Income Tax Articles

9 Tax savings Investment options that you shouldn't Miss!!

Posted by Rashmi 20 February 2023 4966 Views

Here are 9 options that you don't want to miss out on tax savings

Key Changes in new ITR Forms for AY 2023-24

Posted by CA Rahul Mittal 17 February 2023 11592 Views

On February 10, 2023, the Central Board of Direct Taxes (CBDT) announced the tax return forms for the financial year 2022–2023. This year, ITR forms were announced in advance, which is a very positive step toward making compliance easier.

How to file an income tax return for LLP?

Posted by Ishita Ramani 15 February 2023 5536 Views

Every LLP incorporated in India is required to file an income tax return under Section 139(1) of the Income Tax Act of 1961. Partners of an LLP are in charge of filing the annual income tax.

Beware of impact for delayed payment to MSMEs and its impact in Income Tax, GST and other laws

Posted by CA Umesh Sharma 15 February 2023 6852 Views

There have been a lot of talks about the new provision that the government has proposed to bring for boosting the MSME Sector.

Bank Reconciliation Statement With An Example

Posted by Mitali 14 February 2023 7330 Views

Bank Reconciliation Statement is a statement prepared mainly to reconcile the difference between the 'Bank Balance' as shown by the Cash Book and the 'Bank Balance' shown by the Bank Pass Book.

Procedure of transfer of shares by gift & tax implications

Posted by FCS Deepak Pratap Singh 13 February 2023 11091 Views

In some occasions, gift to individual is exempted such at marriage and gifts receipt by a person from his/her relatives. The definition of relatives has been given in Section 2(47) of the Companies Act, 2013.

Income Tax Calculation: Old Regime Vs New Regime

Posted by Aisha 11 February 2023 12269 Views

In India, the income tax is governed by the Income Tax Act, 1961 and is imposed by the Central Board of Direct Taxes (CBDT). The taxable income of an individual is taxed at different slab rates, based on the individual's income level.

Old vs. New Personal Tax Regime: An Explainer on Making an Informed Choice

Posted by Mayank Mohanka 11 February 2023 6167 Views

With a view to rationalize the personal tax slabs and simplifying the complex maze of a plethora of deduction claims of individuals and HUFs in their income tax returns, the Government has introduced a new regime of personal tax, by introducing a new section 115BAC w.e.f. FY 2020-21 and onwards.