INCOME TAX RETURN (ITR) FORM NO. PERSON INCOME COVERED DUE DATE ITR – 1 SAHAJ Resident Individuals (1) Total Income ≤ Rs. 50 Lakh; and (2) Income from Salary, House Property (upto 2), Long term capital gain (upto Rs. 1.25 lakh) and Other Sources 31st July, 2026 ITR – 2 Individuals / HUF (1) Non-Resident …
TRUST/ SOCIETY CONVERTED TO NON-CHARITABLE UNDER INCOME TAX FREQUENTLY ASKED QUESTIONS (FAQ) BACKGROUND: A large number of Specified Persons including Trusts, Societies or institutions registered u/s 12AA/ 12AB and 10(23C) of the Income Tax Act, 1961 having previous registration approval till 31-03-2026, were required to get their Registration under the said sections to be renewed. …
REJECTION OF APPLICATION FOR RENEWAL OF TRUST REGISTRATION U/S 12AA/12AB/ 10(23C) Read More »
In India, as the new financial year (2022-23) begins on 1 April. There are some major changes in Income Tax Laws that are effective from 01-04-2022 and applicable for the FY 2022-23. These new rules will affect how much you save, spend, and pay in taxes. Here is a look at these major changes …
5 MAJOR CHANGES UNDER INCOME TAX LAW w.e.f. 1 April 2022 Read More »
Issue 1 : Whether the provisions of subsection (1) of section 54 of the CGST Act regarding time period, within which an application for refund can be filed, would be applicable in cases of refund of excess balance in electronic cash ledger? Clarification 1 : No, the provisions of sub-section (1) of section 54 of the CGST Act regarding …
GST REFUND – CASH REGISTER, TDS/ TCS and DEEMED EXPORTS Read More »
The Income Tax Department is sending mails to all the assesses who have generated ITDREIN or filled their SFT earlier. The main problem is with the Assessees who have replied to the queries after demonitisation and filled Form 16A.
Amendments carried out in the Finance Bill, 2021, will come into effect from the date when the same will be notified (except where specifically mentioned otherwise), as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States and Union territories with Legislature:- (A) AMENDMENTS IN CGST ACT, …
GST (GOODS AND SERVICES TAX) – CHANGES IN BUDGET 2021 Read More »
1. Exemption from filing income tax returns for senior citizens (75 years and above) who only have pension and interest income. The paying bank will deduct the necessary tax on their income; 2. Maturity or Surrender Value of Unit Linked Insurance Plan (ULIP) with annual premium exceeding Rs. 2.50 Lakhs, issued after 01-02-2021 shall not …
INCOME TAX – MAJOR CHANGES IN BUDGET, 2021 FOR F. Y. 2021-22 (A.Y. 2022-23) Read More »
The Finance Bill, 2020 has amended Section 129 relating to detention, seizure and release of goods and conveyances in transit. The amended section is noted below for ready reference:- “129 (1) Notwithstanding anything contained in this Act, where any person transports any goods or stores any goods while they are in transit in contravention of the …
One of the requests of the transporters was that they have to be allowed to use one registration number for updation of e-way bills throughout the country. That is, once the e-way bill generated with one of GSTIN of its company, the system should enable to update the Part-B using any of their GSTINs without …
E-WAY BILL – COMMON ENROLMENT FOR REGISTERED TRANSPORTER ACROSS INDIA Read More »
I have been receiving several queries regarding the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations‘ (PM CARES) Fund, related to its Constitution, Objective and Requirement and a reason why ‘Prime Minister National Relief Fund’ (PMNRF) has not been used for relief (spending) related to COVID19 and what is the need for a specialised fund …
Clarification on PM CARES Fund – Constitution, Objective & Need Read More »