Articles by Rashmi

Tax Rebate under Section 87A

Posted by Rashmi 24 May 2024 16930 Views

If your taxable income is below Rs 5 lakh in the financial year 2022-23 (assessment year 2023-24), you may be eligible for a tax rebate under Section 87A of the Income Tax Act, 1961.

High-value transactions in India: Tips for compliant tax filing

Posted by Rashmi 16 April 2024 3822 Views

The Income Tax Department in India monitors high-value cash transactions above a specific limit, and failing to disclose such transactions while filing Income Tax Returns (ITR) can lead to notices from the authorities.

Standards on Auditing: List of All Standards along with Practical Approach and examples

Posted by Rashmi 19 March 2024 52481 Views

This article aims to emphasize the critical role of SAs in the audit process, highlighting Practical approach with example as a shield against potential storms of investigation and scrutiny.

New Time Limit for E-Invoice Reporting

Posted by Rashmi 19 March 2024 31200 Views

New Time Limit for E-Invoice Reporting: Ensuring Compliance and Streamlining Invoicing for Businesses in India

Cost Inflation Index (FY 2023-24)

Posted by Rashmi 28 February 2024 7196 Views

Cost Inflation Index (CII) is a measure used in India to adjust the inflationary effects on the cost of assets. It is basically an index that reflects the changes in the prices of goods and services over a period of time.

Understanding Impact of New TCS Rule on Educational Expenses for Students Studying Abroad

Posted by Rashmi 25 September 2023 40113 Views

In this article, we will delve into the details of how the new TCS rule will impact students who are currently studying in foreign universities or schools, as well as those who are planning to study abroad soon.

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

Posted by Rashmi 13 September 2023 6229 Views

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

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

Posted by Rashmi 12 September 2023 2317 Views

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).

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

Posted by Rashmi 08 September 2023 3304 Views

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.

Understanding Impact of New Labor Laws on Employee Leave and Compensation

Posted by Rashmi 06 September 2023 1890 Views

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.