Filing income tax returns (ITR) is an essential financial obligation for every individual and entity in India. It ensures compliance with tax laws and enables the government to assess the income and tax liabilities of taxpayers accurately. To make the ITR filing process for the Assessment Year (AY) 2023-24 a hassle-free experience, here are some …
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Filing income tax returns (ITR) is a mandatory responsibility for every eligible taxpayer. It helps the government in assessing an individual’s tax liability and ensuring compliance with tax laws. As the new assessment year (AY) 2023-24 begins, it is essential for taxpayers to gather the necessary documents and information to file their ITR accurately. In …
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Introduction The deadline for filing Income Tax Returns (ITR) for the Assessment Year (AY) 2023-24 is fast approaching, with only 32 days left until July 31, 2023. It is crucial for taxpayers to be aware of the importance of timely ITR filing to avoid penalties and legal complications. In this article, we will discuss the …
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Introduction: The Ministry of Finance has recently unveiled important updates regarding the Liberalised Remittance Scheme (LRS) and Tax Collection at Source (TCS). These changes, aimed at facilitating remittances and overseas travel, were initially scheduled to take effect from July 1, 2023. However, in response to feedback and suggestions, the government has made certain amendments and …
The Central Board of Direct Taxes (CBDT) has announced an extension in the time limits for the submission of certain Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) statements. The due date for filing TDS/TCS statements in Form Nos. 26Q, 27Q, and 27EQ for the first quarter of the financial year 2023-24 …
A new provision has been introduced to facilitate the transfer of balance in the Electronic Cash Ledger (ECL) between registered persons who share the same PAN. Previously, unutilized balances in the CGST/IGST head of the Electronic Cash Ledger could only be utilized by the same registered person. However, with this new facility, the unutilized balance …
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Introduction Filing your Income Tax Return (ITR) is an essential annual obligation for individuals and businesses. Unfortunately, many people tend to procrastinate and leave it until the last minute. However, this approach often leads to unnecessary stress, errors, and even penalties. With only 36 days left until the July 31st deadline, it is crucial to …
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Hiring a tax consultant in Gurgaon for filing your Income Tax Return (ITR) for Assessment Year (AY) 2023-24 can provide numerous benefits and ensure a smooth and hassle-free tax filing process. In this article, we will explore several reasons why you should consider hiring a tax consultant in Gurgaon and how they can assist you …
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Introduction The deadline for filing your Income Tax Return (ITR) is fast approaching, with just 36 days left until 31st July 2023. Filing your ITR on time is crucial for every taxpayer, as it ensures compliance with tax laws and offers numerous benefits such as claiming refunds, avoiding penalties, and establishing a clean financial record. …
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A considerable number of newly registered GST applicants remain unaware of the obligation to promptly update their bank account information. Nowadays, banks have made it a prerequisite to acquire a GST registration before allowing individuals, sole proprietors, and partnerships to open accounts. Consequently, the mandatory submission of bank details during the GST registration process has …
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