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Easy to Know Senior Citizenship in India: As per the law, a Senior Citizen in India is defined as any citizen who has reached the age of 60 years or older, a shift from the previous benchmark of 65 years. Different age criteria applied for various purposes, like railway and flight tickets, but now uniformly […]
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
The Goods and Services Tax (GST) department is introducing a registration system on November 7th, starting from Vapi, Gujarat and a formal event will also take place. This system will be the country’s first implementation of biometric data-based registration for GST numbers. During the registration process for a new GST number, the department will now […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
The introduction of modern online tax payment systems in India has brought about enhanced accessibility, efficiency, and empowerment for both taxpayers and the government in fulfilling their civic duties. This transformation has revolutionized the way taxpayers and governmental bodies interact, simplifying the process of paying taxes and rendering it faster and more secure. In this […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate in order to avoid having taxes deducted on income generated in India. NRIs cannot utilize Form 15G/H to excuse themselves from TDS on their income as residents may. Instead, they must submit an application to the assessing officer to get a certificate […]
With the impending introduction of the new Tax Collection at Source (TCS) on foreign remittances scheduled for October 1, the Travel Agents Association of India (TAAI) has issued a last-minute request to the government. They are urging authorities either to revoke this decision or postpone its enforcement until the next fiscal year, allowing for discussions […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
