India@100 Realizing the potential of a US$ 26 trillion economy By EY
India@100 Realizing the potential of a US$ 26 trillion economy. India has set for itself the goal of becoming a “developed” economy by 2047.
66.92% higher refunds issued upto 30th Nov., 2022
The Income Tax Department has issued Income Tax Refund of about Rs 2.15 lakh crore between April 1, 2022 and November 30, 2022. According to a new tweet by the Income Tax Department, this is about 66.92 per cent higher than the refunds during the same period last year. How to check refund status Step …
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Bank Lockers New Rules: RBI made major changes in the rules related to bank lockers, check new guidelines immediately
In general, banks often get away with theft cases by saying that banks are not responsible for anything kept inside the locker. As banks deny accountability, customers are bound to fight a legal battle. After January 2022, banks will not be able to escape from their liability in case of damage or loss of goods …
Revised Income Tax Slab Rates and changes in Budget 2023- Expectations
As the economy has been resilient after the pandemic and returning to a growth trajectory, tax experts are expecting some changes in Income Tax slab rates in Union Budget 2023, especially for those in the higher tax slabs. Deloitte is expecting tax relief for individuals in higher tax slabs. “Per the current income tax provisions, …
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If you have missed the July 31 deadline to file your income tax return, To Save Yourself From Scrutiny, Notice
If you have missed the July 31 deadline to file your income tax return, then make sure you file it by December 31, unless you want to get served with a notice from the income tax department If someone has not filed his/her original return within the prescribed deadline (July 31, 2022) then he/she cannot …
New order issued to extend ITR filing date, returns can be filed till December 31, know full details here
The last day to file Income Tax Return (ITR) for FY2021-22 was July 31, 2022. However, if you have missed this deadline, you can still file your ITR. Income tax returns filed now will be called belated ITR. If you are filing your ITR now (Belated ITR), you will have to pay late filing fee. …
Section 245 of the Income Tax Act enables the assessing officer (AO) to adjust the refund
To help avoid litigation, the Income Tax department has trimmed the timeframe required for tax officers to decide on adjustment of refunds against outstanding tax dues to now 21 days from the earlier 30 days. According to the Directorate of Income Tax (Systems) notice, if the assessee either does not agree or partially agrees to …
Big News ATTENTION: Departments sets deadline; PAN cards of THESE taxpayers to get deactivated after March 31
There are over 6.9 crore income taxpayers in India. The Income Tax Department has now said that the Permanent Account Number (PAN) card of any taxpayer who is not under the exempt category will get deactivated if the same is not linked with the Aadhaar of the taxpayer. The tax department said that the last …
Guidelines for Cash: If you have also kept cash at home, then know these rules
Guidelines for Cash AT Home: There have been reports many times that the government is setting a limit to keep cash at home, but this was termed as a false claim by the government. It was said in the media reports that the government will decide the limit of cash that can be kept in …
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Steps to compute tax liability under new tax regime for FY 2022-23
Taxpayers may be puzzled about whether to choose the new tax regime or the old tax regime when calculating their tax liability for FY 2022–2023. An individual has the choice to continue using the current income tax regime and take advantage of the current tax deductions and exemptions, or they can pick the new tax …
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How to Claim TDS Refund Online? & verify TDS return status?
TDS refund will be given to people whose financial disclosures from the beginning of the year were less than the proof of investment they provided at the end of the year. A situation for a refund will occur if the expected investments announced at the beginning of the year are lower than the actual investments …
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Top 7 cryptocurrencies to avoid as soon as BlockFi declared bankruptcy
As soon as BlockFi declared bankruptcy, many cryptocurrencies started falling and continue to fall. We are listing all the cryptos affected by this announcement of BlockFi below. Bitcoin (BTC) During the FTX decline and macro triggers, Bitcoin did not lose ground and did not see much downside. Even the complete failure of FTX did not …
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Retirement Age Increase: EPFO to increase retirement age soon!
Employees Provident Fund Organization (EPFO) has reportedly proposed to increase the retirement age of private and public employees. The organization says that the retirement age should be increased with the view of life expectancy. It has argued that the pension system should be more strong if the retirement age of the employees increases. As per …
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Same PAN allotted to two persons, HC asks income tax department to respond
The Delhi High Court Tuesday sought response of the Income Tax Department on a peculiar case where a man claimed that his Permanent Account Number (PAN) has also been allotted to someone else due to which he is receiving notices from a bank for clearing credit card bills of someone else. The man, who sought …
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Income-tax Big news! Finish this all work related to income tax by December 31
If you have not yet filed your Income Tax Return File, then you have a chance till 31st December to file ITR. After this you will not be able to file your income tax return. The Finance Ministry has told the need to pay income tax to every person who earns Rs 2.5 lakh annually. …
Income-tax Big news! Finish this all work related to income tax by December 31 Read More »
Online Udyam registration for MSMEs, Latest guidelines
Following is the classification of such ventures as per the latest guidelines: Micro, Small and Medium Enterprises introduced a new mechanism to register and classify MSMEs. Known as Udyam registration, it lets new and existing businesses register themselves on the MSME portal. Classification Investment in plant, and equipment Turnover Micro enterprise Less than INR10000000 Less …
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GST On Rent: Now tenants will also have to pay 18% GST! Government gave big information
If you are living on rent in any residential property, then you will have to pay 18% GST in addition to the rent! Actually, this news is going viral once again that apart from the rent, the tenant will also have to pay 18% GST. Let’s know the latest update. This news is again going …
GST On Rent: Now tenants will also have to pay 18% GST! Government gave big information Read More »
Government has started matching information with data from third-party sources for direct taxes
Revenue secretary Tarun Bajaj says the government has started matching information with data from third-party sources for direct taxes. Revenue secretary said the tax base has to widen before Centre can lower personal income tax rates. The Union government has managed to increase revenue by encouraging taxpayers to file updated tax returns where the income …
Toll Tax Rules: Nitin Gadkari announced, there has been a big change in the rules of toll tax!
Gadkari has told that before the year 2024, 26 green expressways will be built in the country and also new rules will be issued for toll tax. There will be change in toll tax technology Let us tell you that after the construction of Green Expressway, India will become equal to America in the matter …
House Rent Allowance: 3 Mistakes Salaried Individuals Make in Claiming HRA as Tax Deduction
House Rent Allowance: If you do a job, then you must know about the House Rent Allowance and are also taking advantage of it. This is an important part of your salary which is available in the form of allowance. Salaried Individuals have to claim HRA. You get tax benefit on house rent allowance. If …
RBI announces the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022
Operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilot The Reserve Bank announces the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. It may be recalled that RBI had, in a Press Release dated October 31, 2022, indicated that the pilot in e₹-R would commence in a month’s time. 2. The pilot would …
Top 10 GST Invoicing & GST Billing Softwares 2023
Check out our top 10 GST Billing & Invoicing Software in India to help you with GST compliance, invoicing, and accounting. 1. Vyapar- accounting and invoicing.Vyapar is business GST accounting software. With the Vyapar App, you can create and distribute invoices via WhatsApp, manage stocks/inventory, estimate bills, generate GSTR reports, track unpaid invoices, issue payment …
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Benefits of filing EOFO e-Nomination for Members & registration steps
Benefits of filing e-Nomination for Members. DO YOU KNOW BENEFITS OF E-NOMINATION FOR MEMBERS EXPEDITIOUS SETTLEMENT OF MEMBER PENSION CLAIM. SPEEDY & ONLINE SETTLEMENT OF EPF, EPS AND EDLI CLAIM TO ELIGIBLE NOMINEE(S), ON DEATH OF MEMBER. PAPERLESS CLAIM PROCESS WITH NO NEED TO VISIT EPFO OFFICE OR ATTESTATION BY EMPLOYER. EPFO e-nomination registrationYour UAN …
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Section 45(4) Of Income Tax Act Applicable To Cases Of Subsisting Partners Of A Partnership Transferring The Assets In Favour Of A Retiring Partner: Supreme Court
IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION M.R. SHAH; J., M.M. SUNDRESH; J. CIVIL APPEAL NO. 8258 & 8259 OF 2022; NOVEMBER 24, 2022 The Commissioner of Income Tax – 23 versus M/s. Mansukh Dyeing and Printing Mills Income Tax Act, 1961; Section 45(4) – Section 45(4) applicable to not only the cases …
Tax related work to be done in December…..
If you have not yet filed the Income Tax Return for 2021-22, then you can file till December 31 with late fees. If the total income is less than 5 lakhs, then you will have to pay a late fee of Rs 1,000. If the total income exceeds Rs 5 lakh, a late fee of …
EPF Registration Process for Employers and Apply Online
EPF or Employees’ Provident Fund is a savings fund that gets accumulated during the employment tenure of an employee. EPFO or the Employee Provident Fund Organization is the regulatory authority for EPF. Eligibility for Employer EPF registration Benefits of EPF EPF benefits employees in the form of social and financial security, post-retirement. How to register …
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Revenue department to further simplify capital gains tax provisions
Revenue Dept in favor of further simplification of capital gains tax provisions, sources say Simplification could provide ease of compliance & clean up of complex law, Revenue Dept says REVENUE DEPT’S VIEW PROPOSALS UNDER CONSIDERATION
“GST Doctor” Web Application of ITC Matching Module Developed by Sh. Milan Tiwari, Inspector of CGST Zone
Writeup on “GST Doctor” Web-Application In order to ensure ease of collation of data and verification of the monthly GST returns, a web-application VIZ: “GST Doctor ” was developed by Sh. Milan Tiwari, Inspector of Chennai CGST Zone. 2. The main areas of verification of GST returns by field officers are: reconciliation of outward supply …
Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS
Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. What is Form …
Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS Read More »