Budget 2024 Direct Tax Proposals – ₹0-3 lakh: Nil – ₹3-7 lakh: 5% – ₹7-10 lakh: 10% – ₹10-12 lakh: 15% – ₹12-15 lakh: 20% – Above ₹15 lakh: 30% The old slab… Read More
Form 10 and Form 9A to be furnished before 31st May, 2023 in certain cases
The Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax… Read More
UNION BUDGET 2023
Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2023 on 1st February, 2023. Let us discuss the proposed changes in the Income Tax and GST laws by the Union Budget, 2023. INCOME TAX AND GST UPDATES INCOME TAX UPDATES… Read More
FORM ITR-U INDIAN INCOME TAX UPDATED RETURN-AN OVERVIEW
The concept of ITR-U was introduced in the Union Budget 2022. Section 139(8A) of the Income Tax Act along with Rule 12C of Income Tax Rules is brought to help the taxpayers in tackling the mistakes made in the Income… Read More
Common ITR form for all taxpayers
The CBDT on Tuesday 1st November, 2022 proposed to introduce a common ITR form merging all existing ITR forms except ITR-7. As per CBDT the new common ITR form will be user friendly. Also CBDT proposed that the income from… Read More
Section 194Q TDS on Purchase of Goods
Section 206C(1H) inserted by the Finance Act, 2020 mandates the tax collection at source by the seller of goods if it exceeds Rs. 50 lacs in any previous year. Similarly section 194Q has been inserted on the similar grounds by… Read More
Section 194R Applicable wef 1st July 2022
The new section of TDS 194R is applicable wef from 1st July 2022 to all the assessees except Individuals and HUF subject to Tax Audit. Those individuals and HUF having tax turnover of exceeding Rs. 1 cr in of business… Read More
Don’t miss the deadline Form 10BD and Form 10BE is due by 31st May, 2022
The CBDT Notification 19/2021 dated 26th March, 2021 notified that a statement in Form 10BD is required to be submitted by all the entities registered under section 80G and Section 35(1) of the Income Tax Act. Post filing of the… Read More
BUDGET 2022 HIGHLIGHTS
The Union Minister of Finance Nirmala Sitharaman presented the Union Budget 2022 on February 1, 2022. Here are the sector wise highlights of the Union Budget 2022; 1. Tax and Economy Fiscal Deficit is 6.9% of the GDP. Reduced AMT… Read More
Section 194N
The First Fiscal Budget being presented by Honorable Minister of Finance Nrimala Sitaraman in 2019 introduced a new section 194N which will attract a TDS on cash withdrawals in excess of Rs. 1 Crore and is in force with effect… Read More