GSTR 3B Changes from February 2023

GSTN will now automatically populate Table 4(A) of GSTR-3B with ITC (net of credit notes). Therefore, the Net ITC with amendments (Invoices + Debit Notes – Credit Notes) will be auto-populated in Table 4(A) Example:  Old GSTR 3B up to DEC 2022 New GSTR 3B from Feb 2023 (Jan 2023 Data) Purchase – 500000 ITC … Read more

Advance Tax Payment Due Dates *F.Y.2022-23 A.Y.2023-24*

Advance Tax Payment Due Dates FY 2022-23: Advance Tax is pre-paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee has to pay taxes in advance on the estimated income during the year in instalments for the individual assessee, companies and corporate assesses. For example, … Read more

NSC – National Saving Certificates

National Saving Certificate is an investment option by which an individual can invest his income to get a fixed interest. You can reinvest the interest earned and get the benefit of 80C deduction under income tax. We will talk about here the complete detail of National Savings Certificate (NSC) VIII Issue like who can apply, … Read more

Over 2 lakhs Cash Transaction Limits – Section 269ST

Today in India, tax evasion had become a common pattern for many people. There are many things that adversely affect the total revenue earned by the government creating difficulty for various welfare programmes which would be set up by them. One of them is especially the huge amount of Domestic Black Money. This also creates meaningless … Read more

Tax Saving Schemes for A.Y.2022-23 & A.Y.2023-24

Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. Tax saving schemes are one of the parts of tax planning. Tax planning is legal and everyone … Read more

Senior Citizen Savings Scheme {Updated 2022]: Everything You Wanted to Know

Senior Citizen Savings Scheme (Updated 2022): This is a program sponsored by the Indian government which is administered to the general public by a list of banks that are certified as providing senior citizens savings schemes, and by the Postal Departments that have offices to serve the public. There is an innovative senior citizen savings … Read more

A Very Simple Guide to Form 12BB – Download Format PDF

A new form 12BB is introduced by the Central Board of Direct tax.  Form 12BB is applicable from June 1, 2016. Every employer and employee needs to know about form 12BB. The Form 12BB is for all salaried employees to claim tax deductions. Earlier there was no standard format for salaried employees in which they … Read more

How to View or Download Form 26AS on New Portal?

Form 26AS is a consolidated tax statement which has all tax-related information such as TDS, TCS Refund etc associated with a PAN. It is also called an annual statement. It shows how much of your tax is collected by the government. It is a consolidated statement from multiple sources like your salary/ pension/ interest income … Read more

Tax Benefits on Stamp Duty & Registration Charges of a Property

Stamp Duty and Registration Charges are the expenses which have to be paid while buying a house and get it transferred in your name. It is the tax that is paid on the market value of the house. The Stamp duty and registration charge is mandatory and is levied by the Government of India. The … Read more

Financial Year (FY) and Assessment Year (A.Y)

Most people file Income Tax Returns through Chartered Accountants or Financial planners but if anyone wants to file their own they need to understand two commonly used terms while filling return i.e. Financial Year & Assessment Year. Financial Year It simply means the year in which the income is earned. The financial year starts on … Read more

E-Filing Vault: Security for your e-Filing Account (How to Enable it?)

The Government of India has been constantly working hard to ensure that online transactions can become more secured and private. One of the recent addition to the list is the e–Filing Vault system, a modern day mechanism which allows a tax payer to link his/ her e-filing account with other private accounts and convert the … Read more

Update KYC EPF UAN Online in 4 Easy Steps with Pictures

Know Your Customer (KYC) has become an essential phase of every online savings. With the latest notification, people can now update their KYC for EPF online through UAN EPFO.  All that a user needs to have is his or her Universal Account Number (UAN) account information. By following the given 4 steps, one can easily … Read more

Tax Benefits of Tuition Fees & Education Allowances (Updated 2022)

The government allows income tax deductions for education because education is a vital part of one’s life. Developing countries like India benefit from it by increasing literacy rates. There are lots of tax benefits available for Children’s Education Allowance, Tuition Fee Payment, and School Fee Payment. Deduction under section 80C for School/College Fee Payment [Section … Read more

National Saving Monthly Income Scheme – Up to Date 2022

Earlier National Saving Monthly Income Scheme was known as Post Office Monthly Income Accounts. Now, the new name with some changes for A.Y. 2018-19 is “National Saving Monthly Income Scheme”. The National Saving Monthly Income Deposit scheme looks forward to generating monthly savings for people who are ready to invest in a 5-year term scheme. … Read more

Residential Status for Tax Calculation A.Y.2022-23 & A.Y.2023-24

From the perspective of income tax, determining the taxability status of a person in India is very important. So to calculate tax as per Income Tax ACT India, you have to determine your residential status. In order to determine a resident’s status in India, the Income Tax Department of India has prescribed certain guidelines which … Read more