In order to do ITR Filing, taxpayers must have knowledge of their Income Tax ward and Income Tax circle. The Income Tax Ward or Circle is also known as Income Tax Jurisdiction. Thus, understanding this jurisdictional information is advantageous as it plays a crucial role in any communication from the Income Tax Department. So, let’s … Read more
Over the years, there is significant progress in India regarding women’s rights to inherit and own property. As a result, Indian women are now more confident and vocal about their involvement in wealth planning and management. This shift in attitude is because of advancements made in Indian succession laws. Let’s get an overview of the … Read more
The I-T department has recently released a mobile application called “AIS for Taxpayer ”. It allows taxpayers to access their information available in the Annual Information Statement (AIS). Let’s learn all about the Income Tax App Launch to view AIS Details. Income Tax Department Launches ‘AIS for Taxpayer’ Mobile App The Income Tax Department has … Read more
This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal. As a taxpayer, it is important for you to calculate your taxes in the right way. A wrong calculation can lead to pain of Income Tax Return Filing once again. It may also lead to … Read more
Charitable trusts are now subject to stricter reporting regulations by the income tax authorities, requiring additional information in audit reports and placing greater responsibility on auditors. Thus, the Central Board of Direct Taxes (CBDT) has introduced changes to the audit reports for charitable trusts. Let’s understand the latest updates for Charitable trusts through this article. … Read more
Finance Minister Smt. Nirmala Sitharaman’s announcement of significant revisions to tax slabs under the new tax regime and a significant increase in expenditure for railroads and capital spending along with incentives to key sectors was good news for taxpayers and the economy. The Union Budget 2023, the fifth budget under Modi 2.0, was delivered by … Read more
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY … Read more
The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due … Read more
The inability to withdraw 15 CB forms from the e-filing system may account for a significant portion of the time it takes to update them. This is the statement from ICAI. However, the e-filing system has recently included a withdrawal feature, allowing CAs to withdraw their 15CB forms after providing justification. Let’s understand the latest … Read more
The Indian government has always demonstrated a strong willingness to encourage people to invest in homes. Because of this, Section 80C permits a tax deduction for house loans. Additionally, there are several tax advantages that come with home loans when you purchase a residential property. This article will guide you about important information regarding the … Read more