Articles by Rashmi

Filing Income Tax Returns: Understanding Deadlines and Penalties in India

Posted by Rashmi 28 July 2023 5068 Views

In this article, we will discuss the changes in penalties for missing the ITR filing deadline and understand the implications for taxpayers based on their income levels.

Tax Rebate under Section 87A

Posted by Rashmi 26 July 2023 16916 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.

Surge in Zero-Tax Income Tax Returns: A Closer Look at India's Tax Landscape

Posted by Rashmi 25 July 2023 10751 Views

India witnessed a record number of Income Tax Return (ITR) filings in FY23, reaching an impressive 74 million. Surprisingly, a significant portion of these filings, 70% to be precise, were zero-tax ITRs, indicating that taxpayers claimed nil tax liability

Income Tax Department Tightens Scrutiny Against False Deductions and Exemptions for Salaried Individuals

Posted by Rashmi 24 July 2023 33497 Views

Salaried individuals are being warned to be cautious while filing their Income Tax Returns (ITRs) this year. The Income Tax Department has increased its scrutiny and is seeking documentary evidence against bogus deductions and exemptions claimed by some taxpayers.

How to Ensure Correct Information for Filing ITR

Posted by Rashmi 22 July 2023 10212 Views

Filing your Income Tax Return (ITR) accurately is crucial, and it involves incorporating vital information from your Annual Information Statement (AIS). However, discrepancies or missing data in the AIS can occur, leading to confusion during the filing process.

Avoiding ITR Filing Errors for AY 2023-24: Tips for a Smooth Process

Posted by Rashmi 20 July 2023 12377 Views

To ensure a hassle-free income tax return (ITR) filing experience, taxpayers should be mindful of certain crucial aspects. Here are some key tips to avoid common errors

AIS Dilemma: Exempt Incomes and Unreported Transactions in Income Tax Filing

Posted by Rashmi 19 July 2023 6157 Views

Relying solely on your Annual Information Statement (AIS) to file your income tax return (ITR) without verifying other sources of income can lead to trouble with tax authorities

Unlocking the Power of e-Rupee: A Comprehensive Guide for First-Time Users

Posted by Rashmi 18 July 2023 5293 Views

e-Rupee is a digital form of the Indian rupee, issued by the Reserve Bank of India. It is a legal tender, just like cash, and can be used to make payments and hold value.

Key Highlights of 50th GST Council Meeting

Posted by Rashmi 13 July 2023 3732 Views

The 50th GST Council meeting, held on 11th July 2023, marked an important milestone in the implementation of Goods and Services Tax (GST) in India. Let's delve into the significant highlights of this important gathering.

Understanding the Implications of Booking an FD Without PAN and the Consequences of Non-Linkage with Aadhaar

Posted by Rashmi 12 July 2023 7449 Views

If you have invested in a fixed deposit (FD) and have not linked your PAN (Permanent Account Number) with your Aadhaar, there are several implications for you. ...