What is the process of Adjustment of income tax refund against Income tax demand? Adjusting an income tax refund against a Income tax demand occurs when the tax authorities set off any tax refund due to a taxpayer against the Income tax liabilities or Income demands that the taxpayer owes. Section 245(1) of the Income-tax …
Recent Official Tax Updates from CBDT India (Income Tax + TDS) Introduce of Income Tax Income tax is a form of direct tax levied by the government on the income of individuals and entities. It is a critical source of revenue for the government, enabling it to fund various public services and infrastructure projects, such …
Tax Saving under Old vs New Tax Regime AY 2024-25 (FY 2023-24) Deciding between new & old tax regimes is based on a comparison of total benefits of different tax slab rates & deductions available to you under both tax regimes. To make things easier, we’ve compared old & new tax systems based on a …
Complete Overview of Tax Deducted at Source Under Section 194O E-commerce operators (ECOs) are needed to deduct TDS @ of 1 % on Gross amount of sales facilitated via their Online platforms u/s 194-O. The CBDT has issued a circular outlining the tax deduction process in certain transactions, especially where multiple e-commerce operators are involved, …
Tax Department tightens Grip its control over company advance tax payments In order to make sure that companies do not put off the payment of taxes for the duration of the fiscal year, The Income Tax Department is actively keeping an eye on advance tax payments by carefully examining companies’ annual and quarterly balance statements …
Main High Value Transactions monitors by Tax Dept. We should require to be cautious because, in last few years, Income tax Authorities have brought into the radar and have been monitoring a large number of high-value and cash transactions. The Income Tax Department continually monitors high-value transactions that exceed a certain threshold. Failure to include …
Online utility of Traces(TDS), income tax, GST, ESI, PF What is Gst Login portal page? Gst Login Page: http://www.gst.gov.in is the official Goods and Services tax website, widely known as the GSTN portal/ GST Portal, which facilitates many kinds of services for GST taxpayers, that is start from taking GST Registration, traversing via GST Return filing, …
Artificial intelligence use in Accounting, Auditing, Income tax filling & Assessment Income tax Taxpayer Key data & information like No of payments on the tax bill, the Bank Account No, discount on the tax bill, & Other data can be extracted effortlessly and with accuracy by Artificial Intelligence enabled robots. Which help in taxation related …
Capital Gains arise from sale of TDR or FSI in Redevelopment is taxable after April 2023 Earlier Income tax Situations Redevelopment of residential housing societies is normally carried out generally via few Developers. Earlier Income tax Stand: No capital gains tax on sale of Transferable Development Rights (TDR) in absence of cost of acquisition In …
Taxpayers Relief to Claim Tax Deductions U/s 115BAC to boost Alternative Tax Regime Union Budget for 2023 is coming and Individuals are concerned about the relief that will be provided Budget for 2023. Last budgets provided a range of benefits, including exemptions and deductions, which were frequently subject to several restrictions, People are interested in …