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Search results for: Income Tax Act

ITR 1 and 4 Forms' Filing Excel Utilities for FY 2022-23

ITR 1 & ITR 4 Excel Utilities Are Ready for FY 2022-23

From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing. The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,” The ITR-1 is for the person who is […]

Tips to Remember While Restructuring Your Salary

Important Tips When You Want to Restructure Your Salary

Reorganizing your compensation might increase your take-home pay while lowering your tax burden. Making the decision to change the structure of your compensation package at the start of the fiscal year is one approach to do this. You may always request the same thing if your company doesn’t provide the choice. You may make sure […]

ITR 1 and ITR 4 JSON Schema for F.Y. 2022-23

New JSON Schema for e-filing of ITR 1 and 4 for FY 2022-23

The JSON Schema for ITR-1 and ITR-4 for the fiscal year 2022-23 or Assessment Year 2023-2024 would have been released by the income tax department. ITR-1 would subject to be applied for individuals being a resident (apart from those not ordinarily resident) securing a total income up to Rs.50 lakh, carrying Income from Salaries, one […]

Banks and Insurance Companies Under GST Scanner

GST Scanner Moves Towards Banks & Insurers for High Commission

A prominent private bank, 29 insurance businesses, five non-banking financial organizations (NBFCs), and more than 100 suppliers would get show-cause notices from the GST authorities. These organizations were involved in funding bogus services so that the insurers could pay a bank fee that exceeded the legal limit. A renowned private bank received a commission from […]

Income Tax Circular No.4/2023 for Clarification of TDS Deduction

Brief Guide to I-T Cir. No. 4/2023 for TDS Deduction U/S 192

According to a statement made on Wednesday by the Income Tax Department, businesses must ask workers specific questions regarding their preferred tax structure for the current fiscal year in order to properly calculate TDS deductions. According to the new, updated tax system presented in Budget 2023–24, if an employee does not provide information to their […]

GST Collection for March 2023

March 2023 GST Revenue Collection Crosses 1.60 Lakh Crores

The finance ministry released a statement saying, the GST collection spiked by 13 per cent in March 2023 reaching the second-highest peak of Rs 1.60 lakh crore. GST collections touched and crossed the magical number of 1.5 lakh crores four times in the current financial year. According to the government, “the overall GST income received […]

A Guide to Check ITR Filing Status Via Gen IT Software

How Can I Check ITR Filing Status Through Gen IT Software

Easy to Understand ITR Filing Status When you file and validate your ITR then the income tax department shall execute functioning your tax return. At the time of processing the tax department shall verify if there would be any differences between the shown income in the Income-tax return via the person with the available data […]

Gen Bal Software Feature for Company Auditor Report

Easy Way to View Company Auditor Report by Gen Bal Software

What is a Company Auditor Report? The audit report is a critical deliverable for every organization since it reveals the final outcomes of the whole audit process. Users of financial statements, such as investors, lenders, customers, and others, base their judgments and plans on an enterprise’s audit reports. An audit report is always important in […]

A Process to Upload TDS/TCS Returns with DSC Using Gen TDS Software

Easy to Upload TDS/TCS Returns with DSC Via Gen TDS Software

The concept of TDS was introduced with the aim of collecting tax from the very source of income. As per this concept, a person (deductor) liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The […]

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