"Managing Director and Founder of ARS Solutions. Certified and Authorized Tax Return Preparer of Income Tax Department, India. Registered GST Practitioner of Goods and Service Tax, India. ECRP, Election Commission of India. Mutual Fund Advisor of Association of Mutual Funds in India ECRP of Election Commission of India."
Budget 2025 introduces no income tax on earnings up to ₹12 lakhs under the new regime, offering significant relief. Learn about tax slabs, Section 87A, and benefits.
Understand the PAN and Aadhaar number linking process as mandated by the CBDT circular. Explore the consequences of non-compliance, learn about the fee structure, and access useful links for checking and updating your PAN-Aadhaar status. Ensure seamless financial transactions and avoid penalties by linking your Aadhaar with PAN before the deadline.
The Union budget 2023 presented in the Parliament today on 1st February 2023, the Finance Minister proposed five major announcements for tax payers: 1. Nil tax, upto income Rs. 7 Lakhs (After Rebate U/S 87A) 2. Six Income slabs and new tax rates 3. Standard Deduction Rs. 52,500/- for salaried person with an income of […]
Missed the income tax return filing deadline? Dont worry, you can still file your return for FY 2021-22 (AY 2022-23) by 31st December 2022.
Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring System (NMS). This year NMS has identified 44.07 lakh non-filers (Cycle 3 -2015) with potential tax liabilities for AY 2013-14.
New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose? The Union budget presented in the Parliament in February 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime for Individual and HUFs. Since the New Tax Regime is optional by all means, a […]
Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable Property- As per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceeds or is equal to ₹ 50 Lakhs. Sec 194 IA of the Income Tax Act, 1961 read with Rule 30, 31 and 31A of Income Tax Rules states that:
Baseless rumours are being spread to create panic among the citizens and to fail the Demonetisation scheme of Central Government.
I am talking about the reports and memes which say that you will have to pay almost 95% tax on the old cash you deposit in banks. Some in social media even interpreted that the 200% penalty is on the income, thus you need to pay more than your income.
PM Narendra Modi on 8th November. 2016 (Tuesday) announced scrapping of Rs 500 and Rs 1,000 notes. The surprise move triggered panic reactions. News is viral on social media. As a Tax consultant I am receiving call regarding it.
