Posted Date : 31-Jul-2023 , 01:12:46 pm | Posted By S.Mahajan

ITR filing last date 2023: What happens if you miss July 31 deadline?   If you happen to miss the July 31 due date, you can file a belated return until December 31, but keep in mind that a late fee will be imposed. Late fees A late fee of Rs 5,000 will be imposed if the return is furnished a...

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Category : ITR | Comments : 0 | Hits : 656

Posted Date : 30-Jul-2023 , 10:37:35 pm | Posted By NIKITA AGARWAL

The introduction of Form 15CA and Form 15CB in the Income Tx Act of India was primarily aimed at strengthening tax compliance and enhancing transparency in foreign remittances. Reporting foreign transactions in Form 15CA and Form 15CB is a crucial compliance requirement for certain remittances ma...

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Category : Income Tax | Comments : 0 | Hits : 763

Posted Date : 28-Jul-2023 , 09:25:39 pm | Posted By CA.Khurana Vivek

Mistakes made while filing an income tax return make one’s return invalid and may lead the person liable for penalty and prosecution.  Filing an income tax return can either be a tiresome or an easy process. It all depends upon the knowledge & guidance one receives. With so many prov...

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Category : ITR | Comments : 0 | Hits : 653

Posted Date : 27-Jul-2023 , 09:39:23 pm | Posted By NIKITA AGARWAL

Professional Tax is a state-level tax imposed by various state governments in India. It is levied on income earned by individuals from professions, trades, callings, or employment. Each state in India has its own Professional Tax Act and regulations governing the levy and collection of this tax. The...

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Category : Income Tax | Comments : 0 | Hits : 401

Posted Date : 27-Jul-2023 , 01:31:02 am | Posted By NIKITA AGARWAL

Investing in unlisted shares in India can have various tax implications, both at the time of acquisition and when selling or transferring these shares. Unlisted shares refer to shares of companies that are not listed on any recognized stock exchange. Here are some key tax implications to consider: ...

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Category : Income Tax | Comments : 0 | Hits : 377

Posted Date : 26-Jul-2023 , 11:21:25 am | Posted By CA.Khurana Vivek

Notices are being served by the Income tax (I-T) department asking assessees to produce documentary proof for claiming exemptions / deductions. Complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of...

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Category : Income Tax | Comments : 0 | Hits : 221511

Posted Date : 25-Jul-2023 , 07:31:48 pm | Posted By NIKITA AGARWAL

Leave Trasvel Concession Claim – Provisions, Documents and Frequency   LTC (Leave Travel Concession) is a tax benefit provided by the Indian government to salaried individuals for expenses incurred on travel. The LTC is primarily applicable to government employees, employees of public s...

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Category : Income Tax | Comments : 0 | Hits : 279

Posted Date : 25-Jul-2023 , 10:24:04 am | Posted By CA Jyoti Agrawal

Income tax is an essential part of every citizen’s financial responsibility. However, finding legal ways to save income tax liability can be beneficial. While there are may methods to save income tax in india , such as claiming deductions for investments and expenses, there are also some other...

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Category : Income Tax | Comments : 0 | Hits : 272

Posted Date : 24-Jul-2023 , 03:34:37 pm | Posted By NIKITA AGARWAL

A Detailed Analysis of Form DPT-3 under the Companies Act, 2013 in India     1. Introduction   The Companies Act, 2013, is a comprehensive legislation that governs the formation, management, and operations of companies in India. One of the crucial compliance requirements under th...

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Category : Corporate Law | Comments : 0 | Hits : 247

Posted Date : 23-Jul-2023 , 06:16:34 pm | Posted By NIKITA AGARWAL

APEDA (Agricultural and Processed Food Products Export Development Authority) registration in India is an essential requirement for businesses engaged in the export of agricultural and processed food products. APEDA plays a crucial role in promoting the export of these products and ensuring their qu...

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Category : General | Comments : 0 | Hits : 319

Posted Date : 22-Jul-2023 , 10:49:19 am | Posted By NIKITA AGARWAL

When three individuals take a joint home loan and want to claim the tax benefits for the interest paid on the loan, they can do so by following these steps: Ownership Ratio: First, they need to determine the ownership ratio of the property and the loan among the three individuals. This ratio will...

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Category : Income Tax | Comments : 0 | Hits : 278

Posted Date : 21-Jul-2023 , 11:07:19 am | Posted By CA Jyoti Agrawal

Royalties on patents are similar to rewards for producing excellent work. Section 80RRB was included to the Income Tax Act to encourage people. Taxpayers may deduct revenue from royalties on patents under this clause. According to section 80RRB, the taxpayer is qualified to make a deduction claim. T...

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Category : Income Tax | Comments : 0 | Hits : 267

Posted Date : 20-Jul-2023 , 03:39:38 pm | Posted By NIKITA AGARWAL

When the Nifty (or any stock market index) reaches an all-time high, it can be an exciting time for investors, but it also calls for cautious decision-making. Here are some key points that an investor should keep in mind during such times: Avoid Emotional Decisions: Reaching an all-time high can ...

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Category : Shares & Stock | Comments : 0 | Hits : 422

Posted Date : 18-Jul-2023 , 10:11:47 pm | Posted By CA Jyoti Agrawal

Did you realise that taxes can be levied on the deceased as well? As absurd as it may appear, if a deceased person had taxable income, income tax returns had to be submitted for that person. For the income earned up until the date of death, his legal heir or representative must file the return on hi...

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Category : Income Tax | Comments : 0 | Hits : 325

Posted Date : 18-Jul-2023 , 04:35:56 pm | Posted By Ishita Ramani

Introduction   The GST registration certificate is a legal document that is a proof of the GST registered taxpayers in India. Any company or firm in India whose revenue exceeds the GST registration criteria is required to register under GST. Entities such as casual taxable persons, non-reside...

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Category : GST | Comments : 0 | Hits : 416

Posted Date : 17-Jul-2023 , 05:58:58 pm | Posted By NIKITA AGARWAL

Calculating capital gains on shares when the cost of purchase is unknown can be challenging. However, there are a few methods you can use to determine the cost of acquisition and calculate the capital gains. Here's a general approach:   Determine the fair market value (FMV) as on 31st January...

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Category : Income Tax | Comments : 0 | Hits : 502

Posted Date : 16-Jul-2023 , 07:50:39 pm | Posted By NIKITA AGARWAL

FSSAI (Food Safety and Standards Authority of India) registration is mandatory for any business involved in the food industry in India. The registration process involves several steps and requires specific documents to be submitted. Here is a detailed analysis of how to do FSSAI registration in Indi...

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Category : General | Comments : 0 | Hits : 441

Posted Date : 15-Jul-2023 , 05:35:12 pm | Posted By Ishita Ramani

Introduction   When starting a partnership business, the first decision a businessman has to make is what type of partnership business they want to register. The 2 most common types of partnership business structures are Partnership Firm and Limited Liability Partnership (LLP). In this blog, ...

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Category : Corporate Law | Comments : 0 | Hits : 291

Posted Date : 15-Jul-2023 , 01:59:32 pm | Posted By NIKITA AGARWAL

A legal heir certificate is an important document that establishes the rightful heirs of a deceased person. It serves as proof of inheritance and is required for various purposes, including claiming assets, accessing bank accounts, applying for government benefits, and settling legal matters. In thi...

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Category : Corporate Law | Comments : 0 | Hits : 401

Posted Date : 14-Jul-2023 , 08:56:26 am | Posted By NIKITA AGARWAL

While filing TDS Return, A Return Preparer should keep in mind the following Do's and Dont's:-  Do's: 1. Read the instructions carefully: Familiarize yourself with the guidelines and instructions provided by the Income Tax Department for filling TDS returns. 2. Use updated forms: Always use ...

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Category : TDS | Comments : 0 | Hits : 385