Old vs new tax regime income tax easy guide for 2023-24 – This article is detailed guide on new income tax regime. A detailed comparison is drawn below between old and new tax regime. Do not miss the ending where a expert tip is given to salaried employees on how to decide to opt in for new regime or not.
How to handle Income tax notice u/s 147 reassessment in India is a article from our professional experts on TaxLedgerAdvisor. This articles covers a detail guide on all the relevant section of reassessment such as Section 148, 147, 149, 153 & also a newly inserted section 148A. This articles also covers relevant year of applicability for these changes. Do not miss the ending as to how to handle such Income Tax notices!!
Income Tax Amendment in Finance bill 2023 easy summary – This article is summarized guide on amendments to Income Tax Act, 1961 as per latest Finance Bill 2023.
GST Amendment in Finance bill 2023 easy summary – This article is summarized guide on amendments to Central Goods and Service Tax and Integrated Goods and Service Tax as per latest Finance Bill 2023.
Income Tax slab for AY 2024-25 and financial year 2023-24 as per Finance Bill 2023.
Income Tax GST and other laws to know to open a Restaurant or Hotel or Cloud Kitchen in India – This article will be helpful to all upcoming businesses and existing business get an idea of the Income Tax, GST and other laws applicable to them in India.
NPS tax exemption can be availed by Individuals who is either employed by any other employer or assessee or any other assessee who has paid and deposited amount in pension scheme notified by Central Government. The NPS tax exemption is governed by Section 80CCD of Income Tax Act, 1962. This article is brief guide of NPS tax exemption limit, Section guide, tax benefit calculator and most searched FAQs answered as well.
GSTR-9 Annual Returns – What to fill & How to fill – This article is detail guide on what exactly is required to filled in GSTR-9 Annual Return. The GST Department has till date not issued any guideline on what details need to be updated in forms. The ICAI has issued guidelines for filing this form. This article is based on all the current material available on GSTR-9
GST on rent RCM easy guide – The article will elaborate on applicability of GST on commercial & residential property, Rate of tax on rental income, place of supply , Time of Supply, Applicability of Reverse Charge Mechanism, availability of Input Tax Credit on GST Paid on rental income by registered persons and all latest amendment in respect of GST on rent.
The article is based on professional opinion of consultants at TaxLedgerAdvisor. Do not miss the professional opinion conclusion at the end of article.
Arrears of Salary taxability and relief topic has become so relevant as a lot of employees are receiving arrears of their salary which was not received either due to COVID or wrong calculation or a increment with retrospective effect or any other reason. This article will benefit all those employees who have received arrears of salary in current year and are wondering about the taxability impact.
Margin Scheme for Second Hand gold Jewelers is explained in the article below in most simplified manner for ease of understanding for all such Second hand gold Jewelers and professionals. Please note all the updated till Nov’22 have been incorporated in the detailed article below. A recent Judgement of Karnataka AAR can be very beneficial for Second hand gold Jewelers which will be discussed in the article below.
Income Tax and GST on Freelancers topic seems to be so much current and relevant thing to discuss as people of India are rapidly shifting to providing freelancing services or doing freelancing business instead of a full time job. This article is to the rescue of all the freelancers who are unaware of the taxation impacts on their freelancing income in India. Article will provide brief guide on Income Tax applicability on Freelancers, TDS, Advance Tax and GST requirements for freelancers.
Margin Scheme for Second Hand Vehicle Dealers is explained in the article below in most simplified manner for ease of understanding for all such Second hand Vehicle dealers and professional. Please note all the updated till Nov’22 have been incorporated in the detailed article below.
HSN Summary compulsorily to be formed part of GSTR-1 Quarterly Returns. Notification No. 78/2020 – Central Tax released on 15/10/2020, made compulsory for the registered persons to mention either 4 digit or 6 digit of HSN Code in HSN Summary of the GSTR-1 on the basis of their Aggregate Annual Turnover (AATO) in the preceding financial year. However, these changes were being inculcated on GSTN Portal in phase manner.
Lets discuss in brief Income Tax and GST impact and some tax saving tips on Moonlighting – best insight relevant for this year 2022-23 and coming years
This article is to help businesses to understand all the wrong reasons to take GST Registration in India. As a consultant, daily we come across small businesses, general stores, retails store business who have either obtained GST Registration for wrong reasons or misconceptions or who is wanting to take GST registration for those wrong reasons.
Purchasing a property ? Don’t miss out on deducting TDS u/s 194IA before making payment. The title is enough to explain what this article is going to be about. The TDS law has come up where any person purchasing a immovable property other than agricultural land is required to deduct TDS u/s 194IA and deposit the same within 30 days by filing challan cum statement in form 26QB.
Income Tax Deduction U/S 80G to funds other than Category D shall be allowed based on claim made in Income Tax Return of assessee says Department by publishing on its official portal on Aug 12th , 2022. Department also mentioned that only Category D – Donation entitled for 50% deduction without qualifying limit funds are […]
Updated return notified by CBDT via new rule no 12AC on 29th Apr, 2022 , wherein it is allowing filing of return U/S 139(8A) for the assessment year 2020-21 and subsequent years. The applicable form will be ITR-U shall be used to furnish the ITR. The form is currently available in excel based utility is respective F.Y. 2019-20 & F.Y. 2021-21 and it is mentioned that filing u/s 139(8A) enabled.
lower your taxable income up to INR 5 Lacs by using these unconventional chapter VI-A deductions for F.Y. 2021-22 & F.Y. 2022-23. This article is a detail guide on deduction type, section, who can claim and description.
Also, F.Y. 2022-23 has begun and it is time for tax payers to plan and evaluate their tax saving options for this F.Y. 2022-23. Proactively planning on tax saving based on estimated income will benefit the tax payers by reducing his/her tax liability. These Tax saving option will benefit salaried employee, businessman and person earning from any other sources of Income.
Income Tax Act as amended by Finance Act 2022, a new TDS section i.e., Section 194 R – Deduction of tax on benefit or perquisite in respect of business or profession was introduced. This article includes What is Section 194R, Applicability of this Section, threshold limit, TDS rate, Deductor and Deductee calculation of TDS amount, challenges & solutions of implementing this section.
Lot of professionals and businesses face challenge to determine whether tax audit is applicable in relevant period or not. More specifically if business has incurred loss, then will tax audit will be compulsory for such business?
This article will address all the questions along with few case studies for ease of understanding. This article will also address questions like on whom tax audit is applicable, when it is applicable, how & when tax audit reports should be furnished, penalties for non filing or delay in furnishing of tax audit reports.
Income Tax Department on November 1, 2021 rolled out the Annual Information Statement (AIS) on its Income Tax Portal as a part of its “PROJECT INSIGHT”. Income tax Department initiated Project Insight focuses on three goals which are Promotion of voluntary compliance and avoid non compliances; Imparting confidence that all eligible persons pay appropriate tax; and promoting judicious and fair administration of tax.
In this article you will get information on what is AIS of Income Tax, types of transaction displayed in AIS, whether AIS displays correct information always, can information appearing in AIS be corrected and most important which Income Information appearing in AIS should be reflected in ITR.
