Tax saving schemes other than 80c of Income Tax Act Apart from the deductions available under Section 80C of the Income Tax Act, there are other tax-saving schemes and investments that can be considered for reducing your tax liability. Some of these schemes are: National Pension System (NPS): Contributions made to the NPS are eligible… Read More »
Section 80C Deduction List I Income tax year end Tax Saving Section 80C deduction are available as per the Income Tax Act of india . Section 80C provides for various deductions that can be claimed by individuals and Hindu Undivided Families (HUFs) from their gross total income. The maximum deduction allowed under this section is… Read More »
Ex Parte order can not passed by CIT (A) if grounds of appeal were not attached with Form 35 due to technical reasons HIGH COURT OF BOMBAY Prime ABGB (P.) Ltd. v. National Faceless Appeal Centre Income Tax Department, New Delhi DHIRAJ SINGH THAKUR AND KAMAL KHATA, JJ. WRIT PETITION (LODGING) NO. 36794 OF 2022 FEBRUARY 8,… Read More »
ITR 4S means for AY 2023-24 ITR 4S is an Income Tax Return form that is used by individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA or Section 44AE of the Income Tax Act. It is also known as Sugam form. The presumptive taxation… Read More »
ITR 1 Means for AY 2023-24 Every year ITR forms are notified by Income Tax department . ITR 1 is an Income Tax Return form that is used by individual taxpayers to file their income tax returns with the Income Tax Department of India. It is also known as Sahaj form, and is the most… Read More »
What is Acknowledgement Number in ITR In the context of Income Tax Return (ITR), an acknowledgement number is a unique identification number that is generated when you file your ITR online. It is a 15-digit number that is provided by the Income Tax Department as a proof of filing your return. The acknowledgement number is… Read More »
What is GST Composition scheme The GST Composition Scheme is a simplified tax scheme under the Goods and Services Tax (GST) system in India. It is designed for small businesses and taxpayers to reduce their compliance burden and ease the tax payment process. Under this scheme, eligible businesses with an annual turnover of up to… Read More »
49th GST Council Meeting Recommendations I Press Release I Summary I Key Highlights 49th GST Council Meeting was held in New Delhi on 18th Feb 2022 . The GST Council has made several recommendations related to GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers on Capacity Based Taxation and Special… Read More »
GSTR 3B Filing New change from January 2023 onwards I CA Satbir Singh Introduction of Negative Values in Table 4 of GSTR-3B 1.The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed,… Read More »
Introduction of Negative Values in Table 4 of GSTR-3B 17/02/2023 1.The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. According to… Read More »