about taxation and accounting
We all know that Income tax returns are forms also known as ITR’s popularly, ITRs are filed to state the income of an assessee for the respective year, Therefore what are the conditions an Individual or a firm is required to file their income tax return? When is Income Tax Return Filing Mandatory/compulsory in India? … Read more
Recently CBDT has inserted a new rule 12AC and a new form ITR U, it has been a wish for many taxpayers to file their lapsed income tax returns or to update their ITR after the last dates. But, this time the wishes came true but also not as expectedЁЯдФ Let’s further discuss more into … Read more
Today, on Feb 01 2022 Finance minister Smt Nirmala Sitaram proposed the Budget for 2022, where there are many changes made in the Goods & service tax Act or GST, below are the key highlights of the proposed GST changes in budget 2022 GST changes in Budget 2022 1. The last date to avail input … Read more
On 30th July 2021 CBIC notified changes to Sections 35(5) and 44 of the CGST Act. The requirement to get a GST audit and certification done by a CA/CMA now stands removed. What is GST Audit? GST Audit is basically scrutiny of Accounts with filed GST returns, Input tax credit claimed, refund claimed, interest to … Read more
There are many sections under Income Tax that can give Income Tax deductions up to Rs 5 lakh Home Loan Tax Benefit 2021 Housing Loan Interest Deduction 2021 тЮд Under Section 80C, you can claim a deduction up to тВ╣ 1.50 Lakh for the principal repayment done in the financial year. тЮдUnder Section 24B, you … Read more
As the taxpayers are facing problems in filing income tax returns in the new Income tax portal due to glitches, CBDT on 9th of Sep 2021 extended the due dates to file Income tax returns and different reports of Audit for the Financial year 20-21 and Assessment year 21-22 Extended due dates of ITR and … Read more
The Income-tax department has provided the facility to file TDS and TCS returns directly through the new Income tax portal and this time without the use of DSC. Due dates of TDS and TCS returns on new Income Tax portal : TDS return due date: Month of Deduction Quarter ending Due Date for filing of … Read more