Income Tax

New Tax Calculator | Old vs New Regime Comparison

New Tax Calculator Old vs New Regime Comparison

This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal. As a taxpayer, it is important for you to calculate your taxes in the right way. A wrong calculation can lead to pain of Income Tax Return Filing once again. It may also lead to … Read more

CBDT Implements Stricter Audit Norms for Charitable Trusts

CBDT Implements Stricter Audit Norms for Charitable Trusts

Charitable trusts are now subject to stricter reporting regulations by the income tax authorities, requiring additional information in audit reports and placing greater responsibility on auditors. Thus, the Central Board of Direct Taxes (CBDT) has introduced changes to the audit reports for charitable trusts. Let’s understand the latest updates for Charitable trusts through this article. … Read more

Union Budget 2023 – Tax & Finance updates

Union Budget 2023 - Tax & Finance updates

Finance Minister Smt. Nirmala Sitharaman’s announcement of significant revisions to tax slabs under the new tax regime and a significant increase in expenditure for railroads and capital spending along with incentives to key sectors was good news for taxpayers and the economy. The Union Budget 2023, the fifth budget under Modi 2.0, was delivered by … Read more

ITR filing due date further extended for AY 2022-23

ITR filing due date further extended for AY 2022-23

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY … Read more

Tax Audit Report for AY 2022-23 due date extended

Tax Audit Report for AY 2022-23 due date extended

The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due … Read more

Withdrawal facility of Form 15cb enabled on e-filing portal

Withdrawal facility of Form 15cb enabled on e-filing portal

The inability to withdraw 15 CB forms from the e-filing system may account for a significant portion of the time it takes to update them. This is the statement from ICAI. However, the e-filing system has recently included a withdrawal feature, allowing CAs to withdraw their 15CB forms after providing justification. Let’s understand the latest … Read more

What is the benefit of home loan in income tax?

What is the benefit of home loan in income tax

The Indian government has always demonstrated a strong willingness to encourage people to invest in homes. Because of this, Section 80C permits a tax deduction for house loans. Additionally, there are several tax advantages that come with home loans when you purchase a residential property. This article will guide you about important information regarding the … Read more

know all about income tax on freelancer income

know all about income tax on freelancer income

Freelancers are self-employed individuals who manage various jobs for various clients while relaxing in their homes, parks, or café. Independent contractors or freelancers exist in many industries, including social media content writers, website designers, consulting firms, and marketing. However, this convenience is not without cost because, by the Income Tax Act, freelancers are also required … Read more

How to plan income tax for partnership firm

how to plan income tax for partnership firm

Despite the lack of a separate legal entity, partnership firms are treated differently by the Tax authority than their partners. As a result, all partnership firms, whether they are registered or not, must register with the Income Tax Department and obtain a PAN Card No., and income tax for partnership firms must be understood, This … Read more

What is a faceless assessment scheme under income tax

What is a faceless assessment scheme under income tax

Taxpayers have to deal with harassment from tax authorities from time to time, thus the government has instituted an anonymous income tax assessment for their advantage. If there was an error on the return or there was a dispute over-regulation, the assessee was required to attend the I-T department office. Income tax assessments are now … Read more