IT Section 194R

TDS Rules Change: Big news! These people will no longer have to pay TDS, know what else will change

Many rules will change in the new financial year 2023-24 starting from April 1. Many rules related to income tax are also going to change in the new financial year. These changes were proposed in the Union General Budget presented on February 1. If the income is less than seven lakhs, then no TDS Salaried …

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Be careful if you don’t even file GST returns! income tax department is going to take big action

The GST department will soon start analyzing data from income tax returns of companies and professionals and documents submitted to the Ministry of Corporate Affairs. The objective is to widen the tax base and to ascertain whether the entities are paying their GST liability in full or not. At present there are 1.38 crore registered …

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Tax Harvesting: What is it and how you use it?

To understand how you can use tax harvesting to reduce your long term capital gains, you first need to know how long term capital gains are taxed. In 2018, the late Finance Minister Arun Jaitley re-introduced the long-term capital gains on equities. Now any long-term gain made from equity investments over and above Rs. 1 lakh …

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Top Common ITR Filling Mistakes You Must Avoid

most of these small errors can be avoided. In this blog, we will discuss 14 common tax filing mistakes you must avoid for a smooth ITR filing experience. Mistake 1: Missing The Due Date For Filing Returns For individuals, generally, the due date for an income tax return (ITR) is falling is 31 July of …

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Income Tax Notice: Income Tax Department strict on those giving wrong information about income, do this work by March 31

Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …

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Income Tax on freelancers

As a freelancer, it is imperative to understand your tax obligations and properly file your taxes each year. This can be a complex and sometimes daunting process, especially if you are new to self-employment. In this article, we will provide a comprehensive guide to income tax for freelancers. We will discuss the various tax obligations …

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Uproar over the message of the Income Tax Department! Stop Bulk Scary Messages to Taxpayers

March 15, 2023 is the last date for depositing the fourth installment of Advance Tax for the financial year 2022-23. The Income Tax Department is continuously sending messages to taxpayers to deposit advance tax. But the tax department has sent such messages to some taxpayers, whose wording is being expressed as a strong objection. Tax …

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68,000 Cases Flagged For Mismatch underreporting In 2019-20 Income Tax Returns

As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and the I-T …

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New TDS rules from April 1, 2023

Union Budget 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will come into effect from the new financial year starting April 1, 2023. In its “Highlights of Finance Bill, 2023”, the Income Tax Department recently shared the list of such TDS rules that were proposed to change in Budget 2023. 1. …

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Section 138 of Cheque Bounce rules, format, around the legal notice for cheque bounce

If a person draws a cheque in favour of another, and the same cheque is returned when produced before the bank for encashment, it is legally termed as cheque dishonour and cheque bounce in general terms. Section 138 of Negotiable Instruments Act, 1881 [‘NI Act’] provides for criminal provision regarding a cheque bounced due to insufficiency of funds. When …

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Important seven financial tasks that you should complete before March 31, 2023

Here are seven financial tasks that you should complete before March 31, 2023.  1) Link PAN with Aadhar: The last date to link Permanent Account Number (PAN) and Aadhaar cards is March 31, 2023. If you miss the deadline your PAN will become inoperative.  In a recent advisory, the government of India clarified that it is mandatory. …

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Top 5 Reasons for Receiving Income Tax Notices and How to Avoid Them!

Receiving a tax department notification may be a nightmare. Learn when you could get an income tax notice, why you might, and how to avoid it. A letter from the Income Tax Department may be distressing, mainly because many of us are unaware of what it means and what must be done in such a …

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Income Tax Notice: Got income tax notice, can still fill ITR like this

Update ITR Deadline: Filling Income Tax Return is beneficial in many ways. First of all, you avoid getting trapped in unnecessary legal tangles, while it is also needed in taking a loan. However, even after this, there is no dearth of people who forget to file ITR. Many times people are careful, but due to …

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Maharashtra Amnesty Scheme, 2023 for Goods and Services Tax Department announced

HIGHLIGHTS OF THE MAHARASHTRA STATE BUDGET SPEECH DATED 9TH MARCH, 2023 BY HONOURABLE DEPUTY CHIEF MINISTER (FINANCE) SHRI DEVENDRA FADNAVIS PART-II (A) Amnesty Scheme, 2023 for Goods and Services Tax Department announced :— > This Amnesty Scheme will be called as ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023’. > …

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Restaurants charging fake GST on food bills? misleading in these three ways

Most of the people leave the restaurant after having food and paying the bill, but do not check the bill. Many times people go away after paying for the food without even seeing the bill. This negligence of yours can cause a big loss. Some restaurants are charging you GST bill even though they don’t …

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Top Reasons to file nil Income Tax Return even if you earn less than Rs 2.50 lakh

Nil ITR Filing, Income Tax Return: Salaried individuals have to mandatorily disclose their yearly income to the Income Tax Department based on which the income tax is calculated. According to the Income Tax Act, 1961, a person who is below 60 years of age, is not liable to pay income tax if his annual income is …

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income tax scrutiny assessment

Top Reasons For Which You Can Receive an Income Tax Notice

Reasons For Which You Can Receive an Income Tax Notice: You have already paid your entire tax bill. You have faithfully filed your tax returns. Even so, what should you do if you receive an Income Tax Notice? Do not worry; we will discuss the same in this section. Let’s see for which reasons you might …

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BIG RELIEF: We can now transfer Cash Balance from one GSTIN to another GSTIN having the same PAN Number

GST Portal Update- We can now transfer Cash Balance from one GSTIN to another GSTIN having the same PAN by filing GST PMT-09. The option to utilize the amount in the cash ledger of one GSTIN by another GSTIN (entities having same PAN) by way of transfer through form PMT-09 has been made effective in …

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Break-even tax liability while taking a decision on whether to opt for the new income tax regime which has no exemptions

Income tax experts and chartered accountants have started advising their clients to take note of the break-even tax liability while taking a decision on whether to opt for the new income tax regime which has no exemptions. The changes announced in the Union budget to the new tax regime without exemptions involve tweaking of the …

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Tax payers need to send the ITR-V in case of non-verification of return via digital signature or verification code! process here

ITR-V stands for income tax return – verification form. It is a document sent by the department when a return is filed online without using a digital signature. The purpose of ITR-V is to verify the authenticity of tax return. One can download the form from the department’s website or from the mail ID on …

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HRA Calculation: Method of exemption in HRA changed! what are the new rules

HRA, or House Rent Allowance, is a wage given by employers to staff members to cover housing costs associated with leasing a home. The HRA is a crucial part of a person’s pay. Both salaried and self-employed people are covered by HRA. According to rule 2A of the Income Tax Rules, HRA for salaried individuals is …

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Incomes Chargeable to Income-Tax under "Profits and Gains of Business or Profession" [Section 28]

Section 28 of the Income Tax Act: Profits and Gains from Business or Profession

Section 28 of the Income Tax Act up till Section 44, all cover taxation on profits and gains of business/profession. This post takes you through Section 28 in detail – what is it and the different incomes that are considered under Section 28. Read on! What is Section 28 of the Income Tax Act? Section 28 of …

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Income tax on property: Here are some deductions that can be applied while filing the income tax which will reduce the tax liability

Having a house that you own is desire that many people hold. Not just that investing in real estate is also one of the preferred options today. But it is not as easy as it looks. Property ownership and rental income come under the purview of income tax and the owner is liable to pay …

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How taxpayers can save tax only through expenses and without any investment

March 31 deadline for 2022–23 tax-saving investments implies that taxpayers should start their tax planning as soon as they can to prevent a last-minute rush. Taxpayers should be aware that they can reduce their total tax liability and increase their income without making any investments, even though the income tax act provides deductions under various …

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Company made in the name of laborers, fake input tax credit: credit given to many firms, fake turnover of 4.30 crores

Jhunjhunu State GST team has caught two fake firms while taking action in Malsisar and Bas Budana of the district. Both the firms were not operating at their respective addresses. Someone else’s residential house was found built at the address of a firm. The landlord was found working in the field. On inquiry about the …

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BIG BREAKING: SEBI Interim Order in the matter of Stock Recommendations using YouTube Channel

India’s market regulator on Thursday passed two interim orders against entities that used YouTube channels to manipulate stocks, barring them from the capital markets. The Securities and Exchange Board of India (SEBI), in preliminary investigations, identified 46 entities that used the video streaming platform to pump and dump stocks. These entities – a mix of traders and market analysts …

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Individual may receive a notice from the Income Tax Department if they engage in high-value cash trades

income tax agency is now very cautious when it comes to cash transactions. The rules governing cash transfers for the general public have been tightened in recent years. Financial organisations now permit cash transactions up to a certain amount. The Income Tax Department may issue a notice to the offender in the event of a …

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EPFO Higher Pension Link activated, Announcement of the higher pension

EPFO Higher Pension Link (unifiedportal.mem-epfindia.gov.in) activated: Contributing to Employees Pension Scheme (EPS) from before 1 September 2014? You are now eligible to exercise the joint option for a higher pension provided by the Employees Provident Fund Organisation (EPFO). The higher pension application link is available on EPFO’s unified portal. The announcement of the higher pension option …

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