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 »
Who needs to file an ITR Individuals and entities that are liable to pay income tax in India are required to file an Income Tax Return. Let’s define Who needs to file an ITR Filing Income Tax Returns is necessary because it’s a legal requirement and it helps to declare income accurately, calculates tax liability,… Read More »
ITR for Salaried Person For salaried individuals, the applicable Income Tax Return (ITR) form in India is typically ITR-1 (Sahaj) or ITR-2. The choice between these forms depends on certain factors such as the level of income, the presence of other sources of income, and the eligibility for specific ITR forms. Here’s a… Read More »
Tax Plannings Tax plannings encompasses various strategies and factors aimed at reducing tax obligations and maximizing your overall financial position. Here are some key steps to effectively implement tax planning n How tax planning: 1. Understand Tax Laws: Gain a comprehensive understanding of the tax laws and regulations applicable to your jurisdiction. This includes knowledge… Read More »
Section 194Q of Income Tax Act Section 194Q of the Income Tax Act, introduced in the Union Budget 2021 and effective from 1st July 2021, is a provision that specifically applies to buyers making payments to resident sellers for the purchase of goods. To visit:https://www.incometax.gov.in According to this provision, if a buyer makes payments exceeding… Read More »
Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »
Which items are liable for cess in GST In GST, cess is levy on certain goods or services that are consider to be luxury or sin goods, such as cigarettes, tobacco products, pan masala, aerated drinks, and luxury cars. For more information to visit https://www.gst.gov.in/ The proceeds from the cess are mean to be use… Read More »