Form 26AS is a crucial document that outlines the specifics of any sum that has been deducted from a taxpayer’s income as TDS or TCS from a variety of sources. Additionally, it provides information on the amount of advance tax or self-assessment tax that has been paid, as well as any high-value transactions that the […]
TDS or Tax Deducted at Source is a direct tax mechanism introduced with the aim of collecting tax from the very source of income. The government uses TDS to minimize tax evasion by taxing the income partially or wholly at the time it is generated rather than at a later date.
Section 80C of the Income Tax Act, 1961, provides various tax-saving options to individuals. One can save up to Rs. 1.5 lakh per year through investments under Section 80C. These investments not only help in saving taxes but also aid in wealth creation. Let’s look at some of the top investments under Section 80C.
Filing income tax returns is a crucial step for every taxpayer. It not only helps in avoiding legal consequences but also enables taxpayers to claim various benefits and exemptions. However, it is not uncommon for taxpayers to make mistakes or omissions while filing their returns. To address such errors and mistakes, taxpayers can file either an updated return or a revised return. While these terms may sound similar, they are different in many ways.
Typically, the income tax return (ITR) filing for Assessment Year (AY) 2023-24 begins after the end of the financial year, which is on April 1, 2023. Taxpayers who are not required to get their accounts audited usually have until July 31, 2023, to file their ITR for AY 2023-24.
The deadline for filing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, reflecting the income earned during the financial year 2022-23, typically falls on July 31, 2023, for most taxpayers. However, individuals, companies, and LLPs that need to have their accounts audited under the Income Tax Act have a later deadline of October 31, 2023, for filing their ITR.
Compliance with essential GST requirements is crucial for companies that are GST-registered. Prior to the start of the year, companies must prepare new invoice processing series, evaluate their accumulated turnover to determine whether to opt for the scheme for FY 2023-2024
There have been several changes to income tax rules that have become effective from the current financial year. These changes include alterations to income tax slabs, an increase in the tax rebate limit, and the removal of LTCG tax benefits on certain debt mutual funds. These changes have been in effect since April 1st, 2023.
In a recent case Tvl Metal Trade Incorporation v. the Special Secretary, Head of the GST Council Secretariat and Ors.(W.P. No. 3033 of 2023 And W.M.P. No. 3125 of 2023 dated February 6, 2023), the Hon’ble Madras High Court ruled that the State Tax Authority cannot prosecute an assessee if the Central Tax Authority has already taken action regarding the same subject matter. The court further stated that the assessee must participate in a personal hearing or enquiry to substantiate such a defence and to determine whether the proceedings initiated by the Central and State Tax Authorities involve the same subject matter. The court directed the assessee to appear before the Revenue Department and present all their objections.
The ITAT, Ahmedabad in Amit kumar Hasmukhbhai Shah v. Deputy CIT [ITA Nos. 517 & 518/Ahd/2019 dated January 18, 2023] has set aside the penalty, for alleged concealing the particulars of income, on the grounds that the income which was sought to be taxed in the hands of the assessee had already been taxed as income in the hands of another entity. Directed the Revenue Department to delete the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961 (“the IT Act”).