Category: Blogs

• New Financial Year, New Tax Rules: 8 Big Income Tax Changes to Take Effect on 1st April

  As we approach the start of the new financial year (FY 2023-24), we will witness some great changes which will come into effect from April 1, 2023.? These changes will be the addition of new rules or reforms to existing ones. The finance minister, ?Shrimati Nirmala Sitharaman,? has introduced several tax amendments in the Budget…

  preetesh

  April 3, 2023

  Income Tax Updates, News

• Not Received the Income Tax Refund Yet? Find out the Reasons Here

  After having your income tax return verified, receiving your refund is the phase that everyone looks forward to the most. However, our wait is frequently prolonged! There are multiple reasons for not receiving the refund. If you are one of those who have filed their ITR before the due date and have not received their…

  preetesh

  September 26, 2022

  Income Tax e-Filing, Income Tax Updates, Latest News

• Budget 2022: What Taxpayers can Expect from the Upcoming Budget

  The budget session of 2022 is on the horizon. We’re gearing up for a fantastic year in terms of the economy.  The Hon’ble Finance Minister Nirmala Sitharaman will announce the Budget 2022 after just a few weeks. And because of the COVID-19 epidemic, people have high expectations from the budget this year. Here are a…

  admin

  January 17, 2022

  Blogs

• Belated Return for AY 2020-21: How to File Belated Return and Penalty on Late Filing

  The deadline for filing the income tax return (ITR) for the financial year 2020-21 was December 31st and the CBDT issued Rs 1,50,407 crores in refunds for those eligible. Did you miss your filing tax returns? Fret not!  You still have the opportunity to file your income tax return. Yes, you can take advantage of…

  preetesh

  January 7, 2022

  Income Tax Learning, Income Tax Updates

• Rebate Under Section 87-A and Income Tax On Gains From Shares: Here’s Everything You Need To Know

  Section 87A of the Income-Tax Act allows you to claim a maximum rebate of up to Rs12,500. The total tax becomes NIL if the income in a financial year is equal to or under 5 Lakhs. However, if there are gains from shares in that FY, the rebate given under this section may not be…

  admin

  December 29, 2021

  Blogs

• How Can the DTAA Provide Benefits to NRIs in India On Double Taxation?

  The residential status of an individual is critical in determining the way how his or her income will be taxed in India for that year. It is common to see non-resident Indians (NRIs) and persons of Indian origin (PIOs) carefully planning their stay in India for the specified year so that their income does not…

  preetesh

  December 14, 2021

  Blogs

• What Is The Annual Information Statement

  Annual Information Statement is a record of all financial transactions done by you during the financial year.  Details that can be seen on your AIS Salary paid to you Dividend received Interest from the savings account, recurring deposits, FDs, debentures, etc Interest from Income tax refund Sale and purchase of equity shares, bonds, mutual funds,…

  preetesh

  November 23, 2021

  Blogs

• Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do

  If the IT department determines that taxpayers’ taxes paid to the department exceed their actual tax responsibilities, a refund is initiated. An intimation notice under section 143 (1) with the amount of the refund and a refund sequence number is sent to the taxpayer via SMS and an email. However, taxpayers must file an income…

  preetesh

  November 17, 2021

  Blogs, Income Tax Learning

• Major changes in Income Tax rules for the FY 2021-22

  Major changes in Income Tax rules for the FY 2021-22 The government generally makes changes to the tax rules during the budget presented in February. These changes come into effect from the following financial year which starts from April. Take note of the changes and plan your taxes better. Choosing your tax regime Last year’s…

  preetesh

  April 15, 2021

  Income Tax Updates, Latest News

• Dearness Allowance (DA) – Meaning, Types, Calculation etc

    Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy…

  CA Abhishek Soni

  May 21, 2019

  Income Tax Learning