Understanding Income Tax Refunds: Everything You Need to Know When it comes to personal finances, the term “income tax refund” often brings a sense of relief and even excitement. But what exactly is an income tax refund, and how does it work? In this comprehensive article, we’ll dive deep into the concept of income tax […]
Income Tax Refunds: Everything You Need to Know Read More »
Can We File Income Tax Return After 31st July 2024? The deadline for filing Income Tax Returns (ITR) in India for individuals, typically set for July 31st, 2024, has always been a critical date for taxpayers. But what happens if you miss this deadline? Can you still file your ITR? Let’s explore the options available
Can We File Income Tax Return After 31st July 2024? Read More »
Importance of Complying with Income Tax Notices and Understanding Basic Notices Receiving a notice from the Income Tax Department can be concerning, but it is important to address it promptly and accurately to avoid potential penalties and legal complications. Here’s why compliance is crucial and an overview of the common types of income tax notices
Notices Under Income Tax Read More »
Important Things to Consider Before Filing Your ITR for AY 2024-25 Filing your Income Tax Return (ITR) can be a seamless process if you are well-prepared. Here are some critical aspects to consider before filing your ITR for the Assessment Year (AY) 2024-25: 1. Choose the Correct ITR Form • Ensure you select the correct
Keep In Mind – ITR FY 2023-24 Read More »
The Financial Ripple: Bollywood’s Decline and the Rise of Regional Cinema Continuing the discussion by respected expert film critic Mr. Sunil Kadel (@sumitkadeI -Social media “X”), let’s discuss the possible impact of Bollywood’s Decline and the Rise of Regional Cinema via Taxation and economic point of view. The Bollywood film industry, once the juggernaut of
Film Industry In Tax Read More »
Question 1: Self-assessment tax paid but not reflecting in prefilled details. Resolution: As per the normal process, it takes 3 to 4 days for different banks to provide information to the department. Post that, it gets prefilled in the Tax-returns/Pre-filled JSON. Taxpayer may opt to wait for required time-period for auto reflecting details of the
WHAT IS DPT-3? DPT-3 is a form that companies must file with the Ministry of Corporate Affairs to provide information regarding their outstanding receipts or loans that are not considered deposits as of the end of the financial year. This requirement arises from Section 73 of the Companies Act, 2013, and the Companies (Acceptance of
June 30, 2024 Several deadlines falls on this date: Furnishing of challan-cum-statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in May 2024. The return in respect of securities transaction tax for the financial year 2023-24. Quarterly return of non-deduction of tax at source by banking companies from interest on time deposits for
30-06-2024 Deadline Read More »
The Goods and Services Tax is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
