Sakshi

tally@taxconcept.net

Rationalised TDS framework, revamped IT regime expected in Budget from Centre

Government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up …

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Methods to Apply for a Lost/Duplicate PAN Card?

Duplicate PAN Card is an exact replica of the original PAN Card. It is given to an individual or taxpayer who has had his or her current PAN Card damaged, stolen, misplaced, or lost. The Income Tax Department of India has made it simple to apply for a lost PAN Card. What are the Methods to Apply …

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‘No need to fiddle around with income-tax rates’

Budget is days away, former chief statistician Pronab Sen tells Indivjal Dhasmana/Business Standard, “If the government cuts the peak personal income tax rate, leaving other things unchanged, it will be accused of favouring the rich. This would be very difficult to sell politically.” With economic growth slowly recovering, should the Budget focus on continuing government capex, or private …

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Income Tax slab to HRA rule changes: Salaried employees’

Salaried employees are the largest group of taxpayers in the country; thereby, being the highest contributors to the overall economy. According to the 2022 data on the total income tax returns, 50 per cent of the tax returns were filed through ITR 1 by salaried individuals. Ahead of the declaration of the Union Budget 2023 …

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‘Sinking hole of regulations’: Mitra calls for simplification of GST system

Describing the GST system and its complexities as a ‘sinking hole of regulations’, Amit Mitra, principal chief advisor to West Bengal Chief Minister, called for its simplification.   Mitra underscored his point with the number of times notifications and amendments in laws had been made. Truth has to be told and it is in the data, he …

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Timely tax return filings helped in higher tax refunds this year

Timely return filings by tax payers and the smooth functioning of tax portal have helped the Income Tax department in issuing higher refunds in the 2022-23 assessment year when compared with previous year, said a tax official. As per official data, the tax department issued ₹2.40 trillion in tax refunds between 1 April 2022 and 10 …

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Know what are blocked credit under GST?

Blocked credit under GST- Input tax is levied on any provision of products or services, or both, that are used or planned to be used in the conduct or furtherance of business. Block credit in GST is used to pay the excise tax. ITC is the backbone of GST and there are a number of …

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Old Pension Scheme 2023: Big update on old pension, Reserve Bank issued notification

Amid the political slugfest over some states’ decision to return to the old pension scheme, the Reserve Bank of India has warned that old pension schemes could strain state finances in the future. “A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states,” …

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Income Tax- High-Value Cash Transactions That Can Attract Income Tax Notice

Income Tax department records various types of cash transactions. Making a large cash transaction can thus be complicated. The Income Tax Department has increased its scrutiny of cash transactions. Various financial institutions, such as mutual fund houses and banks, as well as the Income Tax department, have tightened the rules on cash transactions. They permit …

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Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the FY 2020-21 (AY 2021-22)

Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22). ********* Your kind attention is drawn where CPC, Bangalore had raised Income Tax demand under section 143(1) for the Financial Year 2020-21 (Assessment Year 2021-22) against some of the Army Officers. In this regard …

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Hike the tax exemption limit under Section 80C of the Income Tax Act

Union Budget 2023-2024- Finance Minister Nirmala Sitharaman should hike the tax exemption limit under Section 80C of the Income Tax Act, says Poorva Prakash, Partner at Deloitte India. In an interview with TOI, Poorva Prakash said that the increased cost of living calls for a hike in exemption limit under Section 80C. According to Poorva Prakash, …

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GST

Big relief to the common people even before the budget Under which now GST will not be levied on

Now GST will not be applicable on Rupay Card and BHIM UPI transactions, good news came before the general budget The central government has given a big relief to the common people even before the budget. Under which now GST will not be levied on Rupay Debit Card and BHIM UPI of low value. The …

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Bill for tighter audit framework

The Reserve Bank of India had in 2021 made it mandatory for financial institutions having asset size of Rs 15,000 crore or more to undertake joint audits. Government is likely to implement phased roll-out for mandatory joint audit of companies, starting with “public interest entities” and large listed companies soon. The proposal, aimed at tightening …

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Tax reliefs for lower income slab

Union Budget 2023– The last few years have been extremely challenging for individuals due to Covid scenario, global war related crisis, soaring inflation, pay cuts, layoffs, along with higher medical expenditure. To add to these, there is fear of a global recession already looming large on the minds of the common man. Hence, boosting demand …

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5 Major Tax-Free Allowances Provided By Govt To Salaried Individuals

1. House Rent Allowance House Rent Allowance (HRA), provided under Section 10(13A) & Rule 2A of the Income Tax Act, is the amount the employer pays to the employees to compensate for rent paid by them. This allowance is fully taxable if you don’t live in a rented accommodation. “The deduction for house rent allowance …

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Latest 11 GST Changes in utilities/forms

Drop Proceedings for Taxpayers Stopped After SCN Issuance in GST REG-17 Form If a taxpayer does not submit six or more consecutive monthly returns/quarterly returns (QRMP) for two tax periods in Form GSTR 3B, they are suspended from the portal and receive a system-generated notice of cancellation in Form GST REG-17 for the returns that …

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Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022 –reg

Clarification regarding GST rates and classification of certain goods [Read Circular]

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022 –reg Based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022, clarifications, with reference to GST levy, related to the following are …

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RBI issued new guidelines regarding Loan recovery, check new guideline

RBI has made the rules strict for loan recovery agents. RBI has issued new instructions for the agents collecting outstanding loans, saying that they cannot call borrowers before 8 in the morning and after 7 in the evening. RBI issued a notification saying that banks, non-bank financial companies (NBFCs) and asset reconstruction companies (ARCs) should …

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Actor Anushka Sharma has approached the court against what she believes is an inflated tax notice

Actor Anushka Sharma has approached the court against what she believes is an inflated tax notice. The actor has gone to the Bombay High Court challenging two orders passed by the deputy commissioner of Sales Tax on dues for 2012-13 and 2013-14. Judges Nitin Jamdar and Abhay Ahuja today directed the sales tax department to …

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Income Tax Raid: Huge quantities of currency notes were seized from properties

The Income Tax department raided and seized huge quantities of currency notes from properties of TMC MLA Jakir Hossain in Murshidabad and Kolkata Once again the mountain of notes has knocked in the politics of West Bengal. TMC is once again in controversy after Partha Chatterjee and the education scam related to him. Rs 10.90 …

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Income Tax Department sends notice to an individual under section 143 (1)(a) if there is any discrepancy while filing income tax returns, like less or excess tax is deposited, etc

Income Tax Department sends notice to an individual under section 143 (1)(a) if there is any discrepancy while filing income tax returns, like less or excess tax is deposited, etc.  But regardless of the case, you can respond to it online after reviewing the records and carefully tallying them with the filled IT return details. …

Income Tax Department sends notice to an individual under section 143 (1)(a) if there is any discrepancy while filing income tax returns, like less or excess tax is deposited, etc Read More »

GST department slapped a notice seeking immediate payment of Rs 4.36 crore as tax for the income received.

Association of Malayalam Movie Artists (AMMA) suffered a rude jolt after the GST department slapped a notice seeking immediate payment of Rs 4.36 crore as tax for the income received. The first notice in this regard was served last year following which, a sum of Rs 45 lakh was paid. AMMA’s claim that since it …

GST department slapped a notice seeking immediate payment of Rs 4.36 crore as tax for the income received. Read More »

RBI issues new guidelines for locker in banks

New Locker Rules Big alert: Banks Send Reminder To Customers; Check Latest Developments

Customers availing bank lockers facilities have been asked to sign a revised locker agreement with their bank. The mandate from the Reserve Bank of India states that the new locker agreement must not have clauses which are unfair to the bank locker customers. The August 18, 2021 notification by RBI stated that “Banks shall have a Board …

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income tax

Income-tax portal update: Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live

Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live RECTIFICATION OF MISTAKE UNDER SECTION 154– Sometimes there may be a mistake in any order passed by the Assessing Officer. In such a situation, mistake which is apparent from the record can be rectified under section 154. The provisions relating …

Income-tax portal update: Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live Read More »

NFRA implement a similar mechanism for auditors to safely keep their audit files in a tamper-proof way

After DigiLocker for individuals, the National Financial Reporting Authority (NFRA) is looking to implement a similar mechanism for auditors to safely keep their audit files in a tamper-proof way. The move comes after the regulator for auditors of listed and large Indian companies noticed instances of manipulation of the files and recent regulatory action by …

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CA Exams Results: AIR 1 Harsh Choudhary shares his path to success; “I took ten-minute breaks after every two hours and regularly……

Chartered Accountancy has always been an upwards and onward journey for ICAI CA Finals 2022 topper, Harsh Chowdhary, who scored 618/800 bagging the top rank nationwide. Harsh started out All India Rank(AIR) 13 in his ICAI Foundation Exam, whilst also scoring a whopping 92% in his class 12 boards. “I was good at practically applying …

CA Exams Results: AIR 1 Harsh Choudhary shares his path to success; “I took ten-minute breaks after every two hours and regularly…… Read More »

TIME TABLE OF CA EXAM MAY-JUNE 2023

ICAI Big! Announcement for May-June 2023 CA Examinations

Important Announcement for May-June 2023 CA Examinations- Important Announcement – Schedule of ICAI Chartered Accountancy Final, Intermediate, Foundation for Students & PQC Exams for Members, May – June 2023 Attempt…(1/2)ApplyStudents – eservices.icai.orgMembers – pqc.icaiexam.icai.orgDetails No. 13-CA (EXAM)/MAY – JUNE/2023: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered …

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