Section 80EEA – Deduction for Interest paid on Home Loan for Affordable housingSection 80EEA –

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 […]

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GST Annual return Due date Extention for the year 2022-23

GST Annual return Due date Extention for the year 2022-23 The due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2022-23 extended till January 10, 2024 in respect of GST Registered persons having Principal place of business in the Districts of Chennai, Tiruvallur, Chengalpattu, Kanchipuram, Tirunelveli, Tenkasi, Kanyakumari , Thoothukudi &

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Statutory Obligations for the month of December 2023

The below are the various Statutory Obligations for the month of December 2023.Please ensure to comply with the obligations to avoid Interest / Penalty Sl. No Nature of Statutory Obligation Statute Due Date Link 1 Due Date for Payment of TDS for the month of November 2023 Income-Tax 07th Dec 2023 Link for Payment of

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Double Taxation Avoidance Agreement (DTAA) in India

Demystifying Double Taxation Avoidance Agreement (DTAA) in India

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

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Points to Remember While Claiming Mediclaim Deduction under Section 80D

Points to Remember While Claiming Mediclaim Deduction under Section 80D When it comes to tax planning, it is essential to take advantage of the various deductions and exemptions provided by the government. One such deduction that can significantly reduce your tax liability is the Mediclaim deduction under Section 80D of the Income Tax Act. This

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Cost Inflation Index for F Y 2023-24 notified

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

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GST on Reverse Charge Mechanism (RCM) for Security Services

Understanding GST on Reverse Charge Mechanism (RCM) for Security Services as per Notification No 29/2018- Central Tax (Rate) dated 31-12-2018

Understanding GST on Reverse Charge Mechanism (RCM) for Security Services The implementation of the Goods and Services Tax (GST) in India brought significant changes to the taxation system. One such change is the Reverse Charge Mechanism (RCM), which shifts the responsibility of tax payment from the supplier to the recipient. In this article, we will

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Project Report Preparation for Bank Finance

Project Report Preparation for Bank Finance In today’s competitive business environment, obtaining financial support from banks for projects is a common practice. However, banks require thorough evaluation and assessment of the project’s feasibility and profitability before approving loans. This is where a well-prepared project report plays a vital role. In this article, we will delve

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GST input tax credit

Unlocking the Secrets of GST Input Tax Credit: How to Optimize Your Claims and get maximum benefit in 2023.

Understanding GST Input Tax Credit: How to Optimize Your Claims The Goods and Services Tax (GST) has revolutionized the Indian taxation system, bringing about a unified tax structure across the country. Under the GST regime, businesses can claim Input Tax Credit (ITC) to offset the taxes paid on inputs against the output tax liability. This

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Advance tax 1st Instalment due

Advance Tax 1st Instalment Due on June 2023: Importance and Consequences

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

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10 Crucial Guidelines for Accurate Tax Filing

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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HRA Exemption: A Comprehensive Guide to Understanding and Maximizing Your HRA Benefits to 100%

HRA Exemption: A Comprehensive Guide to Understanding and Maximizing Your HRA Benefits Introduction When it comes to managing your finances, it’s essential to take advantage of all the tax-saving opportunities available. One such benefit is the House Rent Allowance (HRA) exemption, which can significantly reduce your taxable income if you are a salaried individual. In

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How to make Income tax payment online for AY 2023-24 (FY 2022-23)

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

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Filing of Appeals under GST – Complete information about the process – You can get relief from GST demand if filed correctly. – CGST Act,2017

Filing of Appeals under GST The Goods and Services Tax (GST) is a comprehensive indirect tax law that was introduced in India in 2017. The GST law provides for a number of appeal mechanisms for taxpayers who are aggrieved by the decisions of the tax authorities. The authority passing the order may be GST officer,

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