Income Tax : Learn how to calculate advance tax, payment deadlines, and exemptions. Find the steps for online payment and consequences of non-p...
Income Tax : Understand key aspects of advance tax, including compliance, payment due dates, revisions, and liabilities. Learn who is exempt fr...
Income Tax : Explore an e-campaign by the Income Tax Department on significant transactions and advance tax payments. Learn about advance tax, ...
Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...
Income Tax : Learn about Advance Tax, a 'pay as you earn' system in India. Find out who needs to pay, calculation methods, due dates, and FAQs ...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...
Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...
Income Tax : Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a ...
Income Tax : Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21....
Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...
Income Tax : Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax ...
Goods and Services Tax : AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West B...
Goods and Services Tax : In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) CORRIGENDUM In the case of the applicant, M/s. Emerald...
Goods and Services Tax : In re Nexustar Lighting Project Private Limited (GST AAR Odisha) Question No. 1 Whether in facts and circumstances of the case, th...
Income Tax : Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale ...
Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%. Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%. Refunds aggregating to Rs. 1,35,093.6 crore issued in the current fiscal. The figures of […]
Advance tax means income tax should be paid in advance instead of lump sum payment at year end. Taxpayer need to pay Advance Tax in 4 installments in which he has to pay 15% of advance tax by 15th June, 45% of advance tax by 15th September, 75% of advance tax by 15th December and […]
Ready-to-cook powder mixes for dosa, idli, tiffin and porridge will be chargeable at 18% GST In Re: Raja Radesh [Order No. 24/ARA/2021 dated June 18, 2021] the Raja Radesh (the Applicant) of Krishna Bhawan Foods and Sweets approached Tamil Nadu Authority for Advance Rulings (AAR) to seek advance ruling of 49 of its ready-to-cook products […]
In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) CORRIGENDUM In the case of the applicant, M/s. Emerald Court Co-operative [lousing Society 1.1d, holder of GSTIN Number 27AABAE1552D1Z8. a Ruling was passed under Sections 98 of the Central Goods and Services Tax Act and the Maharashtra Goods and Services Tax Act 2017 vide […]
1. Meaning: Income Tax needs to be paid in advance during the financial year instead of lump sum payment at year-end. This is known as pay tax as you earn. 2. Applicability: if total tax payable (on estimated total income) for the financial year is ≥ INR 10,000 3. The amount payable and Due Date: […]
Advance Tax payment is must for certain tax payers in India. In fact here, the reality is that taxes are required to be paid in advance, i.e. ‘pay as you earn’ and not at the end of year. This scheme refers to paying most part of the taxes during the financial year itself to ensure […]
Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%.
[1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax at prevailing rate of income tax.
Income tax department is sending messages to pay advance tax on the basis of High Value Transactions shown in Form 26AS. The message says ‘Attention XYZ COMPANY (PAN XXXXX—–X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) […]
Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by […]
