November 11

Section 234F of the Income Tax Act imposes a late filing fee on income tax returns that are filed after the deadline. For individual taxpayers, the deadline to submit your IncomeTax Return  for the AY 2022-23 (FY 2021–22) is July 31, 2022 and belated return last date is  December 31, 2022. A penalty may result from not submitting your ITR on time, but there are other impacts and inconveniences as well. Let's examine these in more detail below.Section 234FA belated return, as...Read More

November 11

It is crucial to keep in mind that any late payments are noted in your credit report, which lowers your credit score further and makes it more challenging for you to be approved for the best terms and interest rates on loans and credit cards from lenders.Let's look at some of the most common reasons for late credit card payments, as well as why you should overcome those obstacles and complete your credit card overdue. Missed or late credit card bill payments have a number of...Read More

November 11

Any donation where the recipient (TRUST) does not keep track of the donor is considered an anonymous donation. The Income-tax Act's Section 115BBC is explained in this article. The section discusses whether income related to anonymous donations received by charitable trusts is taxable.Anonymous Donation MeaningAccording to Section 115BBC, a "anonymous donation" is defined as any voluntary contribution described in Section 2(24)(iiia) for which the recipient does not keep a record of the...Read More

October 10

Each Indian must have an Aadhar card. It symbolizes our entire database, which includes information like identity, name, age, and residence that is also kept in a government database. Aadhar numbers serve as individuals' unique identification; each citizen is given a different number for their aadhar card. It also benefits us in many other ways, such as when we wish to apply for a bank account, a Pan card, or admittance to a school. Among these, if we are applying for a job, we should be...Read More

October 10

The term "advance tax" describes income tax that is paid in installments rather than in full at the end of the financial year. Another name for it is "pay as you earn." This article explains how to advantageously pay your advance tax.What is Advance Tax?Advance tax is the amount of income tax that should be paid much in advance rather than in one lump sum at the end of the financial year in installments according to the income tax department's due dates. Advance tax, also known as...Read More

October 10

Salary is the most important component of an employee's annual taxable income. So, if you are employed, your salary will determine the amount of tax you must pay. However, before crediting your salary, your employer must deduct TDS (Tax Deducted at Source) from your salary income i.e. Income Tax TDS Return and then credit your salary to your bank account. Let's go over what TDS on salary is all about. The Income Tax Act of 1961, Section 192, deals with tax deducted at source (TDS) on...Read More

October 10

A loan is a sum of money provided by the lender to the borrower, with or without collateral, with the promise of repayment of the original amount borrowed plus interest. The borrower receives the funds when they are needed, and the lender earns interest on the original amount. A borrower's goal in taking out a loan is to make up for a cash shortage, while a lender's goal is to earn profits as interest on the loan. Taking out a loan nowadays is not a difficult task, and many people do so...Read More

October 10

Maintaining your income tax payments requires careful tax planning. However, if you don't plan ahead of time, you risk missing or delaying your income tax payment. Section 234 of the Income Tax Act of 1961 determines the calculation of interest and penalties for late payments of income tax. Let's examine them in greater detail at them.Section 234 defines three types of interest:Section 234A: Interest for delay in Return FilingSection 234B: Interest for delay in Advance...Read More

September 09

A business incurs a range of expenses in a single day. It could include things like paying for services, making repairs, paying employees, and buying raw materials. Since it is impossible to compile a complete inventory of such expenses or to establish their veracity, Section 40A(3) of the Income Tax Act was introduced.According to section 40A(3), business expenses paid in cash that total more than Rs 10,000 are not deductible for income tax purposes. Additionally, there are certain...Read More

September 09

Your creditworthiness is essentially quantified by your credit score. This rating demonstrates to lenders or other financial institutions your capacity to pay back the amount borrowed. A three-digit CIBIL Score typically ranges from 300 to 900.The terms "Credit Score" and "CIBIL Score" are frequently used synonymously. However, one of the most reputable credit information businesses in the nation is CIBIL, also known as TransUnion CIBIL Limited. Millions of people's credit histories and...Read More

December 12

Response to the GST Demand NoticeThe current article covers the various methods of serving the demand notice and the processes to read the notice on the GST portal, responding to the demand notice in Form GST DRC-06, and taking action after the defense has been filed. Form GST DRC-06 is used to respond.Various methods of delivering the demand notice to the taxpayer are available.Central Goods and Service Tax Act, 2017 specifies various methods for serving the demand notice to the...Read More

December 12

According to the GST Act, every GST-registered taxpayer must get a GST registration certificate (RC of GST). GST registration is required for all organizations in India, with annual Turnover of more than Rs.20 lakh for service providers and Rs.40 lakh for goods suppliers. In contrast to the aggregate turnover criteria, several other conditions may make a business liable for GST registration (GST Turnover Limit). Here's where you can see if you're eligible for GST registration. In this...Read More