01 Feb, 2023
Is the basic income tax exemption limit to be increased to Rs 5 lakh? Budget speech by FM Personal Income Tax 1. Now, I come to what everyone is waiting for — personal income tax. I have five significant announcements to make in this regard. These primarily benefit our hard-working middle class. 2. The first […]
Read More01 Feb, 2023
A. Annual Financial Statement (AFS)The Annual Financial Statement (AFS), the document provided under Article 112, showsthe estimated receipts and expenditure of the Government of India for 2023-24 along with estimates for 2022-23 as also actuals for the year 2021-22. The receipts and disbursementsare shown under three parts in which Government Accounts are kept viz., (i) […]
Read More01 Feb, 2023
Minister of Finance February 1, 2023 Hon’ble Speaker, I present the Budget for 2023-24. This is the first Budget in Amrit Kaal. Introduction 0-3 lakh Nil 3-6 lakh 5 per cent 6-9 lakh 10 per cent 9-12 lakh 15 per cent 12-15 lakh 20 per cent Above ` 15 lakh 30 per cent This […]
Read More01 Feb, 2023
Here are the revised tax slabs under the new tax regime Revised tax slabs under the new tax regime: 🔴 Income of Rs 0-3 lakh is nil. 🔴 Income above Rs 3 lakh and up to Rs 5 lakh is to be taxed at 5% under the new regime. 🔴 income of above Rs 6 […]
Read More30 Jul, 2021
Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis […]
Read More03 Apr, 2021
The government has extended the deadline for intimating the Aadhaar number to the Income Tax Department for linking the UID number to tax payers’ PAN by another three months to June 30, 2021. The earlier deadline was March 31, 2021 “Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out […]
Read More09 Mar, 2021
In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central […]
Read More27 Oct, 2020
Extension of due date of furnishing of Income Tax Returns and Audit Reports 1.In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, […]
Read More16 Aug, 2020
Income Tax in India: Taxes in India can be ordered as immediate and backhanded duties. Direct assessment is a duty you pay on your pay legitimately to the legislature. Circuitous duty is an expense that another person gathers for your sake and pays to the legislature eg cafés, theatres and internet business sites recoup charges […]
Read More16 Aug, 2020
You can reimburse your credit add-up to any HFC (Housing money organization) or NBFC (Non-banking account organization) in real money, given each advance portion is not as much as Rs 2 lakh. The government, in its recent budget, introduced Section 269ST. This section, aimed at promoting the digital economy, prohibits cash transactions exceeding Rs.2 lakh. […]
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