Introduction Filing an Income Tax Return (ITR) is a crucial step for taxpayers in India, but merely filing it is not enough. To complete the process, the return must be verified within the stipulated time frame. ITR verification confirms the authenticity of the filed return and is mandatory to process the return for tax refunds,… Read More »
Introduction ITR 3 vs ITR 4 : Filing Income Tax Returns (ITR) is an essential compliance requirement for taxpayers in India. The Income Tax Department provides different ITR forms based on income sources and taxpayer categories. Among them, ITR 3 and ITR 4 are specifically designed for individuals and Hindu Undivided Families (HUFs) with business… Read More »
New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Merchandise Stores Merchandise Stores, Yes, grocery and merchandise stores fall within the purview of (ITR) Income tax return filing if their yearly turnover surpasses Rs. 2 crore. Yet, an alternative exists in the form of the presumptive taxation scheme under Section 44AD of the Income Tax Act, 1961, catering to those with a turnover below Rs.… Read More »
Account Finalization For Manpower No, there is no threshold limit of account finalization for Manpower & Employment Agencies finalization in India. The Ministry of Labour and Employment has not set any such limit. However, manpower agencies are required to maintain certain records, such as the identity of the employer and employee, the terms of… Read More »
ITR Filling for Real Estate ITR Filling for Real Estate, here are some of the tax deductions available for real estate agents during ITR filling for real estate in India: 1. Commissions paid: Real estate agents can deduct the commissions they pay to other agents or brokers in connection with the sale or purchase… Read More »
Due Date of Tax Audit Panalty and Due Date of Tax Audit, The penalty for filing a late tax audit report for spas and parlor services is 0.5% of the total sales, turnover, or gross receipts. The due date for filing the tax audit report is 30 September of the assessment year following the financial… Read More »
Tax Deductions for Spas and Parlor Tax Deductions for Spas and Parlor, here a rundown of potential tax deductions for spas and parlor services when filing their income tax returns: 1. Equipment and Furnishings Costs: You’re eligible to deduct the expenses incurred in acquiring essential furniture and equipment for your business, encompassing massage tables,… Read More »
Dedline of Tax Audit The Dedline of Tax Audit for automobile dealers falls on the 30th of September in the following year. Failure to file this report could result in a penalty of 0.5% of the total sales, turnover, or gross receipts, with a maximum cap of Rs. 1,50,000. It’s important to note that… Read More »
Manpower Tax Deductions Manpower Tax Deductions and staffing firms have the opportunity to harness multiple tax deductions while filing their ITR, enhancing their financial stance: 1. Section 80JJAA: This provision allows a deduction of 30% of additional employee wages for entities providing new employment. It incentivizes job creation and can significantly reduce the tax liability.… Read More »
