2024-04-18 05:58
What is a mutual fund? Why invest in mutual funds?
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2024-04-17 06:51
Best Performing Mid-Cap Mutual Funds in India: Top 10 Schemes with Strong Five-Year Returns… Read More
2024-04-16 06:46
5 Heads Of Income Tax
As per the Income Tax Act, individuals&rs… Read More
2024-04-15 05:31
Benefits Of Filing Your Income Tax Return
Filing… Read More
2024-04-12 06:38
Tips for Stock Market Investors to Reduce Income Tax Liability through ITR Filing… Read More
2024-04-11 06:28
Choosing Between ITR 1 and ITR 4 Forms for Income Tax Return Filing: Get Your Doubts Cleared… Read More
2024-04-09 06:11
Why It's Beneficial to Delay Filing Your Income Tax Return
About 23,000 taxpayers filed their income tax returns (ITRs) for AY 202… Read More
2024-04-08 06:37
Certicom in Alliance with WorkMyTaxes
Certicom & Work My Ta… Read More
2024-04-04 08:15
The Growth of Audit Fees Trails Behind Corporate Expansion in India
Audit fees see a modest 28% increase amidst heightened scrutiny on a… Read More
2024-04-04 05:46
Late Filing Penalty under Section 234F of the Income Tax Act for FY 2023-24
Deadline for Individual Taxpayers to File AY 2024-25 (FY… Read More
2024-04-03 05:20
Key Income Tax Regulations Every Salaried Individual Should Be Aware of as the FY 2024-25
As the new financial year begins on April 1st… Read More
2024-04-02 05:47
Filing Forms for FY 2023-24 Enabled: Online ITR Forms Now Accessible as of April 1, 2024
The Income Tax Department has activated online… Read More
2024-03-04 07:11
Important dates for taxes, such as filing income tax returns, paying advance taxes, and deducting taxes at source, are listed in the tax calendar that the Income Tax Department (IT departmen… Read More
2024-03-01 04:22
Over the past weekend, numerous taxpayers received SMS and email notifications from the Income Tax (I-T) department regarding disparities in their reported interest and dividend incomes.
Spe… Read More
2024-02-28 06:13
The Income Tax Department has identified disparities in the information received from third parties regarding interest and dividend income, compared to the Income Tax Returns (ITR) filed by… Read More
2024-02-27 06:33
The next fiscal year will soon begin; there is not much time left. You should start creating an investing plan for the upcoming fiscal year right away in such a scenario. In order to assist… Read More
2024-02-26 08:14
The mistaken notion that the Income Tax Department faces difficulties in tracing cashless transactions has emerged with the growing popularity of such financial activities. However, this per… Read More
2024-02-23 07:48
A corrigendum modifying Notification No. 19/2024 dated January 31, 2024 was recently released by the Central Board of Direct Taxes (CBDT) and designated as Notification No. 22/2024 dated Feb… Read More
2024-02-22 07:46
When NRIs should file income tax returns in India
If an NRI made any money in India during the fiscal year, they must submit income tax returns there. According to the Indian Income Tax Act… Read More
2024-02-16 06:29
The two phrases that Indian taxpayers encounter most frequently are income tax and tax deducted at source (TDS). Despite their apparent similarities, they are very different from one another… Read More
2024-02-15 05:49
The Income Tax Act’s Section 80TTB describes the tax advantages available to older persons for interest income from deposits. The new Section 80TTB provision is one of the incentives e… Read More
2024-02-14 07:09
Section 43B of the Income Tax Act of 1961 would have a new clause (h) inserted by the Finance bill of 2023. The aforementioned clause, which has been implemented through micro and small busi… Read More
2024-02-13 06:12
In the recently unveiled interim Budget 2024, the income tax slabs for the fiscal year 2023-24 in both the old and new tax regimes have remained unchanged. Various categories of individuals… Read More
2024-02-12 06:16
The Income Tax Department has recently unveiled the availability of I-T return forms 2, 3, and 5 for the filing of tax returns pertaining to the assessment year 2024-25. Earlier, the notific… Read More
2024-02-09 06:09
Intending to simplify tax procedures and promote transparency, the Income Tax Department has implemented substantial revisions to income tax return (ITR) forms, taking effect from April 1, 2… Read More
2024-02-08 07:16
Under the Finance Act of 2023, Section 43B(H) has been introduced by the Finance Ministry. This section mandates that payments for goods supplied by MSMEs must be made within 45 days. The in… Read More
2024-02-07 07:15
The Income-tax Department provides a 10-digit alpha-numeric number known as the tax deduction account number or tax collection account number. All individuals who are obligated to collect ta… Read More
2024-02-06 07:07
The Income-tax Act of 1961 offers a number of deductions and exclusions that people can use to reduce their tax liability on income received in Fiscal Years 2023–2024. However, the amo… Read More
2024-02-05 09:23
Additionally, it was stated in the budget speech that there are no planned rate adjustments for direct taxes.
The interim budget has implemented the following adjustments on income tax.
Part… Read More
2024-02-02 05:56
Presenting the Interim Budget 2024–25 in Parliament, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman stated, “Keeping with the convention, I do not propo… Read More
2024-02-01 10:57
1. For 2023–2024 (FY24), the government’s shortfall between its receipts and outlays is projected to be 5.8% of GDP, or the revised fiscal deficit. A 5.1% GDP fiscal deficit is a… Read More
2024-01-29 06:03
On February 1, Finance Minister Nirmala Sitharaman will deliver the final (interim) Budget before the general elections of 2024, a date that millions of taxpayers nationwide are excitedly an… Read More
2024-01-22 07:05
Tax under the New Tax Regime:
On February 1, 2023, the Center published its most recent complete budget, which included a few significant adjustments to the tax code. The principal one was… Read More
2024-01-18 05:44
What is a TDS return?
Tax Deducted at Source, or TDS. This theory states that a deductor who must pay a deductee must deduct tax at the source and send the money to the federal government. T… Read More
2024-01-17 10:32
1. Certain notified taxpayers have to prepare and issue their invoices by obtaining an Invoice Reference Number (IRN) from the Invoice Registration Portal (IRP) (commonly referred to as &lsq&hell…Read More
2024-01-17 06:03
It is essential that you provide documentation of your investment as soon as possible if you have already made an investment in any tax-saving instruments, such as insurance, PPF, and NPS, a… Read More
2024-01-16 05:58
Some people submit fictitious rent agreements and rent receipts to the Income Tax Department as investment proof in an attempt to reduce their tax liability. If you’re considering taki… Read More
2024-01-02 06:35
In the Union Budget of 2023, the Indian government unveiled a number of new income tax regulations. The New Income Tax Regime’s designation as the default tax regime was one of the maj… Read More
2024-01-01 06:28
Finance Minister Nirmala Sitharaman announced in the Union Budget 2023 that the new income tax system will take effect on April 1, 2023, by default. The minister did note that taxpayers are… Read More
2023-12-29 05:56
A disparity between disclosures in submitted income tax returns (ITRs) and information obtained from the reporting company has prompted the Income Tax (I-T) department to send advisories to… Read More
2023-12-28 06:34
1. Section 143 (1) notice: Intimation notice
After the income tax department processes the ITR, the individual receives this notice. The notice lets the person know if his ITR computations a… Read More
2023-12-27 05:36
Last Date to File an Income Tax Return 2023. For taxpayers whose total income does not exceed Rs 5 lakhs, this payment is lowered to Rs 1,000.
December 31, 2023, is the last day to file… Read More
2023-12-26 05:39
Income Tax Return forms 1 and 4 were informed by the Central Board of Direct Taxes (CBDT) on Saturday. The Board has notified ITR forms 1 and 4, the Income Tax (I-T) department said in a pos… Read More
2023-12-22 06:39
A non-resident individual is a person who, for taxation reasons, does not reside in India. Section 6 of the Income Tax Act, 1961 requires that an individual’s residence status be ascer… Read More
2023-12-21 06:25
What’s a Nil Return?
If you fall below the taxable income threshold and did not pay any taxes during the year, you must file a nil income tax return with the Income Tax Department. A n… Read More
2023-12-20 06:22
Dear GST Taxpayer, For the Fiscal Year 2022–2023, kindly submit your Annual Return using Forms GSTR-9 and GSTR-9C. The 31st of December, 2023 is the deadline for filing Forms GSTR-9 wi… Read More
2023-12-18 06:34
Individuals who have not yet submitted their income tax returns for the fiscal year 2022–2023 ought to act right now. December 31, 2023, is the last day on which people can fulfill thi… Read More
2023-12-15 07:10
Investment Deductions Under Section 80C
One of the most well-liked and well-known sections for taxpayers is Section 80C, which enables individuals to lower their taxable income by investing… Read More
2023-12-14 06:09
Belated income tax returns must be submitted by December 31st. December 31, 2023, is your last chance to file your ITR if you haven’t already, but doing so will result in penalties and… Read More
2023-12-12 06:35
“My Profile” has an Address and Contacts feature.
The GSTN has added a new feature called “Address and Contacts” within the “My Profile” section of the GS… Read More
2023-12-11 05:47
In an apparent attempt to improve compliance convenience, the income tax department has added the “discard income tax return (ITR)” tool to the income tax portal.
Income tax retu… Read More
2023-12-08 06:07
The Income Tax Department has instructed taxpayers to file amended forms for the current assessment year and updated files for the prior assessment years in order to correct any incorrect re… Read More
2023-12-07 06:22
Few people can be without resolutions as the New Year 2024 approaches, with less than a month to go. For both individuals and families, the top priorities among these are investment plans an… Read More
2023-12-06 05:47
All taxpayers must be informed about the deadlines they have for fulfilling their income tax responsibilities as the year draws to an end. There are a few important dates in December 2023 th… Read More
2023-12-05 06:52
The central government has made a number of significant changes to the tax and regulatory framework for nonprofit organizations in India in recent years, resulting in a significant overhaul… Read More
2023-12-01 06:04
The Income Tax Act, 1961 (henceforth referred to as the “IT Act”) permits taxpayers to submit an updated income return under section 139(5). The taxpayer may file such a return i… Read More
2023-11-30 06:26
A comprehensive process for submitting an appeal under the amnesty program for GST assesses has been released by the Finance Ministry. Authorities anticipate that many taxpayers who were pre… Read More
2023-11-29 06:17
Taxpayers now have the option to delete their previously submitted but unconfirmed Income Tax Returns (ITRs) thanks to a critical feature that the income tax (I-T) department added to its we… Read More
2023-11-28 05:15
The government introduced the Income Tax Return – Updated, or ITR-U, form to help those who have not filed their income tax returns or have entered their information incorrectly. With… Read More
2023-11-27 06:14
Businesses are more likely to come across phony GST bills in the era of Goods and Services Tax (GST). These fake documents may result in serious financial losses as well as legal issues.
Ind… Read More
2023-11-24 05:20
In India, money received through an inheritance or will is not subject to taxes. Nonetheless, residents (and ordinarily resident) taxpayers are compelled to provide information in the Schedu… Read More
2023-11-23 06:25
Revenue Given that everyone with a salary is required to pay taxes, tax preparation is a crucial component of financial planning. Tax outgo can be decreased by being aware of the two tax reg… Read More
2023-11-22 06:23
What is input credit?
A credit for inputs allows you to deduct the tax you have previously paid on inputs when paying output tax. Consider that, as a factory, you must pay Rs 450 in tax… Read More
2023-11-21 06:04
According to the State Goods and Services department, November 30 is the deadline for claiming input tax credit, providing accurate information on ineligible input tax credit, and reversing… Read More
2023-11-20 07:12
Through a number of Act provisions, small taxpayers are generally given preferential treatment under the GST Law.
(a) For intrastate and interstate service provision up to R 20 Lakh (R 10 La… Read More
2023-11-17 05:55
Advance tax, often known as the pay-as-you-earn system, is the practice of paying your taxes before the end of the fiscal year. This mechanism assists the government in ensuring a consistent… Read More
2023-11-16 06:36
Moonlighting
The practice of moonlighting, in which people work a second job on top of their primary career, has become more common in today’s fast-paced economy. There are many differ… Read More
2023-11-15 07:46
The way corporations reward their shareholders has seen a substantial transformation in the Indian stock market in recent years. These days, repurchasing shares is preferred above paying out… Read More
2023-11-14 07:46
In the context of GST, OIDAR stands for Online Information Data Base Access and Retrieval Services; these services have distinct tax implications than other kinds of transactions. It only ap… Read More
2023-11-13 07:31
To ensure smooth operations, it is imperative that Taxpayers and Transporters comprehend the procedure of verifying transporter IDs in the E-Waybill System. The purpose of this advice is to… Read More
2023-11-10 06:00
Beginning on November 20, 2023, taxpayers with an AATO of Rs. 20 crore or more are required to use two factor authentication. To ensure seamless management of EWB operations, users are asked… Read More
2023-11-09 06:46
Who is a Non-Resident (NRI)?
A person is deemed to be an NRI for a Financial Year (FY) under section 6 of the Income-tax Act, 1961 (the Act) if any of the following criteria are not met:
>&hell…Read More
2023-11-08 06:22
In India, corporate tax is a type of direct tax that is levied on the profits made by both domestic and foreign businesses. While foreign firms are only subject to taxation on income generat… Read More
2023-11-07 06:17
Diwali, the joyous occasion when Indians fervently give and receive presents as a way of saying hello, is quickly approaching. Among others, presents from friends, family, and employers are… Read More
2023-11-06 06:03
An Amnesty Scheme has been launched by the Central Board of Indirect Taxes and Customs for taxpayers who failed to file their appeals on time or who had their appeals denied. Taxpayers must… Read More
2023-11-03 07:15
An Annual Information Statement (AIS) is a document that gives detailed information on the prescribed financial transactions and pre-paid taxes that a taxpayer entered into for a specific fi… Read More
2023-11-02 07:01
On October 31, 2023, CBDT published Notification No. 94/2023-Income Tax, which made substantial changes to the Income-tax Rules, 1962. This essay explores the modifications, with a special e… Read More
2023-11-01 06:23
Income is said to be earned by a person in the country (source country):
Where he either renders his services or
Where he receives any income arising from an asset that is located in that co… Read More
2023-10-31 06:15
It is crucial to comprehend and comply with the income tax deadline stipulated by your nation in order to prevent late filing penalties and interest charges. Depending on the taxpayer’… Read More
2023-10-30 04:09
In India, there are two tax-related concepts: Tax Collected at Source (TCS) and Tax Deducted at Source (TDS), however they have different functions in the tax collection process. In India, T… Read More
2023-10-27 06:46
Section 194Q of the Income-tax Act, 1961 was established by the Finance Act, 2021. It deals with Tax Deducted at Source (TDS) on the purchase of products rather than the provision of service… Read More
2023-10-26 06:20
Each taxpayer must voluntarily and compelledly file an income return within the allotted time frame, as informed by the Central Government; failure to do so may result in penalties and inter… Read More
2023-10-25 06:02
Indian businesses may choose to pay tax at a concessional rate of 22% plus any applicable surcharge or cess under the Income Tax Act, so long as they don’t take advantage of any of the… Read More
2023-10-24 07:50
Section 194R, which deals with the tax deduction on advantages or perks related to enterprises or professions, was created by the Finance Act of 2022.
Companies, corporations, or entities fr… Read More
2023-10-20 06:41
The term “Angel Tax” describes a divisive topic in the Indian startup scene. The rules under Section 56(2)(viib) of the Income Tax Act, 1961, which permitted tax authorities to e… Read More
2023-10-19 06:28
A simplified method for calculating the income of specific qualified enterprises is provided by Section 44AD of the Income Tax Act of India. It is largely directed towards professionals, sma… Read More
2023-10-18 08:34
The Hindu Undivided Family Act is a special kind of corporate identity that is exclusive to India. Through the HUF Act, Hindus can save money on taxes. However, the Hindu Undivided Family Ac… Read More
2023-10-17 07:54
The Income Tax Department is aware of some high-value transactions that, if disregarded, could put you in trouble with the law. Tax authorities keep a careful eye on a range of cash-related… Read More
2023-10-16 05:41
Over the years, a number of incentives and perks have been offered in an effort to support the International Financial Services Centre (IFSC) and draw in international financial institutions… Read More
2023-10-13 06:10
Clarification on a number of matters pertaining to the Indian exporter’s place of supply as of 1/2010/23 Novel RCM Relevant: The Indian government implemented a new reverse charge mech… Read More
2023-10-12 05:36
Through the Union Budget 2020–21, the Indian government implemented a new tax system under Section 115BAC of the Income Tax Act, 1961. In comparison to the previous tax system, the new… Read More
2023-10-11 06:26
In order to minimize their tax obligations, employees commonly seek or employers offer a breakdown of their salary, which permits them to avail exemptions when computing their earnings categ… Read More
2023-10-10 07:23
It can be difficult to manage reporting requirements for Micro, Small, and Medium-Sized Enterprises (MSMEs). Understanding the nuances is essential as the October 31st MSME deadline draws ne… Read More
2023-10-09 07:26
Amnesty Scheme for filing of appeals against demand orders where appeal could not be filed within the allowable time period
a. To permit the filing of an appeal against a demand order issued… Read More
2023-10-06 06:29
File a BELATED income tax return if you missed the deadline.
In India, the Income Tax Return (ITR) filing season is an annual event that requires tax payers to provide the government with th… Read More
2023-10-05 06:35
Non-Banking Financial Companies (NBFCs) are essential in helping businesses with their finances. Many firms may not be aware, meanwhile, that interest payments made to NBFCs are subject to T… Read More
2023-10-04 06:07
For GST taxpayers, the month of October 2023 is essential since it is the last month to make adjustments for any accidental errors or real faults made while filing the GST returns for FY 202… Read More
2023-10-03 06:28
If you fail to record any foreign stocks or other assets you own on your income tax return (ITR), it might cost you a lot of money. For breaking the 2015 Black Money Act, a person could be h… Read More
2023-10-02 05:10
Educational Purposes
If the amount being sent is less than Rs 7 lakhs, there is no Tax Collection at Source (TCS) applied to international transfers made for educational purposes. However, a… Read More
2023-09-29 05:11
You can seek restoration by filing Form GST REG-21 after 30 days of receiving the cancellation notice if your GST registration has been canceled with the help of the authorities.
Revocation… Read More
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