Category: Income Tax

MCA Penalizes Company for mentioning wrong Registered Office Address

August 25, 2023August 25, 2023 Chandan Tiwari No Comments

Singh Packwell Private Limited has been penalized by the Ministry of Corporate Affairs (MCA), Government of India, for maintaining and representing their registered office address incorrectly. The infractions’ specifics and their repercussions for the business are described below. Adjudicating Officer’s Appointment The MCA empowered the Registrar of Companies, Delhi, to decide on penalties under the…

Income Tax

What are the income tax deductions in Section 54?

August 9, 2023August 9, 2023 Chandan Tiwari No Comments

Section 54 of the Income Tax Act in India provides provisions for claiming deductions on capital gains arising from the sale of a residential property if the proceeds are reinvested in purchasing or constructing another residential property. This section is primarily relevant for individuals looking to save on capital gains tax when they sell one…

Capital Gain, File Your Income Tax Return, Income Tax, Income Tax Deduction, income tax return filing, Long Term Capital Gain

Income Tax Old vs New Tax regime : Which is Right for salaried employee

July 18, 2023July 18, 2023 Chandan Tiwari No Comments

Income tax returns Filing is a crucial responsibility for every taxpayer. With the introduction of the new tax regime, taxpayers now have a choice between sticking to the old tax system or opting for the new one. Both tax regimes have their pros and cons, making it essential for taxpayers to understand the differences and…

New Tax Regime, File Your Income Tax Return, Income Tax, income tax return filing, Marketing, Media, Salary Income, Tax Regime, Tax Saving Scheme, Tax Slabs, TDS

Income Tax Return Filling Under Old and New Tax Regime: Which Is better For Salaried Employees

June 30, 2023June 30, 2023 Chandan Tiwari No Comments

Income Tax Return Filling is a crucial responsibility for every taxpayer. With the introduction of the new tax regime, taxpayers now have a choice between sticking to the old tax system or opting for the new one. Both tax regimes have their pros and cons, making it essential for taxpayers to understand the differences and…

income tax return filing, Agricultural Income, Business Income, Direct Tax, File Your Income Tax Return, Income Tax, Indirect Tax, Media, Medical, New Tax Regime, Old Tax Regime, Professional Income, Salary Income, Self Assessment Tax, Tax Regime, Tax Slabs

Income Tax Return Filing: What to Do If Tax Paid Information is Missing

June 28, 2023June 28, 2023 Chandan Tiwari No Comments

Are you in the process of filing your income tax return (ITR) and have noticed that certain tax payments, such as advance tax and self-assessment tax, are missing from your Form 26AS? Up until last year, these details were readily available in a taxpayer’s Form 26AS. However, starting from the Assessment Year (AY) 2023-24 (Financial…

Advance Tax, Agricultural Income, Business Income, File Your Income Tax Return, Income Tax, Marketing, Media, Professional Income, Salary Income, Self Assessment Tax

known facts of HRA tax exemption

February 25, 2023February 25, 2023 Chandan Tiwari No Comments

The majority of paid workers in the organised sector receive a house rent allowance, which is equivalent to about 50% of their base pay. A person who rents a place to live may be able to get a refund of the rent they paid, but only under particular circumstances. The following three exemptions are, in…

Income Tax, BANK, CBDT, CBIC, Chartered Accountants, Direct Tax, File Your Income Tax Return, HRA, Indirect Tax

February 20, 2023February 20, 2023 Chandan Tiwari No Comments

EPFO issues guidelines for higher pension from EPS Employees Provident Fund Organisation (EPFO) has issued guidelines dated February 20, 2023, giving procedure for eligible employees to apply for higher pension under the Employees Pension Scheme (EPS). Even employees who had not earlier applied for higher pension but were entitled to do so can now do…

Answers to all your inquiries about the new income tax regime system

February 3, 2023February 3, 2023 Chandan Tiwari No Comments

In Budget 2023, a new personal income tax regime system for individual taxpayers was unveiled. Taxpayers will be able to select between the current/old tax regime and the new tax regime starting in FY 2020–21. By choosing the previous tax system, the taxpayer can continue to take use of current tax benefits such house rent…

Income Tax, Aatma Nirbhar Bharat, Budget 2023, Business Income, Capital Gain, Central Government, Crypto Currency, Digital Payments, Direct Tax, Employee Pension Scheme, EPFO, File Your Income Tax Return, Indirect Tax, Interest rates, Investment, investment in bonds, Long Term Capital Gain, Marketing, Media, Mutual Funds, New Tax Regime, Old Tax Regime, PAN Card, POST OFFICE, Salary Income, Section 44AD, Section 44ADA, Small Savings, Sovereign Gold bond scheme, Tax Regime, Tax Saving Scheme, Tax Slabs

What is the deadline for completing investments that save taxes for FY 2022-23?

January 28, 2023January 28, 2023 Chandan Tiwari No Comments

The deadline to complete your tax-saving exercise for the financial year 2022–2023 is March 31, 2023, so move quickly if you haven’t already. Keep in mind that if you don’t make the tax-saving investments and purchases, your tax liability will be higher than normal for the current financial year (2022–2023). Please be aware that beginning…

Direct Tax, File Your Income Tax Return, Income Tax, Investment, investment in bonds, Marketing, Media, Tax Saving Scheme

Big News: Changes to the income tax slab! The income tax slab rate will vary, and the taxpayer will learn more information here.

January 15, 2023January 16, 2023 Chandan Tiwari No Comments

Income Tax Slab Modification: Indians are always interested to see what the government will do for them in the Union Budget. The final full budget of the federal government will be Budget 2023 (Budget 2022). Therefore, it is anticipated that Nirmala Sitharaman, the finance minister, will present the populace with numerous gifts this time. If…

Budget 2023, Central Government, File Your Income Tax Return, Income Tax, Marketing, Media