Responsive Menu
Add more content here...

Income Tax

Various Due Dates in Income tax for FY 2023-24(AY 2024-25)

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 […]

Various Due Dates in Income tax for FY 2023-24(AY 2024-25) Read More »

Rates of TCS (Tax collected at Source) for FY 2023-24 (1st April 2023 to 31st march 2024) (by Finance Act 2023)

The 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

Rates of TCS (Tax collected at Source) for FY 2023-24 (1st April 2023 to 31st march 2024) (by Finance Act 2023) Read More »

Rates of Income tax for FY 2023-24 (assessment year 2024-25)

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 tax regime (ii)Old tax regime. Salaried employee have to submit their option to their employer at

Rates of Income tax for FY 2023-24 (assessment year 2024-25) Read More »

Rates of TDS (tax deducted at source) for FY 2023-24 (1st April 2023 to 31st March-2024) (by Finance Act 2023)

The 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

Rates of TDS (tax deducted at source) for FY 2023-24 (1st April 2023 to 31st March-2024) (by Finance Act 2023) Read More »

Important Highlights of Budget 2023 regarding Direct Tax, Indirect Tax and other proposals(FY 2023-24)

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

Important Highlights of Budget 2023 regarding Direct Tax, Indirect Tax and other proposals(FY 2023-24) Read More »

What to Choose: Old Slab Rate OR New Tax Regime as updated by Finance Budget 2023

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

What to Choose: Old Slab Rate OR New Tax Regime as updated by Finance Budget 2023 Read More »

Have you done tax planning for FY 2022-23 before the deadline 31st March 2023?- Checkout what you missed.

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

Have you done tax planning for FY 2022-23 before the deadline 31st March 2023?- Checkout what you missed. Read More »

List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions)

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

List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions) Read More »

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax?

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

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax? Read More »

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023)

Budget 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

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023) Read More »

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023)

Budget 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

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023) Read More »

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23)

Today, 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.

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23) Read More »

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed.

Financial 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

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed. Read More »

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021

Applicability 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

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021 Read More »

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23)

Normal 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

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23) Read More »

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed.

Financial 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

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed. Read More »

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022)

Reduced 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

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022) Read More »

Important Highlights of Tax Proposals in Finance Budget 2021-22

The 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

Important Highlights of Tax Proposals in Finance Budget 2021-22 Read More »

Taxability of Mutual Fund: Is your mutual fund taxable or exempt?

Investment 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

Taxability of Mutual Fund: Is your mutual fund taxable or exempt? Read More »

Last date for filing ITR for FY 2019-20 extended to 31st December 2020

Last 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

Last date for filing ITR for FY 2019-20 extended to 31st December 2020 Read More »

Last date to file ITR for FY 2018-19 extended to 30th November 2020.

31st 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

Last date to file ITR for FY 2018-19 extended to 30th November 2020. Read More »

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak.

Have 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

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak. Read More »

Due date for filing ITR extended to 31st Oct 2018 for audit cases.

CBDT 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.

Due date for filing ITR extended to 31st Oct 2018 for audit cases. Read More »

Due date for Filing ITR extended to 15-09-2018 in case assessees in State of Kerala

In 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

Due date for Filing ITR extended to 15-09-2018 in case assessees in State of Kerala Read More »

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19)

Most 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

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19) Read More »

Deadline for filing Income tax return extended till August 31, 2018

The 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

Deadline for filing Income tax return extended till August 31, 2018 Read More »

Due date Calendar for July 2018

Due 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

Due date Calendar for July 2018 Read More »

Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed?

Financial 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

Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed? Read More »

Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees.

Belated 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

Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees. Read More »

Secret Informer of Tax Department and Annual Information Return

Secret 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

Secret Informer of Tax Department and Annual Information Return Read More »

error: Content is protected !!
Scroll to Top