The Income Tax Act and the Goods and Services Act (GST) both contain different provisions regarding the maintenance of books of accounts, respectively. It is common for people to keep records of their daily expenses and incomes. In accordance with the Income Tax Act, some individuals are required to keep and maintain records of daily … Read more
With the Budget 2022 implemented in the country, who doesn’t want to reduce their payment of tax? “No one” is the straightforward answer to this question. In the present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custody so that they can use it in future. … Read more
The Startup India campaign has been one of the most remarkable developments which India has seen recently. The Union Government has ensured that blooming buds in the nation are given a chance to prove themselves and strengthen the Indian economy. With an allocated fund of INR 10000 crore, the initiative will allow thousands of Indians … Read more
Everyone is very excited about the Startup India campaign, which was announced on January 16 2016. This campaign has brought in a lot of hope for people who are looking forward to bringing a new revolution to the commercial market of India. With a special place for innovation and development, Startup India looks forward to … Read more
We have all come across the celebrated campaign of “Startup India” which was launched by the Prime Minister of India, Narendra Modi on January 16 2016. The campaign intends to support entrepreneurs who have the skills but lack financial resources. A separate fund of INR 10000 crore has been sanctioned for this campaign. However, if … Read more
Check Income Tax Refund Status Online: As you all know to get an income tax refund, we have to file an income tax return by showing the excess tax paid or excess TDS deposited or excess advance tax payment as the case may be. The income Tax department on the basis of the return file … Read more
Deduction 80CCD – Deduction for NPS (National Pension Scheme) A.Y. 2022-23: The Income Tax Department of India offers a deduction of 80CCD to taxpayers for making contributions towards the National Pension Scheme (NPS) or the Atal Pension Yojana (APY). The deduction is availed under Section 80CCD and is available only to individuals. This section also … Read more
Deduction u/s 80DD: Individuals or HUFs are permitted to deduct expenses for dependants who are differently abled and who are entirely dependent on them for support and maintenance under Section 80DD. A deduction is available to families of disabled persons under Section 80DD in order to support a disabled dependent. The families of disabled dependents … Read more
The best way to prevent diseases and complications is to have regular Preventive Health Checkups. Therefore, the purpose of a Preventive Health Checkup is to identify and minimize such risks as early as possible. By detecting potential health issues early, preventive checkups can reduce the financial burden of healthcare by reducing the cost of healthcare … Read more
A computer-generated invoice is called an e-invoice. Basically, e-Invoices are invoices that have already been generated from accounting software so they can be uploaded to GST Portal as well. The GST Council believes that the format of electronic data used for invoices needs to be uniform (same for all) so that the data can be … Read more
Sometimes getting back your Income Tax Refund can be a little difficult for taxpayers. This is mainly because taxpayers do insist on paying taxes, but they often miss out on filing the right type of return/ filing return on time. Here are 8 certain ways which will help you to get your Income Tax Refund … Read more
Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24: The persons who find it difficult to calculate income tax for their parents or senior citizens themselves must read this article for everything you need to know about the taxation of senior citizens. You will find here the meaning, definition, tax liability, income tax rates, income tax … Read more
No doubt, there is no need to enclose any documents with income tax return now. But it is advisable that you should prepare all supporting documents on the behalf of you filed income tax return. As Assessing Officer may demand these documents at any time after the filing of the income tax return. Documents in … Read more
Penalty for Failure/Delay in Filing TDS/TCS Returns (A.Y.2023-24): In accordance with Income Tax Act, every deductor (who deducts TDS on behalf of a payee) must deposit TDS within the prescribed limit to the account of the Income Tax department. Persons who fail to deduct or pay tax are liable for penalties under the Income Tax … Read more
As you know, PAN numbers are mandatory for all assessees. There are many benefits to having a PAN. We have provided very simple instructions here on how to apply for a new PAN. In order to make it easy for every layman to understand and apply PAN himself without any assistance from a professional. You … Read more
Personal Income Tax: A personal income tax is paid by an individual based on their income tax slab. To put it another way, you can say the taxes paid by people with salaries, pensioners, individuals with capital gains, house property income and Propertership businesses. You can check the personal income tax slab for A.Y.2022-23 and … Read more
Income Tax Slab (AY 2022-23): This income tax slab for A.Y. 2022-23 includes all amendments up to date (includes all amendments made in Finance Bill 2021). NO change in basic exemption limit or slab rates in finance bill 2021. Income Tax Slab (Old Tax Regime) ✔ (Individual/HUF/A.O.P/B.O.I) ✔ (A.Y. 2018-19, A.Y. 2019-20, A.Y. 2020-21, A.Y. … Read more
See the latest income Tax rates or income tax slab for partnership firms for A.Y.2022-23, A.Y.2021-22, A.Y.2020-21, A.Y.2019-20, A.Y. 2018-19, A.Y. 2017-18 A.Y.2016-17, A.Y. 2015-16 & A.Y. 2014-15“. Income Tax Rates on Partnership Firms A.Y.2022-23 Long-term capital gain from equity shares, etc. u/s 112A 10% Long-term Capital Gain u/s 112 20% Short-term Capital Gain u/s … Read more
Persons Required to File Income Tax Return (A.Y. 2022-23 & A.Y. 2023-24): According to the Income Tax Laws, if a resident individual has earned a total income exceeding the basic exemption limit during the financial year, he or she must file an ITR on a mandatory basis. If you opt for the old income tax … Read more
The procedure for e-filing of income tax returns is completed when you verify your return. So, to verify the return you have two ways as follows; Sending a physical copy of ITR-V to CPC, Bangalore; or e-verify your income tax return Updates: In accordance with the CBDT notification, the 120-day time limit continues for ITRs … Read more