Council to discuss a multi-year plan to reform GST structure, ways to boost compliance.
Making tax-saving investments as soon as practicable for the fiscal year 2022-23 will allow you to save more for your tax-free returns.
GST Council is likely to meet in June; retail inflation in India soared to an eight-year high of 7.79 per cent in April 2022, against 4.23 per cent in April 2021
There are no tax restrictions that limit how many properties one may own or how much home loan benefit one can receive. But Section 80C benefit under home loans will be limited to Rs 1.5 lakh per annum
Income tax return (ITR) filing is mandatory if an individual’s gross total income exceeds Rs 2.5 lakh in a financial year. If an individual is required to file tax return, then it is important to ensure that the correct ITR form is used to file a tax return. If the correct ITR form is not used, then the tax return will be termed as a defective return. Read on to know which ITR form is applicable to you.
According to the new provision, an additional time limit of 12 months/24 months from the end of the relevant assessment year is provided to all the taxpayers with an additional cost of 25%/ 50% of tax liability, respectively, with which the updated return can be filed.
Section 139 lists certain situations wherein ITR filing by an individual is mandatory even if no tax has been deducted from his income or even if he does not earn any income. Recently, a few more situations have been notified wherein return filing is mandatory.
In Das’ opinion, the government will maintain the fiscal deficit target given in the budget. However, how the government will do it, Das could not answer about it at the moment.
Prescribed limits are 500 grams of gold jewelry or ornaments for a married lady and 250 grams for unmarried females
Income Tax Relief under Section 89 is provided by the Income Tax Act to reduce the additional burden of tax.
© 2018 CA Chandan Agarwal. All rights reserved.