The taxpayer is required to pay tax if his income does not exceeds Rs .500000/- in both old and new regime. This limits of 500000/- has been increased to 700000/- to taxpayers who opt new tax regime.
Winnings from lottery, card games, crossword puzzles or any sort of games are taxable at flat rate of 30% as income from other sources.
Navigate the tax landscape of residential flat transactions with insights into TDS implications on purchase and sale. Understand the intricacies, compliance procedures, and consequences of non-deduction. Stay informed about GST on under constructed flats and make informed decisions.
Late fee is charged on delay in filing of Original return and not revised return because revised return take the shoes of original return. But due to transformational changes in building new income tax website this section is overused i.e. it is levied while processing of revised return also in many cases.
India has the largest Diaspora population in the world with 18 million people from country living outside their homeland. Many NRI who resides outside India earns income from India. The income mainly includes interest income, capital gains on sale of property, rental income, gains on sale of shares, mutual funds and bonds.
Learn about TDS and its rates for F.Y.2022-23. Understand who needs to file TDS returns and the consequences of non-filing.
Earlier taxpayer has to visit many times in Income-tax office and has to sought help of professionals to get the refund but now due to advancement in technology and faster processing of returns taxpayers are getting income tax refunds faster.
Learn how to download your MSME Certificate for free with our step-by-step guide. Follow the simple process on the Udyam portal, ensuring your enterprise’s compliance with MSME registration.
Buyer is required to deduct TDS at the rate 1% if sale consideration is 50 lakhs or above but from 01/04/ 2022, TDS is required to be deducted if stamp duty value of property is also 50 lakhs or more.
UPDATES IN GST IN BUDGET 2022 1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September. 2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B. 3. Composition Tax Payer’s Registration can be cancelled suo-moto if […]
