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What is New Income Tax E-form 71? The Central Board of Direct Taxes (CBDT) via notification number G.S.R. 637(E) on 31st August 2023, has introduced a new electronic application Form 71 for the objective of crediting Tax Deduction at Source (TDS) by amending the Income Tax Rules, 1962. These rules are called the Income-tax (Twentieth […]
The Income Tax Appellate Tribunal (ITAT) Delhi bench, filed a separate rectification application for several intimations related to different financial years for levying late fees on the basis of a belatedly filed Tax Deduction at Source (TDS) return. The taxpayer, Abhishek Malhotra is a practising advocate and filed TDS returns belatedly for distinct quarters in […]
For the last four consecutive fiscal years, there has been seen consistent upward growth in the number of income tax returns filed by taxpayers in Karnataka state. This upward trend indicates the increasing awareness of tax adherence in the population. In the fiscal year 2019-20, a noticeable 38.18 lakh individuals filed their income tax returns, […]
The Central Board of Indirect Taxes and Customs (CBIC) furnished a vide circular no. 198/10/2023-GST dated July 17th, 2023 describing the obligatory e-invoice for the GST-registered individuals towards the Supply to Government departments in accordance with the suggestions of the 50th GST Council. Clarification has been asked for the application of e-invoicing under rule 48(4) […]
There are some calculations and essential aspects that you would require to learn if you own a house property that is given on rent on vacant or is self-occupied and wishes to opt for the new tax regime for the fiscal year. Learn about the concern that what is the method to compute the income […]
Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]
The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
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 […]
