Leave Trasvel Concession Claim – Provisions, Documents and Frequency
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 |
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Top 5 Useful Ways to Save Income Tax
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 |
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How to claim deduction of Joint Home Loan in ITR
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 |
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Supercharge Tax Benefits With Section 80RRB
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 |
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Fill out the Deceased's Income Tax Return as the Legal Heir
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 |
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Calculation of Capital Gains on Shares when the cost of purchase is unknown
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 |
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The Process to Prepare the GST Audit
Posted Date : 13-Jul-2023 , 12:08:58 pm | Posted By
Ishita Ramani
Introduction
Registered taxpayers in India with an aggregate turnover of more than 2 crores in a financial year must have their accounts book audited by an authorized Cost Accountant or a Chartered Accountant in accordance with Section 35 (5) of CGST Act. The taxpayer must submit a copy of ...
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Category : Income Tax |
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Tax on Income from Share Market Trading and Investing | Taxation on Shares and Securities - Part 1
Posted Date : 07-Jul-2023 , 09:54:50 am | Posted By
CA.Khurana Vivek
Taxation on Shares and Securities - Part 1
Taxation on Trading of Shares
Listed Shares
Unlisted Shares
Taxation on Mutual Fund
Debt Oriented
Equity Oriented
Bonds & Debentures
Listed
Unlisted
Zero Coupon
CBDT Circular No.4/2007 dated 15.06.2007, Cir...
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Category : Income Tax |
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Canada Express Entry Draw - IRCC issues 9100 ITAs in Latest 2 Express Entry Draws for PR
Posted Date : 28-Jun-2023 , 09:56:42 pm | Posted By
CA.Khurana Vivek
Latest Express Entry Draw for PR on 27th June 2023.
Second Express Entry draw of June 2023. First was on 08th June 2023. The draw was a surprise as it marked the second Express Entry round of invitations in consecutive weeks. IRCC has now already invited 9,100 Express Entry candidates in...
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Category : Income Tax |
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WHY IS IT ESSENTIAL TO DETERMINE A PERSON’S STATUS AS RESIDENT, ORDINARILY RESIDENT AND NOT ORDINARILY RESIDENT UNDER THE INCOME TAX ACT?
Posted Date : 17-May-2023 , 12:35:02 pm | Posted By
ILA JINDAL
As we all must be aware about that an individual’s income taxability is depends upon his residential status, which is to be determined on an year to year basis.
Let us first see, when can an individual become a resident of India. An individual shall be deemed to be a resident of India if he s...
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Category : Income Tax |
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Boost Your Website's Ranking: Choose SEO Reseller India
Posted Date : 16-May-2023 , 05:14:54 pm | Posted By
Mansi Rana
SEO Reseller services have become a popular option for businesses looking to outsource their search engine optimization needs. In India, there are many SEO reseller companies that offer a variety of services to their clients. In this article, we will discuss SEO reseller services in India and how th...
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Category : Income Tax |
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EPF registration for a Private Limited Company
Posted Date : 16-May-2023 , 12:41:42 pm | Posted By
Ishita Ramani
Introduction
If you're looking to provide the best care and benefits to your employees, registering your company for Employee Provident Fund (EPF) is essential. This blog with help you in knowing all the requirements for EPF registration for a Private Limited Company, including eligibility criteria...
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Category : Income Tax |
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0 | Hits : 753 |
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Why is it Important for Business to File an Income Tax Return?
Posted Date : 11-May-2023 , 11:35:15 am | Posted By
Simran Saxena
Income tax is a type of direct tax which is paid on the money that people and businesses make during a certain fiscal year. Declaring the income received during the financial year, the claimed deductions and the tax paid to the government are all part of the process of submitting income tax returns....
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Category : Income Tax |
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How to file GST return online
Posted Date : 04-May-2023 , 12:50:37 pm | Posted By
Ishita Ramani
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced several indirect taxes like Value Added Tax (VAT), Service Tax, Central Excise Duty, and Customs Duty. GST is a self-assessment tax, and every registered taxpayer has to ...
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Category : Income Tax |
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Difference between GSTR-1 and GSTR-3B
Posted Date : 25-Apr-2023 , 01:18:36 pm | Posted By
Ishita Ramani
Introduction
Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and ...
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Category : Income Tax |
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Important Statutory Due dates for Company Annual Filing for FY 2022-23
Posted Date : 12-Apr-2023 , 11:55:11 am | Posted By
Ishita Ramani
At the beginning of every financial year, companies registered in India are reminded to take note of all the important due dates for Company Annual Filing. This applies to all types of companies, whether they are Private Limited, Public Limited, Small or Large. It is essential that companies are awa...
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Category : Income Tax |
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Banks Audit - Revenue Leakage / Income Leakage in Banks
Posted Date : 23-Mar-2023 , 07:33:06 am | Posted By
CA.Khurana Vivek
Concept of Revenue Leakage in Bank's Audit :- One of the most important aspects of a bank audit is revenue leakage.
In some banks, it is conducted separately while some consider it as a part of Concurrent Audit or Statutory Audit or Internal Audit.
The revenue leakages could have two limbs, on...
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Category : Income Tax |
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Serious Fraud Investigation Office (SFIO) - Investigation into affairs of Company
Posted Date : 26-Feb-2023 , 01:47:51 pm | Posted By
CA.Khurana Vivek
Serious Fraud Investigation Office (SFIO) – Establishment In 2002, the Naresh Chandra Committee had recommended setting up a ‘Corporate Serious Fraud Office’, to uncover corporate fraud, and supervise prosecutions under various economic legislations. It came into existence mainly...
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Category : Income Tax |
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Income Tax Raid - Search or Survey | Difference between Income Tax Search & Income Tax Survey
Posted Date : 20-Feb-2023 , 10:32:02 pm | Posted By
CA.Khurana Vivek
Often termed as Raid by laymen,. Apparently, there is no word called “raid” in the Income Tax Act.
SEARCH
SURVEY
Search’ means a thorough inspection of the building, place, vehicle, vessel, aircraft and of the person. Seizure’ means taking possession under the au...
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Category : Income Tax |
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Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages
Posted Date : 13-Feb-2023 , 10:39:04 pm | Posted By
CA.Khurana Vivek
Budget Proposal - Clause (h) of Section 43B of Income Tax Act, 1961 | Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages. Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Further, the proviso ...
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Category : Income Tax |
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