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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
68,000 Cases Flagged For Mismatch underreporting In 2019-20 Income Tax Returns Read More »
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. …
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 …
Section 138 of Cheque Bounce rules, format, around the legal notice for cheque bounce Read More »
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. …
Important seven financial tasks that you should complete before March 31, 2023 Read More »
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 …
Top 5 Reasons for Receiving Income Tax Notices and How to Avoid Them! Read More »
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 …
Income Tax Notice: Got income tax notice, can still fill ITR like this Read More »
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’. > …
Maharashtra Amnesty Scheme, 2023 for Goods and Services Tax Department announced Read More »
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 …
Restaurants charging fake GST on food bills? misleading in these three ways Read More »
It is important to keep in mind 5 things while making Rent Agreement to save tax. Without this, it is difficult to save tax while filing ITR. Are you also a salaried employee? In such a situation, you can claim HRA by giving a rent agreement. Let us tell you that you cannot use Rent …
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 …
Top Reasons to file nil Income Tax Return even if you earn less than Rs 2.50 lakh Read More »
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 …
Top Reasons For Which You Can Receive an Income Tax Notice Read More »
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 …
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 …
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 …
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 …
HRA Calculation: Method of exemption in HRA changed! what are the new rules Read More »
![Incomes Chargeable to Income-Tax under "Profits and Gains of Business or Profession" [Section 28]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2023/03/income-tax5.jpg?fit=660%2C440&ssl=1)
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 …
Section 28 of the Income Tax Act: Profits and Gains from Business or Profession Read More »
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 …
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 …
How taxpayers can save tax only through expenses and without any investment Read More »
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 …
Using this Tax Payer can Submit Response and View Submitted Response to any ITBA notice/document DIN not linked to PAN/TAN or Notice u/s 133(6) where user may not have efiling account of the entity to which notice is issued
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 …
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 …
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 …
EPFO Higher Pension Link activated, Announcement of the higher pension Read More »