Due Dates of Income tax as applicable for FY 2023-24 (AY 2024-25) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date (if any) Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2024 (Audit report is to be filed upto 30-09-2024) A working […]
Continue ReadingThe following changes in TCS-related provisions were amended by Finance ACT 2023:- 1. Section 206C(1G) – Change in TCS rate w.e.f 1st July 2023. 2. Section 206AB & 206CCA – Exclusion of specified category from non-filers of tax return w.e.f 1st April 2023 These sections provide for Higher TCS/TDS rate for non-filer of ITR but […]
Continue ReadingAs we know that W.e.f FY 2020-21 i.e. budget 2020, two options of slab rate are available for Individual & HUF as per option given u/s 115BAC. Every taxpayer who is Individual or HUF, have to choose between (i)New tax regime (ii)Old tax regime. Salaried employee have to submit their option to their employer at […]
Continue ReadingThe following changes in TDS-related provisions were amended/inserted by Finance ACT 2023:- 1. Introduction of section 194BA: TDS provision for income from online gaming (w.e.f. 1.4.2023) TDS @ 30% is required to deducted by payer on the ‘net winnings’ in the user account at the end of the Financial Year (FY) or at the time […]
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ON 1st February 2023, Finance Minister of India presented Union budget 2023 . The Finance bill is the part of union budget which includes various tax proposal for next FY i.e. 1st April 2023 to 31st March 2024. The Finance bill is a weapon under Fiscal policy to control economic conditions in the country. For […]
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In Budget 2023, some amendments are proposed for the new tax regime which was introduced in budget 2020 as an optional reduced slab rate u/s 115BAC. The option of the reduced slab rate was available only to Individuals & HUF. But to opt for this option of reduced slab rate, assesses have to forgo some […]
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Financial year 2022-23 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2023, as we are required to file Income tax return for […]
Continue Reading(A) Income tax Rates for Individual & HUF (who opted for new tax regime u/s 115BAC) As we know that W.e.f FY 2020-21 i.e. budget 2020, two options of slab rate are available for Individual & HUF as per option given u/s 115BAC. Every taxpayer who is Individual or HUF, have to choose between (i)New […]
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Generally when any person (Individual, HUF, AOP, BOI, AJP, Firm, Company or trust etc.) earn any income, then some part of that income is required to paid to Government in the form of Income Tax as per prevailing provisions of law of the country. But some incomes are exempted by law and tax is not […]
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Do you know what is the due date for payment of Income tax for a financial year. ? With the increased list of transactions under the umbrella of TDS and TCS year by year, major part of your income tax is deducted and deposited in the form of TDS/TCS. The balance tax liability is paid […]
Continue ReadingDue Dates of Income tax as applicable for FY 2022-23 (AY 2022-23) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date (if any) Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2023 (Audit report is to be filed upto 30-09-2023) A working […]
Continue ReadingBudget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TCS (tax collected at source) rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TCS Rate Chart for FY 2022-23 (AY 2023-24) Section Nature […]
Continue ReadingBudget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TDS rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TDS Rate Chart for FY 2022-23 (AY 2023-24) Payment Type Threshold Limit (Rs) Resident […]
Continue Reading(A) Income tax Rates for Individual & HUF (who opted for new tax regime u/s 115BAC) As we know that W.e.f FY 2020-21 i.e. budget 2020, two options of slab rate are available for Individual & HUF as per option given u/s 115BAC. Every taxpayer who is Individual or HUF, have to choose between (i)New […]
Continue ReadingToday, i.e. 1st February 2022, Finance Minister of India presented Union budget 2022 . The Finance bill is the part of union budget which includes various tax proposal for next FY i.e. 1st April 2022 to 31st March 2023. The Finance bill is a weapon under Fiscal policy to control economic conditions in the country. […]
Continue ReadingFinancial year 2021-22 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2022, as we are required to file Income tax return for […]
Continue ReadingApplicability of 194Q A new section 194Q was inserted by Finance Act 2021 for deducting tax at source. This section is applicable w.e.f 1st July 2021. It applies to any buyer (Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore […]
Continue ReadingNormal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was applicable only upto 31.3.2021 and normal Rates are restored w.e.f 1.4.2021. A complete list of TCS rate along with related transactions for financial year 2021-22 (AY-2022-23) is provided in […]
Continue ReadingFinancial year 2020-21 is reaching to its ends in few days. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2021, as we are required to file Income tax return for FY 2020-21 during […]
Continue ReadingReduced TDS rate which were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%, were applicable only upto 31-03-2021. Hence this reduction in TDS rates in not applicable for FY 2021-22. A complete list of TDS rate along with related transactions and budget proposals for financial year 2021-22 (AY-2022-23) is provided in […]
Continue ReadingDue Dates of Income tax as applicable for FY 2021-22 (AY 2022-23) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date (if any) Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2022 (Audit report is to be filed upto 30-09-2022) A working […]
Continue ReadingThe Finance Minister, Nirmala Sitharaman presented her third Union budget 2021 in Parliament today i.e. 01-02-2021. Following are important proposals made therein:- Direct tax proposals:- 1. Major Direct Tax Proposals made in budget 2021-22 is given below:- NO change is proposed in direct tax rates / slab rates of income tax, following 32 changes are […]
Continue ReadingInvestment is a good habit to make our future more independent. Keeping some part of our money to get more money in the future is called investment. In today’s economy, there are various investment options available to us like:- Saving bank account Fixed Deposit in Bank Recurring Deposit in bank Fixed Deposit of Corporate Government […]
Continue ReadingNormal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was not applicable to all type of transactions and some transactions like sale of liquor shall continue to attract normal rate of TCS. Further some new transactions were also brought […]
Continue ReadingNormal TDS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%. But this reduction of TDS rates was not applicable to all type of transactions and some transactions like salary, PF payments shall continue to attract normal rate of TDS. Further w.e.f 1-4-2020, some new transactions […]
Continue Reading(A) Income tax Rates for Individual & HUF, AOP, BOI & AJP New Income tax slab rate for individual & HUF are introduced w.e.f FY 2020-21 but this new slab is optional for taxpayer, taxpayer may choose to pay tax at old slab rate. If tax payer want to opt for this new slab rate […]
Continue ReadingDue Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-03-2022 (Audit report is to […]
Continue ReadingLast date for filing ITR for FY 2019-20 extended to 10th January 2021 As per official notification dated 30th December 2020, Last date for filing ITR for FY 2019-20 (AY 2020-21) has been extended to 10th January, 2021 from 31st December 2020 and for audit cases last date is extended to 15th February 2021 from […]
Continue Reading31st March 2020 was last date to file your Income tax return for FY 2018-19 which is now extended to 30th November 2020 If you have not filed your income tax return for financial year 2018-19 or you want to revise your income tax return for 2018-19(only if assessment is not yet completed) then it […]
Continue ReadingHave you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with […]
Continue ReadingRates of Income tax for Financial year 2019-20 i.e. Assessment year 2020-21 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingDue Dates of Income tax as applicable for FY 2019-20 (AY 2020-21) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2020 (extended to 31st Jan. 2021) A working partner where the firm in which he […]
Continue ReadingCBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of IT Act will remain same. Click here for notification.
Continue ReadingIn view of disruption caused due to severe flood in Kerala, CBDT extended due date for ITR from 31st August 2018 to 15th September 2018 in case of Income tax assessees in state of Kerala who were liable to file their Income tax return by 31st August 2018. Click here to download order
Continue ReadingCBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018. Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate […]
Continue ReadingOn 17th August 2018, CBDT issued order under section 119 of Income Tax Act 1961 that reporting under clause 30C & 44 (i.e. GST and GAAR Reporting under Amended Tax audit report) of the tax audit report shall be kept in abeyance till 31st March 2019. Therefore Tax audit reports to be furnished on or […]
Continue ReadingIn a new record, Income Tax worth Rs 10.03 lakh crore was collected during 2017-18, the Central Board of Direct Taxes (CBDT) said on Friday (17 August), reports Press Trust of India. A record has also been set when it comes to the number of Income Tax filings. During a two-day conference of Income Tax […]
Continue ReadingStatutory and Tax Compliance Calendar for August 2018 S.No Particulars of Compliance Forms/returns Due Date Compliances Calendar for GST 1. Return of outward supplies of taxable goods and/or services for the Month of July 2018 (for Assessees having turnover exceeding 1.5 Cr.) GSTR -1 10-08-2018 2. Return by Non-Resident Foreign Taxpayers for the month of July […]
Continue ReadingTax Audit under section 44AB was introduced by Finance Act 1984, w.e.f. 1st April 1985 (A. Y. 1985-86). The main objective of the tax audit was to ensure that Books of accounts and other relevant records are properly maintained by the assessee and to compute the taxable income according to the law and to maintain […]
Continue ReadingMost of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are […]
Continue ReadingRates of Income tax for Financial year 2018-19 i.e. Assessment year 2019-20 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingThe finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 […]
Continue ReadingDue Dates of Income tax as applicable for FY 2018-19 (AY 2019-20) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2019 A working partner where the firm in which he is a working partner has to […]
Continue ReadingDue Dates of Income tax as applicable for FY 2017-18 (AY 2018-19) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2018 A working partner where the firm in which he is a working partner has to […]
Continue ReadingRates of Income tax for Financial year 2016-17 i.e. Assessment year 2017-18 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingRates for Tax Collection at Source (TCS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be collected at source during financial year 2017-18 (AY 2018-19). Section Receipts Type Basic Rate of TCS (excluding Surcharge, EC & SHEC) 206C Sale of Alcoholic liquor for human consumption 1% 206C Sale […]
Continue ReadingRates for Tax Deducted at Source (TDS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be deducted at source during financial year 2017-18 (AY 2018-19). Section Payment Type Basic Rate of TDS (excluding Surcharge, EC & SHEC) Condition(if any) 192 Salary At normal slab rate applicable If estimated […]
Continue ReadingRates of Income tax for Financial year 2017-18 i.e. Assessment year 2018-19 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingDue dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding […]
Continue Reading(A) Due dates for Compliances under GST for the Month of June 2018 10-06-2018– Due date for filing GSTR -1 for the Month of May 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only) 20-06-2018– GSTR-3B for the Month of May 2018 Pay due Tax till this […]
Continue ReadingFinancial year 2017-18 is reaching to its ends in few weeks. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2018, as we are required to file Income tax return for FY 2017-18 during […]
Continue ReadingBelated or revised income tax return for the financial year 15-16 or 16 17 can be filed up to 31st March 2018. As per IT officials, some assessees do not show any income under the head income from house property in their original return but claimed losses under the head house property in there revised […]
Continue Reading31st march 2018 is the last date for filing belated income tax return for FY 2015-16 if you have not filed earlier. But if you have filed ITR for 2015-16 on time but want to revise the same then 31st march-2018 is the last date for the same. Further 31st March 2018, is also the […]
Continue ReadingAs proposed in budget 2018, w.e.f. 01-04-2018 Long term capital gains (from equity or units of MF) exceeding Rs. 1 lakh shall be taxed at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31st January, 2018 will be grandfathered. Read Highlights of Budget 2018
Continue ReadingSecret Informer of Tax Department and Annual Information Return (AIR): To curb black money, government need secret informer and to motivate people to provide information of black money, a reward of 10% of tax collected was paid to informer. Apart from this, some Specified entities are bound to file Annual Information Return (AIR) in respect […]
Continue ReadingIncome tax Return AY 2016-17 Q 1. What are the modes of filing return of income? Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options: (1) E-filing using a Digital Signature (2) E-filing without a […]
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