Let’s talk about the utilities provided by Income tax department to simplify the return filling process.
West Bengal Profession Tax is a tax levied on a person engaged in any profession, trade, calling and employment in West Bengal.
It is the beginning of the new financial year 2024-25. Most taxpayers are curious to know about the things they should keep in mind from the start of the new financial year so that they will not commit the mistakes they made in previous years.
Statutory Tax Compliance Tracker for the m/o March 2024
The Finance Act, 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment basis rather than the accrual basis if the payment is created within the threshold limit. This clause comes into effect from 1st April, 2023.
The CBDT has issued order that tax demands under Income Tax Act, Wealth Tax, and Gift Tax which are outstanding as on 31st March pertaining to assessment year 2010-11- each demand entry up to Rs. 25000/- and assessment year 2011-12 to 2015-16 - each demand entry up to Rs. 10000/- shall be extinguished but subject to maximum ceiling of Rs. 1 lakh for any specific taxpayer/assessee.
The National Saving Scheme (NSS) in India is a scheme regulated by the Ministry of Finance and operated and managed by the Department of Post, India.
Priority/out of turn disposal of appeals by CIT(A) Assessment Units and Additional Joint CIT(Appeals)
A tax deduction lowers your taxable income and thus reduces your tax liability. You subtract the amount of the tax deduction from your income, making your taxable income lower. The lower your taxable income, the lower your tax bill.
Let’s highlight some of common mistakes that one should avoid while Filling Income tax returns.
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