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For every person in India filing the ITR would be an important obligation that counts beneath the taxable income brackets. It will be known to ensure compliance with the law including that it indeed assists the person to keep the transparency in financials and contribute to the progress of the nation. However, given its complexity […]
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 […]
Simple Definition of Tax Audit Report In certain specified situations, a business or profession may be subject to a tax audit under Section 44AB of the Income Tax Act. Chartered Accountants prepare audit reports after auditing businesses’ books of accounts in practice. In a Tax Audit, a CA ensures that the books of accounts are […]
Simple Meaning of Revised ITR for Assessees The purpose of a revised return is to correct any omissions or errors made when filing your original ITR. When you file a revised return, you simply file it again with the correct information. You must include details of the original return when filing a revised return. Who […]
Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted, or have you forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed […]
The Central Board of Direct Taxes (CBDT) has notified the JSON scheme for the filing of ITR-7. The Income Tax Department had given the free tax return preparation software on the downloads page that is obedient to the data quality needs. But, there are some commercially available software or websites that provide the return preparation […]
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is a new form that taxpayers can use to file updated income tax returns for the Assessment […]
What is the Amendment Circulated via Govt in Filing GSTR-1 & 3B from 1st Jan 2022? Earlier taxpayers (Supplier) were unable to furnish GSTR-1 or practice the IFF on the GST portal if they had due GSTR-3B filings for the past two months (monthly filer) or for the last quarter (quarterly filer) as per CGST […]
ITR can be furnished in two ways: online and offline. In the traditional method, you can enter and submit all the important information on an online form. Through the earlier means, one needs to download the subject income tax utility in Excel or JSON format, fill out the form, save the changes, generate an XML […]
