The Central Board of Direct Taxes (DBDT) has suggested a standardized income tax return (ITR) form in an effort to streamline the tax filing process for individuals and businesses alike. Except for Form-7, the CBDT has recommended consolidating all ITR forms. Let’s learn about the latest updates regarding a simpler and common ITR Filing form … Read more
In the Union Budget 2022, the government suggested the idea of an updated return for income tax purposes. This article will discuss all about Filing of Form ITR-U. So, what exactly is a revised ITR or Updated ITR or ITR-U? In accordance with section 139(8A) of the Income Tax Act, taxpayers who subsequently learn they … Read more
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
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
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
The Government of India has given the opportunity to the taxpayers for selecting either of two income tax regimes. The new tax regime was launched in the Union Budget 2020. Both of these regimes have pros and cons. Thus, Taxpayers must choose wisely between these two as both of these regimes involve complex concepts necessary … Read more
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
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
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
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