The following are the various Statutory Obligations for the month of Feb 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Jan 2025 07th Feb 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Feb 2025 GST […]
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The following are the various Statutory Obligations for the month of Jan 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Dec 2024 07th Jan 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Jan 2025 GST
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Income Tax Refund Delays: How to resolve the issue? Income tax refunds are a crucial aspect of financial planning for taxpayers. However, many individuals face delays in receiving their refunds due to various reasons, one of the most common being pending queries from the Income Tax Department. These queries often require the taxpayer’s immediate response,
Income Tax Refund Delays: How to resolve the issue? Read More »
Calculate HRA Exemption Under Section 10(13A) with Detailed Breakdown HRA Calculator Basic Salary (₹): HRA Received (₹): Rent Paid (₹): Is Metro City: YesNo Calculate HRA Exemption HRA Exemption Amount: ₹ Detailed Calculations: HRA Received: ₹ Rent Paid minus 10% of Basic Salary: ₹ 50% (or 40%) of Basic Salary: ₹ Provisions of Section 10(13A)
Calculate HRA Exemption Under Section 10(13A) with Detailed Breakdown Read More »
TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 (Updated for October 2023) Introduction The Liberalized Remittance Scheme (LRS) allows Indian residents to remit money abroad for various purposes, such as travel, education, medical treatment, and investments. As of October 1, 2023, the Government of India has revised the Tax Collected
80 EEA – Deduction for Interest on Affordable Housing Loan : Section 80EEA has been introduced to further extend the benefits allowed under Section 80EE for low-cost housing. Earlier, Section 80EE had been amended occasionally to allow a deduction for interest paid on housing loans for FY 2013-14, FY 2014-15, and FY 2016-17. Overview of
Double Taxation Avoidance Agreement (DTAA) in India In the complex world of international taxation, Double Taxation Avoidance Agreements (DTAAs) are a boon for individuals and businesses. These agreements are designed to prevent double taxation, ensuring that income is not taxed in both the home country and the foreign country. India, a hub for international trade
Demystifying Double Taxation Avoidance Agreement (DTAA) in India Read More »
The CBDT has notified vide its Notification No 39/2023 dtd 12.06.2023 that the Cost Inflation Index (CII) for the year 2023-24 be 348. What is Cost Inflation Index? The Cost Inflation Index (CII) is a crucial parameter used in the Indian tax system to adjust the purchase cost of assets and investments for inflation. It
Cost Inflation Index for F Y 2023-24 notified Read More »
Advance Tax 1st Instalment Due on June 2023: Importance and Consequences Advance tax is a key aspect of income tax in India, requiring taxpayers to pay estimated tax liability in installments. The first instalment for the financial year 2023-24 is due in June 2023. Non-payment has significant repercussions. Let’s explore the importance of timely payment
Advance Tax 1st Instalment Due on June 2023: Importance and Consequences Read More »
10 Crucial Guidelines for Accurate Tax Filing Filing taxes can be an intimidating task, and even a small error can have significant repercussions. As an esteemed CA firm in India, we understand the importance of precise tax filing and its impact on financial matters. In this blog post, we will present you with ten essential
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Discover the 7 crucial reasons why income tax return filing is vital for individuals and businesses. Gain insights into the benefits, process, and important considerations to ensure a smooth ITR filing experience.
7 Key Reasons Why Income Tax Return Filing is Essential Read More »
Follow the below mentioned procedures to make Self Assessment Tax payment for FY 2022-23 (AY 2023-24) 1. Go to the Below Link – https://www.incometax.gov.in/iec/foportal/ 2. Click e-Pay Tax 3. Provide Pan/Tan and Mobile Number 4. Enter the received OTP 5. Click Proceed under Income Tax 6. Provide your Pan/Tan and Name 7. Select 2023-24 under Assessment Year & Self Assessment
How to make Income tax payment online for AY 2023-24 (FY 2022-23) Read More »
Survey and Search as per Income tax act are different. There are differences between Survey & Search. Please find the differences here
The last installment of payment of Advance tax falls due on 15th March 2023. The tool for calculating advance tax and also tax payment procedure is attached herewith
Advance Tax – Final Installment Due on 15th Mar 2023 Read More »
The due date for payment of Advance Tax for the Financial Year 2022-23 (AY 2023-24) is 15th September 2022. Please Check the below post to check if you are liable to pay Advance Tax The Procedure for Tax payment is provided in this link
Advance Tax 2nd Instalment Reminder Read More »
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