Income Tax

Benefits of Filing Income Tax Return on Time

Benefits of Filing Income Tax Return on Time

Income tax returns (ITR) are only necessary for India if an individual’s taxable revenues exceed the Rs 2.5 Lakhs exemption threshold for the fiscal year. NIL tax returns are not required for individuals whose gross income falls below this threshold. However, it’s still a good idea to file a tax return even if your tax … Read more

Union Budget 2022: Hike in Tax Exemption Limit for NPS

Union Budget 2022 Hike in Tax Exemption Limit for NPS

With the goal of supporting macroeconomic growth, the Union Budget also aims to provide all-inclusive benefits at the microeconomic level as well, said the Union Finance Minister Smt Nirmala Sitharaman while presenting the 2022-23 Union Budget in Parliament on 1st February 2022. As a result, there were several new benefits offered for Taxpayers in India. … Read more

Reduction in MAT for Cooperative Societies : Union Budget 2022

Reduction in MAT for Cooperative Societies Union Budget 2022

On February 1st, 2022, the Finance Minister delivered the Union Budget 2022. There were no adjustments to the tax slab rates for individual taxpayers, but the budget speech introduced new tax laws for cooperative societies. Let’s understand the latest update for Reduction in MAT for cooperative societies. What is a Cooperative Society? Members of a … Read more

Govt Extends Reduced Corporate Tax upto next fiscal year

Govt Extends Reduced Corporate Tax upto next fiscal year

The Union Budget 2022, delivered on Tuesday by Finance Minister Nirmala Sitharaman, was praised for its focus on growth and for introducing several new updates. One of the most significant updates for corporations is the extension of reduced or concessional tax rates. In this article, you will understand the latest updates as the Govt Extends … Read more

Tax Incentives extended for Startups

Tax Incentives extended for Startups

The announcement by Hon’ble Union Finance Minister Nirmala Sitharaman that tax advantages would be extended till is a big boost for startup entrepreneurs. Last year, the Indian government extended the deadline for entrepreneurs to obtain tax exemptions until March 31, 2022. In light of the COVID-19 outbreak, the government has declared Tax Incentives extended for … Read more

Tax on Crypto Transactions – Budget 2022

Tax on Crypto Transactions - Budget 2022

Nirmala Sitharaman, India’s Finance Minister, ensures that the government will implement a Digital Rupee in the fiscal year 2022-23 and levy a tax of 30% on virtual assets during her presentation of the Union Budget 2022. Thus, crypto trade lovers in India now have to face Tax on Crypto Transactions. In this article, let us … Read more

Difference between Form 16 and Form 16A

Difference between Form 16 and Form 16A

Form 16 and Form 16A are both required for Income tax return filing. These forms are furnished by the employers to the employees specifying the tax deduction during the assessment year.  However, there is a significant difference between Form 16 and Form 16A. In this article, you will understand the difference between Form 16 and … Read more

Difference between 15ca and 15cb

Difference between 15ca and 15cb

Every international transfer made for business purposes must file Income Tax Forms with the Income Tax Portal, including the amount of the remittance, currency, recipient country, and nature of the transaction for which payment is required. In this article, we will understand the difference between 15ca and 15cb. Furthermore, if international remittance exceeds a certain … Read more

Income Tax Return Filing Due Date Extended for AY 2021-22

Income Tax Return Filing Due Date Extended for AY 2021-22

There is a relief for corporates as well as individual taxpayers in India. Once again, the CBDT has notified Income Tax Return Filing due to date extension via press release. The notification was released on January 11, 2022, and is applicable to the assessment year 2021-22. In this article, we will understand the latest notification … Read more