Many salaried persons have received a House Rent Allowance (HRA) on their salary. This concession can be claimed as an income tax exemption by individuals who live in rented housing. According to a report by the India Times, the I-T Department has displayed fake activities related to the clamming of HRA. It has been disclosed that unlawful PANs were used in this fraud. The government department ha......

GSTR-1 reporting beginning on January 24, the government has introduced new tables 14 and 15. Only providers who deliver through e-commerce operators and ECOs that pay tax in their GSTR-1 under CGST Act section 9(5) are required to fill out these tables. Query 1. What was the rationale behind introducing the new tables 14 and 15 in GSTR-1? Answer: From August 1, 2022, a fresh addition, Table 3.1......

An Introduction of I-T Section 43B This section permits the deduction of specified expenses outlined in Section 43B under the category of 'Income from business and profession.' The deduction is allowed on an actual payment basis rather than an accrual basis. This implies that the taxpayer cannot claim the deduction in the year when the payment is due but only in the year when the payment is actua......

As the businesses are engaged with their filings the GSTR-1 last date is approaching. GST Network (GSTN) has released a new advisory dated 1st January 2024 which specifies a significant update in this return. It is meant to increase the reporting process of all the taxable outward supplies/sales made through e-commerce operators (ECO).GSTR-1 form has been enhanced with the inclusion of two new tab......

The upcoming ITR forms will apply to filing returns in the 2024-25 year for income earned during 2023-24. Normally released by the I-T department in February or March, this year, the government has announced these changes well ahead of time. This proactive step aims to aid taxpayers in understanding the new disclosures required and ensuring they have the necessary documents prepared. We'll detail ......

On the grounds of a person's income, an income tax is required to be paid to the government and an income tax act is said to be one of the prominent forms of the tax. The government uses it for the welfare of the public such as infrastructure development, subsidies, defence funding, etc. Under the Income Tax Act of 1961, the same direct tax is been counted and should be paid when your income is el......

Minimizing the Cascading Effects of GST and Input Taxes The introduction of the Goods and Services Tax (GST) in 2017 represented a substantial leap toward creating a more efficient and uncomplicated tax system. One crucial element bolstering the efficacy of GST is the integration of Input Tax Credit (ITC) provisions.Formulated to establish a forward-looking tax structure, GST's fundamental design......

Taxpayers often commit mistakes when they file their GST returns. As a result, it may lead individuals to face consequences or pay hefty penalties. Therefore, accurate filing of Goods and Services Tax (GST) returns is crucial to avoid such unnecessary pitfalls and ensure compliance with the tax guidelines of deadlines. Familiarising yourself with the common mistakes to avoid during GST return fili......

The Central Board of Direct Taxes (CBDT) has released a notification regarding the Income Tax Return (ITR) dated February 10, 2023, and February 14, 2023, for FY 2022-23, and AY 2023-24. The board has also started the e-filing of ITRs introducing the Excel facility for ITR-1 and ITR-4 on April 25, 2023, and ITR-2 on May 11, 2023. Individuals can get the forms with the official link- www.incometaxg......

Taxpayers are advised to be cautious while filing a Goods and Service Tax (GST) return to avoid the inconvenience of needless reconciliation. That's why it is crucial to keep yourself aware of obvious mistakes and avoid them when filing GST returns. However, it is better to look at the various types of GST returns before learning about the mistakes.Explanation of GST ReturnsThe GST return is a det......

As Indian taxpayers, we must be aware of the changes in the tax code that have occurred in recent years. The new tax structure envisaged in the Union Budget 2020 has been the talk of the town since its unveiling. The new tax regime has resulted in significant changes in the way we compute our taxes, which has left many taxpayers bewildered. In this essay, we'll discuss India's new tax system, cont......

This blog post outlines some important income tax amendments for A.Y. 2023-24 which a taxpayer must be aware of when filing an income tax return online.  1. TDS Will be Applicable on the Payment of Interest on Mentioned Debentures to a Resident Section 193 of the Act allows TDS on payment of any income to a resident by means of interest on securities. 2. Housing Loan Interest Not Considere......

Many people get a wake-up call when an employee requests investment information near the end of the fiscal year to submit their required tax declarations. When it comes to financial management, many have developed the bad habit of making expensive mistakes. especially when it comes to tax planning or declaring costs that qualify for tax deductions. Taxpayers in India must contend with the many la......

An instructional video was published by Mohandas Pai, a former director of Infosys and the current chairman of Manipal Global Educators, explaining the idea behind the composition levy scheme offered under the Goods and Services Tax (GST) regime. The brief film depicts a customer at a restaurant requesting that the 5% GST component of his bill be removed because the establishment was subject to t......

The tax return forms for the financial year 2022–2023 would have been announced by the Central Board of Direct Taxes (CBDT) on 10th Feb 2023. ITR forms were issued in advance this year, which is a massive move in the right direction toward making compliance more straightforward. Taxpayers will be more aware of the disclosure and reporting obligations on tax return forms. Below are the Som......

Since we are into 1st week of December 2022, the stated month carries more importance from a GST compliance perspective as 31 December 2022 is the last date to file GSTR 9 and GSTR 9C for FY 2021-22. The article discussed the concern that we would mainly comment on the applicability of GSTR 9 and 9C and key prerequisites.The purpose of this article is to explain the mandatory fields while filing G......

In order to sell across India, any individual, firm, or company needs to obtain a GSTIN. However, there are some anomalies in the general legal practice of registering for GST. You don't need any hard copies or printouts to register your shop or business on the GST portal. You can enrol on the government's GST portal using its enrollment functionality. The GSTINs are not easy to obtain, however. ......

What is the CGST Notification Through CBIC for E-Invoicing Under CGST Act 2017? CBIC provided the Circular No. 17/2022-GST dated 1st Aug 2022 which mentioned that the required e-invoicing from 1st Oct 2022 for the businesses whose aggregate turnover is more than Rs 10 cr in any fiscal year from 2017-18 to 2021-22 towards the B2B supply of goods or services or both including for exports. When the ......

When you are unable to report some part of your income in your ITR towards the Financial Year 2021-22 (AY 2022-23) then you could report the same in the subsequent 2 years by furnishing an updated return. The updated return (ITR-U) utility shall come into force from the start of the current financial year (1 April 2022). Finance Act 2022 has introduced the same. For the same intention, the act wou......

There are nearly 7 ITR forms that are available for several classes of assessees to furnish before the last date of the fiscal year. The ITR-1 (Sahaj) would be one of the simpler forms and caters to a bigger number of small and medium assessees. Sahaj would be required to get furnished via assessees who secure the income of up to Rs 50 lakh and who obtain the income through the salary, one house p......