2023-09-28 07:15
A large increase in India’s entrepreneurial spirit has been observed in recent years, in part due to the government’s proactive efforts to promote innovation and economic growth… Read More
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Complete procedures and Important points to register a startup company has explained accordingly. Contact for full Support: +91-98800 52923
2023-09-27 05:42
New angel tax regulations, which include a system to evaluate the shares issued by unlisted firms to investors, have been made known by the Income Tax Department.
The Income-tax Act of 1961… Read More
2023-09-26 05:53
To make things clearer, let’s dive into the key points you need to know when it comes to deciding between the New and Old Tax Regimes and how revisions to your tax return are affected… Read More
2023-09-25 05:36
Small and medium-sized businesses, the backbone of the Indian economy, are crucial to export, GDP, job creation, and inclusive growth. They may believe that the cost of compliance has increa… Read More
2023-09-22 06:29
A detailed examination of the financial records of a company or a professional, such as a doctor, lawyer, or chartered accountant (CA), constitutes an income tax audit. specific taxpayers wh… Read More
2023-09-21 06:22
The Income Tax Act’s Section 44ADA offers a special Presumptive Taxation Scheme (PTS) designed specifically for professionals. For qualified professionals, this program makes tax calcu… Read More
2023-09-20 05:53
1. Section 44AD
Although it was created with the noble aim of relieving small business owners of the burden of maintaining books of accounts in accordance with provision 44AA and tax audits… Read More
2023-09-19 06:15
The government on Monday gave businesses some comfort by extending the deadline for filing income tax returns by one month, to November 30.
In addition, the deadline for businesses that need… Read More
2023-09-18 07:21
Tax Audit by LLP
Objective
An LLP’s tax audit largely checks the completeness and quality of the financial and tax-related data disclosed in the LLP’s tax returns. Ensuring confo… Read More
2023-09-15 06:10
The sale of an inherited property may result in capital gains that are subject to tax, and the owner of the inherited property is responsible for paying the tax at the appropriate rate. Long… Read More
2023-09-14 05:44
In order to verify accuracy and conformity with tax rules, a tax authority (such as the Internal Revenue Service in the United States) will formally examine a taxpayer’s financial reco… Read More
2023-09-12 06:11
Filing income tax returns (ITRs) is an essential annual ritual for individuals and businesses alike. However, the Income Tax Department faces several challenges in processing ITRs, leading t… Read More
2023-09-08 07:42
In accordance with Section 44AB of the Income Tax Act, 1961, specific taxpayers must perform an audit of their financial records for income tax purposes. The deadline for submitting the inco… Read More
2023-09-07 06:15
Tax sleuths have sent intimation notices to about 22,000 taxpayers for the assessment year 2023-24, including salaried individuals, HNIs, trusts, and Hindu Undivided Families (HUFs) because… Read More
2023-09-06 05:54
Goods and Services Tax (GST) in India aimed to streamline tax collection and enhance compliance. However, the current system suffers from multiple glitches that are both harsh and unjust for… Read More
2023-09-05 05:50
What is ITR U?
ITR U is the updated income tax return form introduced by the Government of India in the Union Budget 2022. It allows taxpayers to update their income tax returns within 24 m… Read More
2023-09-01 05:51
PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities. PAN cards are required for several purposes, inc… Read More
2023-08-31 06:14
The Tax Audit is a comprehensive examination of an individual’s or business’s financial and tax details, ensuring compliance with the Income Tax Act, 1961. Essentially, it seeks… Read More
2023-08-30 05:46
In a significant move aimed at providing relief to taxpayers and simplifying compliance procedures, GST Council Meeting has recommended in its 50th Meeting the extension of several crucial a… Read More
2023-08-25 03:45
Filing Income Tax Returns (ITRs) is a crucial responsibility for taxpayers to fulfill their obligations and contribute to the nation’s growth. Once taxpayers have completed the process… Read More
2023-08-24 06:11
Input Tax Credit (ITC) serves as a crucial component within the Goods and Services Tax (GST) regime, playing a role similar to the tax deducted at source in Income Tax. Despite its significa… Read More
2023-08-23 05:41
Taxes play a crucial role in a nation’s development, and ensuring their proper collection is a top priority. Income Tax Audit, a term that might sound daunting, is an essential tool in… Read More
2023-08-22 06:31
MSME, an acronym for Micro, Small and Medium Enterprises, encapsulates a sector that’s synonymous with growth, innovation, and dynamism in India’s economy. Also known as Small Sc… Read More
2023-08-20 13:03
A. Criteria for Business Owners:
1. Gross Receipts or Turnover:
Does your Gross Receipts or Turnover exceed Rs. 10 Crore?
If Yes, Tax Audit is applicable.
If No, proceed to the next question… Read More
2023-08-18 06:40
The details of GSTR-2A, GSTR-2B, and GSTR-8A, and how the discrepancies between these forms can lead to issues for taxpayers.
1. GSTR-2A
GSTR-2A is an auto-generated statement of inward sup… Read More
2023-08-17 06:20
Giving and Receiving gifts are an integral part of India’s cultural heritage and are often treated as a token of love, gratitude and appreciation. The Income Tax of India imposes taxes… Read More
2023-08-14 06:34
DRC-01C- Manner of dealing with mismatch of ITC in GSTR-2B/3B and Introduction of DRC-01C (Rule-88D)
In recent months, numerous discrepancies have arisen where more credit has been claimed i… Read More
2023-08-11 06:45
There are instances where assessee fail to deduct or short-deduct the TDS on certain payments. Non-Deduction or short deducted results in the assessee being labelled as “Assesse in Def… Read More
2023-08-09 17:06
GST Rule 86B introduces restrictions on the utilization of the electronic credit ledger balance for tax liability payments. Taxpayers with a turnover exceeding INR 50 lakhs (excluding zero-r… Read More
2023-08-08 05:48
Double taxation, a concept where the same income is taxed twice, often results in a heightened overall tax liability. This taxing process can either occur on a juridical or economic basis, a… Read More
2023-08-07 06:48
The Stand-up India Scheme, launched by the Government of India in 2016, is an innovative initiative aimed at promoting entrepreneurship among women and marginalized sections of society. This… Read More
2023-08-04 08:05
GSTR 2A reconciliation is a crucial process that helps different types of businesses to match the invoices and identify if there is any discrepancy. The process of GST reconciliation primari… Read More
2023-08-03 08:04
It is essential for taxpayers to be aware of the consequences of missing the Income Tax Return (ITR) filing deadline. The Income Tax Act, 1961, under Section 234F, imposes penalties on indiv… Read More
2023-08-01 09:02
Combined Study of Section 115C, 115D,115E, 115F & 115H of the Income Tax Act Applicable to Non Resident Indian (NRI)
The Special provisions of the Income Tax which are applicable to Non… Read More
2023-07-31 06:09
Corporate NPS (National Pension System) offers a strategic tax planning opportunity for employers to benefit their employees with a diverse superannuation portfolio. In this article, we expl… Read More
2023-07-28 06:44
When an unregistered supplier becomes liable for GST registration, they can claim Input Tax Credit (ITC) on inputs held in stock and semi-finished or finished goods. This guide provides a st… Read More
2023-07-27 06:49
E-invoicing has become a significant aspect of GST compliance in India. With the latest notification, there are new rules for E-invoicing applicability from August 2023. This article provide… Read More
2023-07-25 06:26
Income Tax Department introduced a mobile application called ‘AIS for Taxpayers’ in March this year to provide taxpayers with easy access to their information.
As the deadline f… Read More
2023-07-24 06:38
As the last date for fling income tax return (ITR) 31 July is nearing, many taxpayers are yet to file their IT returns. But for those who have already filed their ITR, the income tax departm… Read More
2023-07-21 04:47
Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistake… Read More
2023-07-20 06:10
The last date to link PAN with Aadhaar has expired on June 30, 2023. However, not all PAN holders are required to link their PAN with Aadhaar. Certain individuals are exempted from doing it… Read More
2023-07-19 05:20
It outlines the criteria for tax audit requirements for businesses, professionals, and other entities. Additionally, it highlights the penalties imposed for failing to comply with tax audit… Read More
2023-07-18 05:08
IT refund will take time this year . This year, they are going to scrutinize the returns very strictly. For this they are adapting the specially designed, self automated and modified Artific… Read More
2023-07-14 05:35
ESOPs and RSUs have become common in India with start jobs gaining popularity. Several international companies with employees in India also offer ESOPs.
ESOP (Employee stock option plan) i… Read More
2023-07-13 15:18
1. Under which Head of Income ESOP is taxable.
ESOP is taxable under income from Salary under income tax act, 1961. ESOP is perquisite according to section 17 of income tax act, 1961.
Accor… Read More
2023-07-13 06:32
The Tax Deducted At Source (TDS) provision is a crucial element of the Income Tax Act, 1961. It encompasses various sections that mandate tax deduction on specific payments. TDS is often reg… Read More
2023-07-12 06:21
Clarification, Exemptions and all one needs to know about the new TCS provision relating to overseas trip & LRS
The Indian travel and tourism sector has been a significant contributor to… Read More
2023-07-11 05:36
It is crucial to compute the Net Annual Value (NAV) of the house of a landlord who has the income from rent. The same is on the grounds on the NAV that one could claim the qualified tax dedu… Read More
2023-07-10 06:20
In today’s digital age, where communication channels have expanded exponentially, it is imperative for taxpayers to exercise caution and vigilance against fraudulent activities. One co… Read More
2023-07-08 06:36
Due date for income tax return (ITR) filing is 31st July 2023. Who is entitled to get a refund, what are the taxation rules of ITR? And how to claim your refund?
1)When you are entit… Read More
2023-07-07 07:32
We’ll talk about how Udyog Aadhar registration has been renamed Udyam registration by MSME. The MSME programmes of the Indian government or the governments of your respective states wo… Read More
2023-07-06 07:12
Did you receive a message from the tax authorities stating that your PAN will soon become inoperative? If so, here are some crucial points you should know.
The Aadhaar card contains a uniqu… Read More
2023-07-05 06:08
You can claim income tax relief on various sources of income such as salary arrears, advance salary, family pension arrears, compensation on termination, and more.
The deadline for submitt… Read More
2023-07-04 06:23
July presents numerous critical deadlines that must be noted. To begin, the income tax return (ITR) filing date is approaching, therefore taxpayers must assure timely submission. Furthermore… Read More
2023-07-03 06:42
Tax on gains from Mutual Funds: The due date to file the Income Tax Return (ITR) for AY 2023-24 is July 31, 2023. Taxpayers are required to report all their sources of income in the ITR, inc… Read More
2023-06-30 13:49
A higher tax deducted at source or TCS of 20% on certain categories of overseas spends will now come into force from October 1, 2023, the finance ministry has said. This will apply to debit… Read More
2023-06-28 06:34
House Rent Allowance (HRA)
House Rent Allowance, generally known as HRA, is an allowance given by most of the employers to its employees to met their rent expenses. However the allowance is… Read More
2023-06-27 06:49
Taxation Laws for NRIs in India
(i) (a) International Taxation has set of provisions in India which primary different from legal provisions in countries located outside India
(b) Inter… Read More
2023-06-26 06:45
How to resolve Aadhaar-PAN link failure due to Name, DOB, Gender mismatch? The Income Tax Department has shared ways to resolve PAN-Aadhaar link failure due to demographic mismatch.
The las… Read More
2023-06-23 07:12
PF Contribution and Interest Taxability
It is normally understood that the PF contribution and interest accrued on such contribution are tax-free. However, there are certain provisions of th… Read More
2023-06-22 06:17
Capital gains tax is an essential aspect of taxation in India, applicable when you sell certain assets and make a profit. However, there are several legitimate strategies you can employ to s… Read More
2023-06-21 10:39
The Bangalore-based IT professional was shocked. He had received a summons from the tax department, demanding an explanation for his failure to report €22 deposited in his bank account… Read More
2023-06-20 06:03
The GST portal has introduced several new features and updates to enhance the user experience and streamline various processes. This article highlights the recent changes, including geocodin… Read More
2023-06-19 06:38
Tax planning for the salaried employees is a matter of planning and discipline. There are certain questions in the mind of every salaried employee like How to save tax on my salary? Why majo… Read More
2023-06-17 06:05
Salaried employees may still be waiting for their employers to issue their Form 16, which is usually circulated in the first half of June. This means salaried employees can start filing thei… Read More
2023-06-16 05:27
Salaried employees will receive Form 16 from, 15 June. Form 16 plays a crucial role in filing an income tax return (ITR) as it provides a detailed description of the salary paid to the emplo… Read More
2023-06-15 06:06
In the realm of the Goods and Services Tax (GST) system, the E-Way Bill has emerged as a crucial document for the transportation of goods. This article explores the process of generating an… Read More
2023-06-14 06:24
Suppose you are a non-resident Indian (NRI) or a person of Indian origin (PIO) with income sources outside India. In that case, you may wonder how to file your income tax returns in India. T… Read More
2023-06-13 05:45
Proper financial management requires an understanding of the nuances of income tax regulations, especially when it comes to which expenses can be deducted for income tax purposes. Certain ex… Read More
2023-06-12 06:48
The due date for filing your ITR 31 st July 2023 is fast approaching and it is advisable to prepare well in advance so that filing of your ITR goes on correctly and smoothly. Let us discuss… Read More
2023-06-10 05:44
Until a few years ago, homebuyers knew only one way of buying a home — they saved and saved for years and when they had saved enough, they would invest in a home. The biggest problem w… Read More
2023-06-09 05:38
An income tax notice can be a source of concern for many, yet understanding its purpose can alleviate much of the associated anxiety. Tax authorities issue notices for a range of reasons, an… Read More
2023-06-08 06:44
Tax planning is a vital aspect of financial management for individuals and businesses in India. It helps minimize tax liabilities while ensuring compliance with the Income Tax Act. However… Read More
2023-06-07 06:01
Filing income tax returns is a vital responsibility for every taxpayer in India. It ensures compliance with tax laws and contributes to the nation’s development. However, failing to fi… Read More
2023-06-06 06:07
Filing income tax returns is an important responsibility that individuals and businesses face annually. Understanding the importance of timely filing is crucial. This article explores the re… Read More
2023-06-05 06:57
Presently, rebate is allowed u/s 87A of Rs. 12,500/- in old regime of Income Tax, if any resident individual whose total income during the previous year does not exceed Rs. 5,00,000. Rebate… Read More
2023-06-03 05:55
In the Finance Bill 2023, a new TDS section, 194BA, and 115BBJ, have been inserted into the Income Tax Act, and they have been made applicable from 01.04.2023.
Eligibility criteria for the… Read More
2023-06-02 06:14
As the financial year 2023-24 begins, it’s important to be aware of various strategies and tips that can help you save income tax on your salary. By effectively utilizing the provision… Read More
2023-06-01 06:19
The Goods and Services Tax (GST) Department has introduced Instruction No. 02/2023-GST, presenting an updated Standard Operating Procedure (SOP) for the scrutiny of GST returns. This revised… Read More
2023-05-30 07:31
Income Tax Return is the tax form used by taxpayers to file information about the income they have earned and the applicable tax with the Income Tax Department. Often, taxpayers receive unne… Read More
2023-05-29 06:44
The Central Board of Direct Taxes (CBDT) has issued fresh guidelines and procedure to be followed for selecting income tax returns (ITRs) for complete scrutiny for the financial year 2023-24… Read More
2023-05-26 07:08
Filing income tax returns (ITR) is an essential responsibility for salaried individuals in India. The ITR-1 form is specifically designed for individuals with income from salary, pension, or… Read More
2023-05-25 06:46
ESOP, or Employee Stock Ownership Plans, are unique employee benefit programs that provide employees with an opportunity to own a stake in the organization they work for. By offering eligibl… Read More
2023-05-24 08:53
With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India’s (RBI) Liberalised Remittance Sc… Read More
2023-05-22 14:03
Income Tax Return for A.Y.2023-24: Major Update for ITR Filters, Income Tax Department has notified
Filing your income tax return (ITR) is an essential annual obligation for taxpayers, and… Read More
2023-05-22 05:20
Why is TCS required to be collected?
Section 206C of the Income-Tax Act 1961 provides for TCS in the business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1G) of th… Read More
2023-05-20 04:44
1. Utilizing Business Expenses and Deductions:
Businesses can claim deductions for various expenses incurred in the course of their operations. Some important deductions include:
Rent, uti… Read More
2023-05-19 04:49
1. Annual Information System (AIS)
The Annual Information System (AIS) is a system implemented by the Income Tax Department in India to gather information about a taxpayer’s financial… Read More
2023-05-18 05:11
A detailed checklist for filing income tax returns for individuals and companies. Please note that this checklist provides a general overview, and it’s important to consult with a tax… Read More
2023-05-17 05:19
Filing an Income Tax Return (ITR) is an important annual obligation for individuals in India. It helps in reporting and assessing their income, ensuring compliance with tax laws, and determi… Read More
2023-05-16 03:53
GST Amnesty Scheme to File GSTR-10 FINAL RETURN as notified by Notification No. 08/2023–Central Tax Dated: 31st March 2023.
“S.O.1563(E).—In exercise of the powers conferr… Read More
2023-05-15 04:51
CBIC rolls out Automated Return Scrutiny Module for GST returns for FY 2019-20 onwards
CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend applic… Read More
2023-05-12 05:27
E-invoicing is a process of electronically generating invoices and reporting them to the government’s GST portal for record-keeping and compliance purposes. Threshold limit for the app… Read More
2023-05-11 05:06
The Finance Act, 2023 introduced significant amendments related to Micro, Small, and Medium Enterprises (MSMEs) in India. One of the key changes pertains to payment compliance and deductions… Read More
2023-05-10 05:09
When it comes to filing a Goods and Service Tax (GST) return, taxpayers need to exercise caution to prevent the inconvenience of unnecessary reconciliation. Therefore, it is important to und… Read More
2023-05-09 04:57
Exemption under Section 16 of the Income Tax Act: Understanding Benefits and Eligibility Criteria – The Income Tax Act of 1961 provides various exemptions to taxpayers to reduce their… Read More
2023-05-08 05:20
A new tax regime has been introduced through the Union Budget 2020. In this tax regime, the income tax rates are lower and if a person opts for this regime, he will have to lose most of the… Read More
2023-05-06 04:24
Lately, it has been observed that the process of obtaining approval for new GST registration is taking longer than usual. The Assistant Commissioner has issued GST REG-03, which is a notice… Read More
2023-05-05 05:03
Cryptocurrency and Non-Fungible Tokens are now given legal recognition in India. Section 2(47A) has been inserted in the Income Tax Act, 1961 which refers the cryptocurrency and NFTs as Virt… Read More
2023-05-03 11:59
Penny saved is Penny earned, the top tax-saving tip that most people utilize. This opportunity to start planning for tax saving. Here are some options to avoid overpayment of taxes.
Under o… Read More
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