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In the current union budget, the Finance Minister has increased the limit for the essential audit Under Section 44AB of the Income Tax Act, 1961 to Rs 10 Crores towards the 95% or exceeding transactions are accomplished through the digital mode. The major goal behind this is to diminish the compliance loads on small businesses […]
Beneath the policy, those assessees who opted for the newer or another tax regime that is presented in budget 2020 AY 2021-22 the initial time on which they needed to furnish the returns. Towards the concern, the salaried assessee poses an option to switch between the 2 tax regimes during the ITR filing. The current […]
In order to encourage voluntary compliance along with deterring non – compliance, the Annual Information Statement or AIS for specific taxpayers has been made by the income tax department. However, the proper view of a taxpayer’s financial transactions can be given by the AIS. One can get the proper information just by logging and downloading […]
Recently the government has decided to introduce some of the important income tax amendments with the association of the IT department to create a better scenario within the income tax compliance for every individual. Check out some of the important & needful income tax amendments by the CBDT department: Some Categories Gets Pre-filled ITR Council […]
The assessee is provided with the lower tax refunds with respect to their claimed figures towards furnishing the ITR of FY 2020-21. The reason behind that is the latest income tax portal does not acknowledge the full tax credit available in Form 26AS towards these tax return filers. In this situation, the assessee would furnish […]
Best Tips to Save Tax Without Investment? The income tax department furnished distinct deductions and privileges to the assessee that would get excluded from the taxable income beneath chapter VI A beneath Section 80 to diminish the tax load. Through the help of investment, you would get the deductions, however, there are indeed some deductions […]
Did you furnish a less amount of tax refund with respect to your claim during filing of the ITR for FY 2020-21? If yes then there are similar people who pose the same issues there are various tax returns filers this year who received lower tax refunds this year. The reason behind this was that […]
The investigation of the books of accounts of the assessee is called a tax audit which is done by the Chartered Accountant under the Income Tax Act 1961. Section 44AB functions through the situation beneath which the tax audit gets essential for specific assessments. The thought of the tax audit is to validate the preciseness […]
The latest rule made through the Indian tax council this year seems to become an issue for the foreign investors who pose sovereign funds as well as pension funds who invest in the country. The same is made essential by the tax council for all the non-individual tax filers to mention the PAN number of […]
