Computing Deduction u/s 80HHC
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) based its decision on the ruling of a Larger Bench of the Supreme Court in the case of Micro Lab (supra), which was decided on 17.9.2018 in CA No.007427/2012.
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By Krishna
ITAT Rules: Short Deduction of TDS Excludes Application of Section 40(a)(ia) of Income Tax Act
The case of the assessee underwent limited scrutiny to verify if the payments were made while deducting the TDS (Tax Deducted at Source) under section 194C of the Act.
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By Krishna
State Government appeals authorization police action GST evaders
The state government asks the center to insert a provision to take action against GST evaders under section IPC
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By Krishna
EPFO simplifies high pension rules calculation formula required documents
The recent circular issued by EPFO pertains to employees who lack documentation substantiating their joint requests, undertakings, or permissions for EPF contributions on full/high salaries exceeding the wage limit.
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By Krishna
Link Pan Aadhaar june30 prevent Pan deactivation
Haven't linked your PAN (permanent account number) and Aadhaar yet? It's important to act quickly and complete the process before June 30. Failing to do so will render your 10-digit PAN inactive starting from July 1.
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By Krishna
Special Bank FDs With Higher Interest Rates Ending Soon
If any of the fixed deposit plans listed below catch your eye, it's best to act fast to obtain them because banks have just announced special fixed deposits for a short time that provide higher interest rates than typical FDs.
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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
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
Form 10a Filing Online guide
The Income Tax Department implemented changes to the registration, verification, and approval process for trusts and charities under the Income Tax Act of 1961.
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By Krishna
New Tax Regime reduce 30 percent tax bracket
As the deadline for filing your income tax return (ITR) draws near, it's critical to remember that, if you pick the new tax system, people with incomes between Rs. 10 lakh and Rs. 15 lakh are exempt from paying taxes at the maximum rate of 30%.
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By Krishna
ITAT upholds disallowance late deposit Employees
The Income Tax Appellate Tribunal (ITAT) Delhi Bench has affirmed the disallowance of late deposits of employees' contributions to Provident Fund or Employees State Insurance Corporation (PF/ESIC) under Section 36(i)(va) of the Income Tax Act, 1961.
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By Krishna
GSTN e invoice verifier app important advisory
GSTN has introduced the E-Invoice Verifier App to provide a convenient solution for verifying e-Invoices and related information.
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By Krishna
Income tax department update form 10a
The filing of Form 10A for regular registration/approval for the assessment year 2022-23 is now possible through the income tax portal, as per the recent announcement made by the Income Tax Department.
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By Krishna
Self assessment tax pay online
Self-Assessment Tax stands for the tax paid by individuals on their assessed income after considering Tax Deducted at Source (TDS) and advance tax. It is the balance tax amount that needs to be settled before filing the income tax return. Self-Assessment Tax allows taxpayers to meet their remaining tax liabilities and ensure compliance with income tax regulations.
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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
Myitronline: Income Tax Return Filing Is Easier Than Ever
Every responsible citizen in India is required to file their income tax returns with the government. Thankfully, with the advancements in technology, it has become convenient to file your income tax online.
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By Krishna
GST notice farmer pan misuse payment demand
A person living in Lathi village, located in the Jaisalmer district, experienced a state of disbelief when they received a show-cause notice from the goods and service tax (GST) department.
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By Krishna
GST Council Expected to Give Approval to Tribunal Blueprint
During the GST Council meeting, the final operational plan for the tribunal is expected to be presented for approval.
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By Krishna
ITAT: Penalty Under Section 271(1)(c) Cannot be Imposed
The Delhi Income Tax Tribunal has ruled in the case of Sushila Goyal vs ITO that when an addition is made on an estimated basis.
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By Krishna
Big news! Changes In Income tax exemption rule
In order to claim tax exemption under Section 80G of the Income Tax Act, uploading the donation receipt certificate issued by the relevant organization when filing your income tax return is necessary. Please do so to avoid the unavailability of the tax exemption.
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By Krishna
New Features Introduced in GST E-Way Bill System For Enrolled Transporters & Taxpayers with Common Enrollment
The e-way bill system has introduced additional features for enrolled transporters and taxpayers. These new functionalities encompass two-factor authentication for e-way bills, deregistration of enrollment, and common enrollment. These enhancements are designed to enhance the system's functionality and provide users with greater control.
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By Krishna
How To Check Your Income Tax Liability
The amount of income tax an individual is required to pay is determined by their earnings during a fiscal year and the applicable income tax slab. The income tax slabs can vary for different types of taxpayers, including individuals, Hindu undivided families (HUF), Associations of Persons (AOP), Bodies of Individuals (BOI), Foreign Companies, Domestic Companies, Firms, Limited Liability Partnerships (LLP), and Co-operative Societies.
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By Krishna
Department Facilitates Electronic Filing For Trust Registration & Deregistration
Income Tax Portal Update: Department Facilitates Electronic Filing For Trust Registration & Deregistration
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By Krishna
Gross GST Revenue Collection Increased 12% In The Month of May 2023
In the past month, the income generated from importing goods increased by 12%, while the earnings from domestic transactions (which include the import of services) grew by 11%.
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By Krishna
Tax Implications of Cash Deposits in Bank Accounts
The RBI has announced the withdrawal of Rs. 2000 notes from circulation & requested the public to submit the 2000 notes if they have them for exchange
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By Krishna
Late date for obtaining the mandatory CPE credits has been extended
The Institute issued the ICSI (Continuous Professional Education) Guidelines in 2019, which came into effect on April 1, 2020. These guidelines aim to help members maintain an optimal level of professional competence and uphold high quality and standards in the professional services they provide.
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By Krishna
ITR 2 Form - What is ITR-2 Form? Eligibility & How To File ITR-2 Online
The Indian Income Tax Department has classified taxpayers into different categories based on their annual income, source of income, and other relevant factors. Each category has a specific form that must be used for filing income tax returns.
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By Krishna
June 2023 Tracker For Income Tax and GST Compliance
The June 2023 Tracker for Income Tax and GST Compliance provides a comprehensive overview of important deadlines and requirements for tax compliance in June 2023. It serves as a valuable resource for individuals and businesses, ensuring they stay on top of their income tax and Goods and Services Tax (GST) obligations.
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By Krishna
Interest Under Section 234A, 234B, & 234C
Interest under sections 234A, 234B, and 234C are crucial provisions under the Indian Income Tax Act that deal with the imposition of interest charges for various non-compliance scenarios. These sections aim to ensure timely tax payments and compliance with tax regulations.
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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
Income Proof is Mandatory For Rs. 10 lakhs investments in small savings schemes
The government has recently implemented new regulations regarding post office schemes. As per the updated guidelines, individuals investing more than Rs 10 lakh in post office schemes are now required to provide documentation proving the source of funds.
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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
I-T returns: Norms notified for compulsory scrutiny
The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.
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By Krishna
Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act
The Income Tax Act of India provides certain exemptions and benefits for various entities, including educational institutions. According to section 10(23C)(iiiab) of the Income Tax Act, educational institutions meeting specific criteria are eligible for exemption from income tax.
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By Krishna
No TDS liability on year-end provisions if payees are not identified & provision revered next year
According to a judgment delivered by the Karnataka High Court in the case of Subex Technologies Limited vs. DCIT, Bangalore, it was stipulated that if payees were not identified and year-end provisions were reversed in the following year, there would be no withholding liability for Tax Deducted at Source (TDS).
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By Krishna
Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
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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
income Tax Dept enables online filing of Income Tax Returns
The income tax department has enabled the income tax returns form (ITR1) and (ITR2) for the fiscal year 2022-23. Individuals, small business owners, and professionals are required to file these income tax return forms.
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By Krishna
One-time Settlement Policy For Tax Defaulters On Cards
Based on available information, the government is building a justification to release approximately 27,000 individuals who have minimal debt to the government. Instead, the government will prioritize its efforts on individuals with substantial tax defaults and endeavor to recover taxes from them.
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By Krishna
EPF members can avail of Non-refundable advances for illness of self or Family members
The Employees' Provident Fund (EPF) is a social security scheme designed to provide financial support to employees in India. Under the EPF scheme, members have the opportunity to avail themselves of various benefits to ensure their well-being and that of their families.
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By Krishna
Fake GST Registration May Affect Small e-commerce Businesses
Starting from May 16th, both central and state indirect tax authorities have initiated a two-month campaign aimed at identifying and removing entities that obtain GST registrations through fraudulent means.
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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
Understanding Sections 90, 90A, and 91 of the Income Tax Act
The Income Tax Act is a vital legislation that governs the taxation system in many countries, providing the framework for determining tax liabilities and obligations. For individuals or entities involved in international transactions or earning income from foreign sources, it becomes crucial to comprehend the provisions related to cross-border taxation. Sections 90, 90A, and 91 of the Income Tax Act play a significant role in addressing international taxation's complexities and providing relief measures to prevent double taxation.
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By Krishna
BE AWARE! The income tax department can Deliver Notice even on your friend’s transaction
Receiving notices from the Income Tax Department is a common occurrence, and sometimes these notices are issued for transactions that you haven't actually made. This can happen to anyone, causing a sense of anxiety. However, there's no need to panic excessively. In a special program called CNBC Awaaz Tax Guru, tax expert Sharad Kohli shared valuable insights on how to address this issue. Let's find out what steps you need to take to resolve the situation.
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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
FADA Urges GST Council to Reduce GST Rates on Two Wheelers to 18% From 28%
The Federation of Automobile Dealers Associations (FADA) has made an appeal to the GST Council, urging a decline in the GST rate on two-wheelers. FADA is urging for an immediate reduction of the GST rates from the existing 28% to 18%.
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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
Steps to handle the Show Cause Notice (SCN) In GST
Handling a Show Cause Notice (GST) is a crucial aspect of compliance and legal procedure. When an authority suspects non-compliance or irregularities in GST filings, they issue an SCN to the concerned taxpayer. This notice outlines the alleged violations and provides an opportunity for the taxpayer to present their case and provide explanations or evidence to refute the allegations.
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By Krishna
GST Authorities Broadens Investigation Against Insurers, 10 More Firms to Get Notices Soon
DGGI has uncovered a tax evasion amounting to Rs 2,500 crore by insurers. Out of this sum, the companies have voluntarily paid nearly Rs 750 crore.
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By Krishna
Physical Verification in Indian GST
The Indian GST Department has recently released a new advisory titled "Guidelines for Special All-India Drive against fake registrations" (Instruction No. 01/2023-GST dated 04-May-2023). This advisory aims to address tax evasion and verify the authenticity of businesses.
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By Krishna
File GSTR-10 Final Return Before 30/06/2023 To The Avail of GST Amnesty
Since its implementation, the Goods and Services Tax (GST) has transformed the indirect tax landscape in India. Nonetheless, numerous businesses have encountered difficulties in adhering to the GST regulations, resulting in the non-filing or inaccurate filing of returns.
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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
Mandatory e-invoicing for Taxpayers having aggregate turnover INR 50mn
As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.
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By Krishna
Automated GST Scrutiny to Result In Notices For Data Discrepancies
According to experts, the recent implementation of automated scrutiny of Goods and Services Tax (GST) returns by the central government may result in taxpayers receiving notices when there are discrepancies between various types of tax returns.
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By Krishna
How to Handle GST Return Scrutiny Notice-ASMT-10
If you are registered under GST, it is mandatory for you to submit GST returns as per the regulations of GST law. Nevertheless, there might be situations where you receive a scrutiny notice, specifically ASMT-10, to examine the correctness and comprehensiveness of your GST returns.
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By Krishna
State Taxes Department Levies Rs 25.34 Lakhs on Trader For GST Violation
The Enforcement (Central) Kashmir division of the State Taxes Department has collected a penalty of Rs. 25,34,808, marking the highest amount obtained in a single penalty case under the Jammu and Kashmir GST Act, 2017.
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By Krishna
CBIC reduces E-invoicing limit 5 cr from existing limit of 10 cr w.e.f. August 01, 2023
The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023.
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By Krishna
How to Check Outstanding Tax Demand Status
The process of filing an Income Tax Return (ITR) is mandatory for individuals and businesses as it involves reporting income and fulfilling tax obligations to the government. This procedure necessitates submitting essential financial details and relevant documents to the Income Tax Department.
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By Krishna
CBIC rolls out Automated Return Scrutiny Module for GST returns
During a performance review of the Central Board of Indirect Taxes & Customs (CBIC), Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman instructed the swift implementation of an Automated Return Scrutiny Module for GST returns.
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By Krishna
Electronic E-Invoice under GST – Process of E-Invoicing & Benefits
E-invoicing involves the electronic creation of invoices and their submission to the government's GST portal for the purpose of maintaining records and ensuring compliance. The threshold for the implementation of E-invoicing has been reduced from INR 10 Crores to INR 5 Crores.
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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
An Illustrative Checklist For Verification of Items of Investments to be Followed By the Auditor
Auditing financial statements encompasses a crucial component known as the audit of investments. The primary aim of the auditor is to validate the presence and valuation of investments. To achieve this, the auditor employs diverse procedures such as transaction verification, physical inspection, assessment of valuation and disclosure, and analytical review procedures.
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By Krishna
Time Barring of Scrutiny of GST Returns of Delhi Taxpayers For The FY 2017-18, 2018-19 & 2019-20
The Delhi GST Department said in a Circular vide F.3/432/GST/Policy/2022/582-89 on 08 May, 2023, regarding the time barring of Scrutiny of GST Returns of Delhi taxpayers for the FY 2017-18, 2018-19 & 2019-20.
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By Krishna
Time Limit To Exercise The Option of Forward Charge Relax Till 31 may 2023
Great news for Goods Transport Agencies (GTAs) is that the deadline for utilizing Forward Charge under GST has been extended until May 31st, 2023, instead of the previous deadline of March 15th, 2023.
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By Krishna
Karnataka HC Directs To File a Revocation Application: Cancellation of GST Registration on Non-Filing of Tax Returns
In the recent GST notification regarding the revocation of GST registration, the Karnataka High Court has granted permission to file cancellation applications. Applications filed outside the time limit can now be resubmitted if the cancellation of registration occurred before December 31, 2022.
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By Krishna
Common GST Audits norms For Centers & States From This Financial Year
The Centre and state tax officials have finalized a Model All India GST Audit Manual 2023, which is anticipated to benefit businesses and decrease litigation.
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By Krishna
Income Tax Rules on Income From House Property You Must Know
Income from house property is one of the major sources of income for many taxpayers in India. However, most taxpayers are not aware of the income tax rules related to income from house property, and as a result, they end up paying more tax than they should.
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By Krishna
Deduct TDS rules on property purchases
Purchasing a house comes with several essential tasks such as deciding on a budget, arranging for the down payment and loan, selecting the property, negotiating the price with the seller, and many more. Among these cumbersome tasks, one is deducting TDS (Tax deducted at the source) when you pay the seller and the amount exceeds a prescribed limit.
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By Krishna
GSTN Advisory To Taxpayers: The Timely Filing of GST Returns
The goods & services tax network issued an advisory on 4th May 2023 on the context of timely filing of GST returns
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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
What is Double Taxation & How To Get Double Taxation Relief
Economic double taxation refers to the circumstance in which a person's income, or a portion of it, is taxed twice by two different bodies inside the same country.
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By Krishna
GST Payments Can Now Be Made Through 23 Banks
Indusland Bank Limited and South Indian Bank Limited are the two additional banks that GSTN has added, raising the total number of banks that accept GST payments to 23.
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By Krishna
Section 122 vs Section 129: What Are Differences & Applicability & More
Sections 122 and 129 are two important provisions of the Central Goods and Services Tax (CGST) Act, which govern the penal provisions related to non-compliance with the tax laws.
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By Krishna
Income Tax Notice: How do I know if I have an Income Tax Notice, Relevant Documents & Types
Once a taxpayer submits their Income Tax Return (ITR) to the department, it undergoes processing. Subsequently, the taxpayer may receive a notice from the department, which could either be an Intimation or scrutiny.
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By Krishna
FILE YOUR ITR FREE FOR LIFETIME with Myitronline
Pay the joining membership fee @999 and FILE YOUR ITR FREE FOR LIFETIME with Myitronline.
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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
Finance Minister Instructed CBIC To Implement Its Automated GST Return Scrutiny
The Finance Minister instructed the CBIC to introduce an automated GST return scrutiny system by the following week & and to develop an action plan that utilizes technology to expand the taxpayer base..
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By Krishna
How to handle GST Scrutiny/Assessments with a practical approach
The department is now better prepared to identify any mistakes or omissions in GST returns, which may have a big impact on which GSTINs are chosen for inspection, investigation, or audits.
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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
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
TDS deduction on interest income and how to prevent it
To Avoid Tax Deducted at Source (TDS) on incomes like rent and interest, taxpayers can submit form 15G or 15H to the relevant individual or organization, including banks, post offices, and corporate bond issuers. Form 15G is for individuals below 60, whereas 15H is for senior citizens.
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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
ITR Filing Due Date 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.
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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
PAN Aadhar Linking Deadline Extended
The Income Tax Department giving the much-needed downtime to the Pan Card holders in India has extended the deadline to link PAN-Aadhaar till 30 June 2023. The deadline for linking PAN and Aadhaar has been extended to June 30, 2023, in order to provide taxpayers more time.
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By Krishna
CBDT Notifies ITR Forms For AY (2023-24) In Advance
Central Board of Direct Taxes CBDT has announced income tax returns forms (ITR-1 to ITR-6) for AY 2023-24 (FY 2023-23). The CBDT has notified ITR-1 to ITR-6 on 10 February 2023 and ITR-7 on 14th February 2023. However, No big amendments are made to ITR forms by the government.
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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
6 Robust Reasons to not to miss NPS in your tax planning
Income tax planning is the most important step when fulfilling your financial goals and knowing about the NPS can be greatly important for you.
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By Krishna
Top 5 Mistakes You Must stop making In Tax-Planning
Tax planning is an important part of financial growth and savings too. But generally, people do not focus on the tax-planning with proper knowledge.
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By Krishna
Statutory and Compliance Calendar For The Month of December 2022
As we all know that complying with the compliance deadline is very important and mandates the appropriate planning. Therefore to keep updated on the various statutory and compliance deadlines we have put together a consolidated compliance calendar that shows all the important due dates.
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By Krishna
Comparison Of Old And New Tax Regime Rates For AY 2021-22
New Income Tax Slab Rates introduced in the Budget 2020 for AY 2021-22 onwards is kept optional for the taxpayers, where, they are open to choose the tax slabs of old regime (FY 2019-20).
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By Krishna
Income Tax Return Filing Due Dates FY 2019-20, AY 2020-21
As part of the COVID-19 relief Deadline for Income Tax Return Filing is extended to 30th November 2020 for FY 2019-20 (AY 2020-21).
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By Krishna
Provisions Of Online Correction In Form 26QB
Till FY 2013-14, form 26QB could not be revised to rectify any kind of errors in information.
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By Krishna
Extended Last Date for Income Tax Returns
Taxpayer, who has a due on any of these filings can complete it within June 30, 2020, in place of the normal deadline of March 31, 2020.
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By Krishna
CBDT Notification No. 35/2020
CBDT Notification No. 35/2020 Revised Income Tax Due Dates, Interest on Delayed Payment
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By Krishna
New guidelines regarding TDS and TCS
The Income Tax Department has issued new guidelines regarding tax collection at source TCS.
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By Krishna
Recommendations of the 42nd GST Council Meeting
The 42nd GST council meeting was held on 5th October 2020 as well as on 12th October 2020. The meetings were chaired by Finance Minister.
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By Krishna
Extension of due dates for Annual Return and Reconciliation
It has been decided to extend 2018–19 till December 31, 2020. For FY 2019–20, however, no extension was disclosed.
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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
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
Crypto Taxation Guide Budget 2022
In the planned tax system, the government has suggested a flat 30% income tax rate on the transfer of "crypto-assets."
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By Krishna
Income Tax Rules Change - Income Tax Has Made 3 Major Changes
After the union budget in the second quarter of 2022, three changes are proposed to the income tax rules that have been a reality. After directing in Q2FY23, three main modifications in the income tax rules proposed in the union budget 2022 have become a reality.
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By Krishna
Tax Compliance and Statutory due dates for November 2022
TDS Certificate; Tax Compliance and Statutory Due Dates for November 2022. November 14, 2022. Date by which TDS Certificates for taxes owed under...
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By Krishna
Good news for EPF account holders
Good news for EPF account holders PF related complaint will be cleared on WhatsApp message, new feature of EPFO.
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By Krishna
CBDT has notified new Income Tax Return
ITR Forms for the Assessment Year 2023–24 have been announced by the CBDT in Notifications Nos. 04 and 05 of 2023, dated February 10 and February 14, respectively.
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By Krishna