All about the Advance Tax payment –Due Dates, Applicability, Procedure, Installment Details: We are providing a comprehensive overview of advance tax, covering its definition, who needs to pay, exemptions, due dates, treatment of capital gains and casual income, consequences of default, choosing the correct assessment year, mode of payment, calculation method, and the interest on …
Crypto Exchange or Crypto Trading Company Crypto License in India The Union Budget 2022 start make clarity on the cryptocurrency’s taxation. Earlier in the year 2022, there was no taxation cryptocurrencies on cryptocurrencies. Under the below contains, we will provide the details about how to start a cryptocurrency business in India. Crypto License in India …
Key Changes Applicable in ITR-1 & 4 form for AY 2024-2025 Who can file ITR-4- Who cannot file ITR-4 Key Changes Applicable in ITR-4 form for AY 2024-25 Who can file ITR-1 Key Changes Applicable in ITR-1 form for AY 2024-2025 Key changes to ITR -3 forms for AY 2024-25 Income Tax Return Form Offline and …
Taxpayer should avoid all the mistake in Income tax return filling to be avoided while Filing ITR, The process for correcting errors depends on the nature of the mistake and the stage of the filing process you’re in. Here’s what you can do: Before submitting the ITR return: If you haven’t submitted your return yet, you …
Objectives of an Annual Information Statement (AIS) Objectives of an Annual Information Statement (AIS) typically revolve around enhancing transparency, compliance, and effectiveness in tax administration. Here are some common objectives like Improving Taxpayer Compliance, Detecting Tax Evasion, Facilitating Risk Assessment, Promoting Transparency, Enhancing Data Analytics, Supporting Policy Formulation, The objectives of AIS are aligned with …
All about updated Income Tax Return ITR-U U/S 139(8A) What is updated Income Tax Return ITR-U & how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) …
Big Relief for Taxpayers on Govt waived off of Small tax demands up to INR 1 lakh The Central Board of Direct Taxes (CBDT) issued an order to remit and waived off the tax payer requests under the Income-tax Act, Wealth Tax Act, or Gift Act following the Finance Minister’s Budget speech. Tax demand would …
Opting new tax regime – Basic Conditions Income taxpayers who choose the New Tax regime’s concessional rates will have to give up some of the deductions and exemptions that were part of the previous tax system. There are a total of 70 deductions and exemptions that are prohibited, the most popular of which are stated …
CBDT Started Form 15CD for Quarterly reporting for IFSC units Central Board of Direct Taxes exempts IFSC units from Form 15CA for non-taxable remittances & Started New Income tax form 15CD for Quarterly reporting The Central Board of Direct Taxes has amended Income Tax Rule 37BB to provide that IFSC units are no longer required …
HNI turn to LLP for tax optimization HNIs & Super Rich (Ultra HNIs) people have discovered a clever method to cut their taxes. HNIs can lower their tax liability with the use of tax planning tactics. Experts say that HNIs & Super Rich (Ultra HNIs) are creating LLPs more often in an effort to minimise …