E-Newsletter “Weekly Taxation Newsletter” from 13th March, 2023 to 20th March, 2023

Leave a Comment / MAGAZINES / By / March 24, 2023 / ,

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, …

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Tax relief for small taxpayers for income exceeding Rs 7 lakh in new tax regime

2 Comments / INCOME TAX / By / March 24, 2023 /

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 …

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Handling Income Tax Notices form Income-tax Department

1 Comment / INCOME TAX / By / March 24, 2023 / , , , , ,

Notice from the Income Tax department brings about lots of stress. But it does not always has to mean bad tidings.Sometimes, it could be informing you about some tax refunds too!The important thing to remember is to understand the reason for receiving the notice and replying to it timely and correctly!  Also, the IT department …

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Income Tax filing: Four schemes that made compliance easier for tax payers

1 Comment / INCOME TAX / By / March 24, 2023 /

Income Tax (I-T) department has launched a number of schemes to make tax filing easier for the tax payers. One of them is faceless scheme where human interface has been eliminated between the assessing officer and the assessee. Another radical move was pre-filing of income tax returns where the tax return form contains pre-filled details …

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Important is it to file TDS on crypto transactions?

Leave a Comment / INCOME TAX / By / March 23, 2023 / , , , ,

Tax Deducted at Source (TDS) is a crucial taxation mechanism that ensures that taxes are collected from the source of income. It acts as an advance tax that is deducted by the payer while making payments such as salaries, rent, or professional fees. TDS helps in the efficient and timely collection of taxes, which in …

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Capital gains tax changes that will take place from April 1, 2023

Leave a Comment / INCOME TAX / By / March 23, 2023 / , ,

No capital gains on converting physical gold to digital gold Converting physical gold to Electronic Gold Receipt and vice versa will not be considered a transfer and not attract any capital gains from April 1, 2023. This would promote investments in the electronic equivalent of gold. Electronic Gold Receipts can be defined as depository gold receipts …

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Top 5 tasks that need to be completed before March 31

Leave a Comment / INCOME TAX, INCOME TAX RETURN / By / March 23, 2023 /

The final day to submit an income tax return (ITR) without incurring a late fee for the fiscal year 2022–23 (AY 2023–24) is July 31, 2023. Here 5 task to complete before March 31. Avail Tax Exemption on High-Premium Insurance Policies and Submit Form 12BB If you have taken an insurance policy for which the …

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Roll out of ‘AIS for Taxpayer’ Mobile App, provides free of cost by Income Tax Department

2 Comments / INCOME TAX / By / March 22, 2023 / , ,

The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for Taxpayer’ is a mobile application provided free of cost by the Income Tax Department, and is available on Google Play & App Store. The …

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New Income tax rules applicable from April 1 – Check new tax slab, Reduction in TDS

4 Comments / INCOME TAX / By / March 22, 2023 / ,

Union Finance Minister Nirmala Sitharman announced in the Union Budget 2023 that the new income tax regime will become the default for all taxpayers beginning from April 1, 2023. Not just that, the FM announced a slew of changes in this year’s budget speech fulfilling a longstanding demand of taxpayers, particularly the salaried class. Among …

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Step-by-step Guide to Check Income Tax Notice Online & Reply

Leave a Comment / INCOME TAX / By / March 22, 2023 / , ,

Income Tax Department in India is responsible for issuing notices to taxpayers for a variety of reasons. These can include notices for filing a return, paying taxes, or responding to an audit. The Income Tax Department notices can also be issued for more technical reasons, such as changing your PAN number or correcting a mistake in …

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Income Tax Section 44AD of the Income Tax Act

Leave a Comment / INCOME TAX / By / March 21, 2023 / , , , , , , , , , , , ,

Below are the types of tax assesses who can adopt the provisions of presumptive taxation scheme Under Section 44AD : Below conditions are to be satisfied for adopting presumptive taxation scheme under Section 44AD of the Income Tax Act: For Example, Mr. Mohan has a provisions store. The annual turnover of his shop for the …

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What are the benefits of filing an income tax return for non-salaried individuals

Leave a Comment / INCOME TAX / By / March 21, 2023 /

Q. I am a 25-year-old data scientist working in Pune. I recently got married, my wife is a housewife, and she has never filed an income tax return. I wish to understand whether individuals not earning any salary are required to file an income tax return, she has never worked, I have purchased a few …

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Reasons for Receiving an Income Tax Notice on Property Purchase & Respond

Leave a Comment / INCOME TAX / By / March 21, 2023 / , , , ,

An income tax notice on property purchase is a tax levied by the government of India on purchasing a property. This tax applies to residential and commercial properties and must be paid by the buyer. The amount of the tax varies from state to state and also depends on the type of property purchased. The …

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Got Income Tax notice? Know how to read it

Leave a Comment / INCOME TAX / By / March 21, 2023 / , , ,

Processing of ITR The process of filing income tax return (ITR) does not end at the verification stage. After an individual has verified his/her tax return, the income tax department starts processing the ITR. After the processing of ITR, the income tax department sends an intimation notice under section 143(1) of the Income-tax Act, 1961. …

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Check your income details on this new app launched by Income Tax Department

1 Comment / INCOME TAX / By / March 21, 2023 /

The IT Department has recently launched an AIS Application (to view Annual Information Statements) for taxpayers aiming to provide each transaction information taxpayers and accept their feedback. The application aims to provide detailed information about each transaction to taxpayers. The objectives of AIS are: The AIS application is an update to Form 26AS, which displays …

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Shocking! Income Tax Department sends Rs 8 crore recovery notice to a labourer

2 Comments / INCOME TAX / By / March 21, 2023 / , ,

In a shocking incident, the Income Tax department sent a notice to a labour for recovery of Rs 8 crores. The person, who is a labour by profession, is a native of Bulandshahr in Uttar Pradesh. The labourer suspected that his documents were misused in Delhi where he went a few days ago regarding a …

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Income-tax Donations Know Key Things Before Claiming Deduction

Leave a Comment / INCOME TAX / By / March 20, 2023 / , , , ,

Income Tax Return: You need to check the exemption limit on your donation receipt and claim deduction accordingly while filing your return. Are All Donations 100% Exempt From Income Tax? No. It is important to note that not all donations are eligible for tax exemption. The Income Tax Act specifies certain conditions that must be …

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IT Section 194R

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

Leave a Comment / TC / By / March 20, 2023 / , , , ,

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

Leave a Comment / GST / By / March 19, 2023 / ,

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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Income Tax Notice: Do not make 4 mistakes in ITR filing, lest the tax department’s notice reaches home

1 Comment / INCOME TAX / By / March 19, 2023 /

The Income Tax Department monitors the financial activities of the people in the country. It keeps the financial information of every person who pays tax. At the same time, let us tell you that it is mandatory for every person who pays tax to fill ITR. In such a situation, many rules have been made …

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I-Tax Return 2023: Check ITR Filling Last Date, How to e-File Income Tax Returns Online – all you need to know detail process

Leave a Comment / INCOME TAX / By / March 19, 2023 /

The last date for filing the Income Tax return for the Financial Year 2022-23 is July 31. The new ITR forms for the assessment year 2023-24 will start on April 1. Citizens who have income above the basic exemption limit of Rs 2.5 lakh per annum are required to file ITR before the due date. …

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Top Common ITR Filling Mistakes You Must Avoid

Leave a Comment / INCOME TAX / By / March 17, 2023 / , , ,

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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New Income Tax rules from April 1; all you need to know about the changes

Leave a Comment / INCOME TAX / By / March 17, 2023 /

As we approach the new financial year, it is important to know beforehand about the changes in income tax rules, as this is also when the proposed finance bill comes into force. It keeps us prepared and ready for the changes needed to fine-tune our portfolio.  Based on the proposals made in Budget 2023, Neeraj …

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Income Tax Return: Government gave big information, only these people can fill ITR 1 Sahaj Form

1 Comment / INCOME TAX / By / March 16, 2023 /

ITR Form: A person whose income is taxable in India is required to file Income Tax Return (ITR). At present, there are different income tax slabs in the country. Apart from this, different forms are also available for filing income tax return. ITR 1 Sahaj form is also included in these forms. In such a …

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ITR Filing Update: A big update came on the extension of the last date to file income tax return

Leave a Comment / INCOME TAX / By / March 16, 2023 /

Updated ITR Filing Last Date: If you fall in the category of people who have missed the belated or revised income tax return filing date for FY 2021-22 (AY 2022-23) by December 31, 2022, then worry Don’t You still have a chance to file ITR. Budget 2022 has introduced an option to file an updated …

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Cash Transactions Notice: Big news! cash transactions, new rule implemented

4 Comments / INCOME TAX / By / March 15, 2023 / , ,

New Cash Transaction Rule: In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Now these investment and lending institutions allow cash transactions only up to a certain limit. If it is violated, the …

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Advance tax payment deadline ends today, Penalty if you fail to pay Advance tax

Leave a Comment / INCOME TAX / By / March 15, 2023 / , , , , , ,

March 15 is last date for payment of the last instalment of Advance Tax for the financial year 2022-2023. . The Income Tax Department has also recently appealed to taxpayers to pay their last instalment of advance tax by the due date. Advance tax is the amount of income tax that should be paid in …

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