Articles by Rashmi

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Streamlining Tax Credits: How New Form 71 Resolves TDS Mismatch Issues

  Rashmi    13 September 2023 at 08:55

The Central Board of Direct Taxes (CBDT) has introduced Form 71, which allows taxpayers to correct incorrect Tax Deducted at Source (TDS) credits for past financial years

Posted in Income Tax  2 comments |   5838 Views


Income Tax Department Sends Notices to 22,000 Taxpayers Over Deduction Discrepancies

  Rashmi    12 September 2023 at 09:00

The Income Tax Department (ITD) has recently sent out notifications to around 22,000 taxpayers, including salaried individuals, high-net-worth individuals, trusts, and Hindu Undivided Families (HUFs).

Posted in Income Tax |   2136 Views


Smart Tax Filing, Investment and Legacy Planning: A Guide for Every Age

  Rashmi    08 September 2023 at 14:23

If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still revise it later.

Posted in Income Tax |   3166 Views


Understanding Impact of New Labor Laws on Employee Leave and Compensation

  Rashmi    06 September 2023 at 09:07

Four new labor laws are on the horizon, promising significant changes for both employers and employees. These changes will impact take-home pay, contributions to the Employees' Provident Fund (EPF), calculations of paid leave, and maximum working hours.

Posted in LAW |   1723 Views


Essential Documents and Procedures for Income Tax Audit: A Simplified Guide

  Rashmi    29 August 2023 at 15:26

For income tax audit purposes, individuals with business or professional income must maintain specific documents to ensure accurate reporting and prevent tax evasion. This helps the government collect revenue fairly and scrutinize complex financial transactions.

Posted in Income Tax |   15393 Views


Understanding Recent Income Tax SMS: Form 60 and Reporting Entities

  Rashmi    29 August 2023 at 08:54

Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22.

Posted in Income Tax |   5400 Views


What to Do If You Receive an Excess Income Tax Refund: A Simple Guide

  Rashmi    25 August 2023 at 08:58

In recent years, the Income Tax Department has been processing income tax returns (ITR) faster. However, this speedy process has led to some issues. When ITRs are processed quickly, taxpayers might not have enough time to correct mistakes they made in their original returns.

Posted in Income Tax |   9244 Views


Income Tax Audits Decoded: A Practical Manual for Business and Professional Individuals

  Rashmi    24 August 2023 at 09:02

If you earn money through a business or as a professional, there are certain rules set by the government that you need to follow. These rules ensure that your financial records are accurate and that you're paying the right amount of taxes.

Posted in Income Tax |   4322 Views


A Comprehensive Guide to Taxation and Documentation for Employee Stock Options Abroad in India

  Rashmi    22 August 2023 at 09:00

Guide to Taxation and Documentation for Employee Stock Options Abroad in India

Posted in Income Tax |   3205 Views


Connecting the Dots: Making the Most of AIS Changes in Tax Reporting

  Rashmi    18 August 2023 at 14:38

The Annual Information Statement (AIS) is a document that displays the record of taxes deposited by an individual throughout a financial year.

Posted in Income Tax |   3478 Views