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GST WEEKLY UPDATE : 52/2022-23 (26.03.2023) 1. Advisory for the taxpayer wishing to register as “One Person Company” in GST dt. 21/03/2023: 2. HSN Code Reporting in e-Invoice on IRPs Portal dt. 22/03/2023: As per Notification no. 78/2020 – Central Tax dated 15th October 2020. As per the above-said notification, it is now mandatory for …
Here’s what taxpayers need to know about new tax rules from April 1st, as per Abhishek Soni, Co-founder & CEO of Tax2win Tax rates which a taxpayer needs to pay on their income and income from other sources will be changing from April 1st, 2023. In Budget 2023, Finance Minister Nirmala Sitharaman announced key major …
Here’s what taxpayers need to know about new tax rules from April 1st 2023 Read More »
Finance Minister Nirmala Sitharaman introduced the Finance Bill 2023 on 24 March. More than 45 changes have been made in the Finance Bill 2023, which was passed by the Lok Sabha amidst sloganeering by the opposition members. If you also travel abroad and do ment with credit card, then this news is useful for you. …
Government has changed the rules related to your credit card, applicable from April 1 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 …
Income Tax Notice- Top Reasons For Which You Can Receive an Income Tax Notice Read More »
Tax Deducted At Source (TDS) is one of the method of collecting the tax from the source of the income. Therefore, an individual or business entity liable to make payments such as salary, interests etc., will collect the applicable tax before making the payment. It is defined based on a certain percentage of the full …
All about to Know About TDS Challan – 280, 281 & 282 Read More »
Section 16 of the Income Tax Act details three different types of tax deductions allowable in your salary income. These deductions help revise your taxable income to reduce the tax liability. The deductions are as follows: Illustration of calculation of the standard deduction: 2. Deduction on entertainment allowance under Section 16(ii) – If your employer provides …
last moment check to make the optimum use of tax saving tools before 31 March. Health insurance Amid rising hospital treatment costs, buying health insurance is a must. However, buying health insurance also helps in saving taxes as it allows people to take an exemption of up to ₹1,00,000 in premiums under Section 80D on health …
Last moment check to make the optimum use of tax saving tools before March 31 2023 Read More »
Error Resolution – Linking Aadhaar with PAN- Watch Video
Any Indian citizen can come under the scrutiny of the investigating agency if the purchase or sale of assets is completed via cash of more than Rs 30 lakh. During the payment of a credit-debit card, if a cardholder pays more than one lakh rupees at a time, then there can be an investigation against …
How Much Cash A Person Can Store In Their House? According to Income Tax Act Read More »
central government has capped the maximum rate of GST compensation cess that would be levied on pan masala, cigarettes, and other forms of tobacco and linked the highest rate to their retail sale price. It was brought as part of amendments to the Finance Bill 2023, which was passed by the Lok Sabha on Friday. …
Govt caps maximum GST cess rate on pan masala, tobacco; links rate to retail sale price Read More »
Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav said that under Prime Minister Shri Narendra Modi India is moving to revive the Aravallis through various initiatives like single-use plastic ban, water conservation efforts and natural resources protection. Shri Yadav today launched the Aravalli Green Wall Project, a major initiative to green the 5 km …
The Finance Bill 2023 was approved by the Lok Sabha on Friday with over 45 amendments. One of the major changes is that now capital gains from debt mutual funds will be considered as short term capital gains. With the amendments made in Budget 2023, now there will be no benefit of indexation in calculation of long term capital gains on …
ICAI Students’ Journal – The Chartered Accountant – April 2023 IssueTo Access the Journal Please visit
Health insurance is a form of insurance that covers medical expenditures incurred by an individual for long-term well-being. Ultimately, health insurance allows individuals and families to cover the high expenses of medical treatment. There are tax advantages to purchasing and having health insurance coverage. The premium amount paid for health insurance is tax deductible. Section …
Section 80D of the Income Tax Act- Tax benefits of health insurance policies Read More »
The financial year 2022–2023’s income tax return must be filed by July 31. Beginning on April 1, new ITR forms for the assessment year 2023–24 will be available. People who earn more than the basic exemption threshold of Rs 2.5 lakh annually must submit their ITRs before the deadline. However, persons with taxable income up …
Nitin Gadkari, the Road Transport and Highways Minister of India recently reiterated that the government is working to replace the existing toll plazas with GPS based tax collection system. Speaking at a CII event, Gadkari said the govt will introduce new technologies, including GPS-based toll collection systems in the next 6 months to replace existing …
India To Replace Toll Tax Plazas With GPS-Based System Read More »
1. Introduction Investment in real estate has been one of the most ancient and great sources of investment towards building a continuous and stable income ensuring financial security. It is an age old practice in India, that existed even before the advent of various financial instruments viz equity, mutual funds and the like. Investment in …
Save Capital Gain Tax on Sale of Commercial Property? Read More »
PAN-Aadhaar Linking: If you have a PAN card, it is necessary to link it with Aadhaar by March 31. Scammers are targeting people on the pretext of this. The message of updating PAN card in the name of SBI is getting increasingly circulated. Avoid this, otherwise your account may be empty. PAN-Aadhaar Linking: The month …
TDS stands for Tax Deducted at Source. Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf. Below …
TDS Rate Chart For Financial Year 2023-2024 Assessment Year 2024-2025 Read More »
Employees’ Provident Fund (abbreviated as EPF) is a popular retirement savings scheme for all employees in India – either on a mandatory or a voluntary basis. It falls under the aegis of the Employees Provident Fund Organisation (EPFO), a statutory body. It periodically reviews the PF withdrawal rules to make the process more seamless and …
The Centre on Friday cleared the next round of Dearness Allowance (DA) hike for central government employees. The cabinet cleared the first DA hike of 2023 which will now take the figure to 42 percent for central employees. The decision came after a Union Cabinet meeting today (March 24) which was chaired by Prime Minister …
[Sl. Particulars Link 1 Extension of timeline for submission of public comments on the consultation paper on Regulatory Framework for ESG Rating Providers (ERPs) in Securities Market Click Here 2 Linking of PAN with Aadhaar to be done by March 31, 2023 Click Here 3 Operational Guidance – Amendment to SEBI (Buy-back …
We are delighted to share our 105th E-Newsletter “Weekly Taxation Newsletter” dated 21st March, 2023 from 13th March, 2023 to 20th March, 2023 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …
E-Newsletter “Weekly Taxation Newsletter” from 13th March, 2023 to 20th March, 2023 Read More »
The central government is offering marginal tax relief to small income taxpayers whose taxable income exceeds Rs 7 lakh in Budget 2023. The benefit of marginal relief kicks in when there is a marginal increase in income beyond Rs 7 lakh leading to a much higher tax outgo. Do note that this marginal tax relief …
Tax relief for small taxpayers for income exceeding Rs 7 lakh in new tax regime Read More »
The Lok Sabha today passed amendments to Finance Bill, 2023, in which Finance Minister Nirmala Sitharaman has done away with the long-term capital gain tax benefit that debt mutual fund investors currently enjoy. According to the amendments, debt funds having not more than 35% invested in equity shares would be taxed at the income tax …
Removes income tax benefit given to debt mutual fund investors Read More »
Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up an appellate tribunal for the resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was …
Union Finance Minister Nirmala Sitharaman introduced the Finance Bill 2023 in the Lok Sabha on Friday. During this, the opposition MPs created a ruckus regarding the Adani-Hindenburg issue. There was a demand from the MPs of the opposition parties that a JPC should be constituted regarding this matter. The Finance Bill 2023 was passed amid …
Finance Bill 2023 was passed in the Lok Sabha without a discussion on Friday. The Bill, which gives effect to tax proposals for the fiscal year starting April 1, A total of 64 official amendments were proposed in the Bill. Some of the amendments in the Finance Bill 2023 are: 1. Mutual Funds (MFs) having less …
Finance Bill 2023 passed in Lok Sabha, key amendments Read More »
As per Regulation 24A of SEBI (LODR) Regulation,2015 the Annual Secretarial Compliance report is applicable to all listed entities. This report is to be submitted by the listed entities to the stock exchange(s) within sixty days from end of the financial year. ASCR postulates for independent verification of records, books, papers and documents by a …
Lok Sabha on Friday passed the Finance Bill 2023 giving effect to tax proposals without debate amid slogans by opposition members demanding a JPC probe into the allegations against the Adani group of companies. The Fiance Bill was passed with with over 45 amendments. Among the amendments is the governments’ move to tax investments in …