Changes and important amendments in Form 3CD
Introduction:Form 3CD is a statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961. It is essentially an audit report that is required to be filed by certain persons carrying on business or profession. The...
Aadhaar-PAN Linkage: Ensuring PAN Operability in a Fast-Changing Landscape
In recent times, the Indian government has embarked on a profound transformational path, focusing on the digitization and modernization of diverse facets of governance and citizen services. An instrumental cornerstone of this initiative was the...
Maximizing Your Deductions: How Income Tax Software Can Help You Save Money on Taxes in India.
Maximizing deductions is a key strategy for saving money on taxes in India. By reducing the amount of taxable income, taxpayers can lower their tax liability and keep more of their hard-earned money. Income tax software can be a powerful tool for...
FAQs on Income Tax Return Software in India
Q.1 – How Is It Safe to Use Software for Tax Return Filing? Safety and security are the key features of any ITR software. Now a days, user data safety is crucial aspect of any business. Hence you should use software that ensures the data and...
Indirect Tax changes in Budget 2023
Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21. Minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha. Excise...
Income Tax Changes in Budget 2023
Hon. Finance Minister, Nirmala Sitharaman’s Budget Speech 2023 had several proposals for the benefit of taxpayers in the lowest and highest tax brackets. Below are some important changes in Income Tax: Tax structure in new personal income tax...
Things to Know Before You File ITR
Getting income in your account every month is really too comforting, but filing the income tax returns for the same annually is quite a pain! However, if you know the easy ways to file your ITR accurately then there would be no pain in doing this....
Is ITR applicable to you?
New ITR forms are live. Don't forget to file the Income Tax Return this year. Keep all the required documents handy before filing your Tax Return. If you are one of the below-mentioned person, you should consider filing the ITR this year. As per...
What happens if the income tax return is not filed in India?
Today you need to file your income tax returns attentively and on time if you are a citizen of India with a source of income. The consequences of failing to file your taxes might be severe. Your income will be impacted if you do not file your tax...
ITR refund: Everything that you should know
An individual may pay more tax than they are obligated to pay at times. You can seek an income tax refund if your advanced tax or tax deducted at source (TDS) is greater than the amount you owe. ITR refunds are a mechanism to ensure that any...
Impact of COVID 19 on GST collection
The spread of COVID-19 appears to be slowing in India, but the pandemic's economic impact is still being determined as new waves of COVID-19 infection emerge locally. As a result, any revenue impact of covid-19 on GST collection in India will have...
Budget 2022: Changes in GST
Refund application time limit changed: The refund claim of ITC on inward supplies can be made only within 2 years from the last day of the quarter in which supply was received. Earlier, it was 2 years from relevant date. Changes in Input Tax Credit...