Understanding Finance Amendment Bill 2023 for Taxpayer

On March 24th, 2023, the Finance Amendment Bill was passed by the government. This bill is aimed at making changes to the existing financial laws in order to bring in more transparency and accountability, and to facilitate ease of doing business. The bill has been lauded by experts and industry leaders for its many benefits, which we will discuss in this article. 1. Simplification of tax laws One of the key benefits of the Finance Amendment Bill is the simplification of tax laws. The bill ..

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What is Filing of 1042 Form?

Forms 1042, 1042-S, and 1042-T are U.S I.R.S taxation forms dealing with dealings with foreign persons, including non-resident aliens, foreign entities, etc. Forms 1042 and 1042-S need to be filed separately. The main difference between these forms is that form 1042-S is concerned with payments made to foreign nationals, while form 1042 is concerned with determining how much income will be withheld for tax withholding purposes. Also, Form 1042-S must always be filed together with Form 1042-T...

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Tax Saving Investment option available to Salaried Individuals

The first question that is thrown up to you when you become a Chartered Accountant is "Yaar, Tax bachane ke liye kyan kren" (What should we do save Tax?). This question reminds me that even after so many Investment Experts/Financial Planners are available in market, people are still confused when it comes to choosing the correct and best investment suitable for their upcoming Financial Needs. Through this Article I will be focusing primarily on Investment avenues that can help to ..

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Upcoming functionalities to be deployed on GST Portal for the Taxpayers

As part of our constant endeavour to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances, following functionalities are recently deployed or are being deployed on the portal shortly:   Sl.No. Module Form/ Functionality Functionality released/ to be released for Taxpayers 1 Ledgers Negative liability statement made available to composition taxpayers ..

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Taxpayers will not be able to file Form 15CA and 15CB from 31st May midnight to 6th June 2021

  Taxpayers would not be able submit Form-15CA & 15CB during the intervening period of revamp of e-filing portal, i.e. from midnight of 31st May till midnight of 6th June, 2021. Those who intend making any remittance during blackout period from 1st to 6th June 2021 may kindly submit and download their forms by midnight of 31st May, 2021 to avoid any inconvenience. ..

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Everything you need to know about Sukanya Samriddhi Scheme

An investment option that focuses on the welfare of your adorable daughter while it also helps in saving some tax burden? It is time you stopped brainstorming because this well-to-do scheme will put all your woes to rest. Without further ado, let us dive into the details of the scheme and learn about its benefits and also what you should look into before you invest in the scheme. What is Sukanya Samriddhi Yojana? To curb female feticide and promote the birth of 'girl child', Prime M..

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Due date Extension put Taxpayers under Duckworth Lewis Situation

Arjun (Fictional Character): Krishna, the tax department has extended due dates for compliances under Income tax & GST. But a very short span of time has been provided therein. Krishna (Fictional Character): Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus ..

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Taxpayers wrongly charged with late fee u/s 234F inspite of extension announcement

  Income tax portal charging late fee u/s 234F inspite of extension announcement Are you facing the same issue? ..

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Central Government notfies the dealers in precious metals, precious stones as "persons carrying on designated businesses or professions"

NOTIFICATION New Delhi, the 28th December, 2020 G.S.R. 799(E).—In exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealers in precious metals, precious stones as persons carrying on designated businesses or professions – if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a..

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BCAS gives representation on several hardships caused to the taxpayers

Representation to CPC Sr. Issue Difficulties faced by the taxpayers Our Suggestions         1. Providing correct TDS credit   ·  There are clarificatory circulars from CBDT that when the tax has been   deducted by an employer, the assessee cannot be..

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Avoid Late Fees by filling tax Returns before 31st December 2020

Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020? Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows: GSTR 9 -  GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore. GSTR 9C- GST Audit Report for 2018-19 Mandatory if Turnover More than 5 Crore. GSTR 9 -  GST Annual Return for 2019-20, Mandatory if Turnover mor..

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Attention GST Taxpayers, now, return GSTR-3B is becoming more robust

Arjun (Fictional Character): Krishna, What's new in GSTR-3B data finalization process of GSTN on Inward and Outward Side? Krishna (Fictional Character): Arjuna, it seems that after September 2020, there will be a complete changeover of GSTR-3B filing process on GSTN. On the inward side, new GSTR 2B will so as to reconcile and match ITC as per GSTR-3B & GSTR-2A. On the outward side, GSTR-1 figures may be reflected in GSTR-3B, so as to reconcile and match tax liability.  Be Thus, G..

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Vighnaharta’s enlightenment on extended reporting to taxpayers!

Arjun (Fictional Character): Krishna, the festival of Ganesh Chaturthi has arrived. What does Ganpati Bappa have to address the taxpayers this year? Krishna(Fictional Character): Arjuna, the festival of Ganesh Chaturthi has brought joy in the environment. Recently, the taxpayer's charter was introduced, wherein the commitment of Income Tax department & expectations of the taxpayers have been set. Not only this, but some measures of widening the tax base has been proposed, by expanding..

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Factors ensuring independence to the taxpayers

Arjun (Fictional Character): Krishna, the taxpayer's charter has been announced by PM Modi on 13th August 2020. What is it about? Krishna (Fictional Character): Arjuna, PM Modi divulged the taxpayer's charter by introducing the charter platform as “Transparent Taxation - Honoring the Honest“, that focuses on faceless assessment and faceless appeals. The aim of the charter is that of nurturing the relationship between the Revenue departments and the community that they serv..

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Large Taxpayers now Quarantined!

Arjun (Fictional Character): Krishna, many taxpayers are getting notices, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, considering returns of FY 2019-20 filed up to 25th July 2020. This is giving rise to discrepancies in deciding the actual turnover of the taxpayer. What is this issue about? Krishna(Fictional Character): Arjuna, GST department computes system based aggregate turnover of the taxpayer, considering the returns filed in Form GSTR-3B by all registrati..

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Raksha Bandhan of Taxpayers!

Arjun (Fictional Character): Krishna, how are the tax departments and taxpayers going to celebrate the blissful festival of Raksha bandhan this COVID period? Krishna (Fictional Character): Arjuna, uptill now, this year 2020 has been a lot distressful for all of us. But now, here is the festival of Raksha bandhan which would bring joy and blessings in disguise. The tax departments are discharging their role by taking the responsibility and being compassionate for taxpayers as a brother would d..

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5 Innocent Mistakes you should avoid while filing your Income Tax Return

Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing your IT return on time or not filing it at all Taxpayers many time don’t file their return when their Tax Liability is nil but their Gross Total Income is a..

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Is Indian Economy Sinking? It's Impact on Common Man & Financial Tips

As per the World bank's Forewarn, the global economy is going to shrink by 5.2% this year resulting in a global economic crisis deepest recession catastrophe ever in decades. We cannot deny the fact that Indian economy is under devastating & catastrophic change and is witnessed sinking due reasons below – 1. The contraction in markets, 2. Supply chain crisis, 3. Lack of demand, 4. Credit growth is declining 5. Revenue collection is severely affected 6. Low productivity, ..

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With the COVID 19 Economic Impact hitting us - Do we have a Plan B?

Planning for two streams of revenue / income is a thought most of us have when we become stable with a job or a full time profession. Some of us are lucky to find a part time profession in our passion but many of us are not. I feel the answer lies in tracing our roots and culling out what is relevant for today's life. Today, success is measured by education / job profile. And not by skill set. In fact, we can say that "skill based training" is completely lost barring a few profe..

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11 ways to refinance your business

ART OF FUND RAISING Business profile should be sound. CIBIL Record should be good Documentation should be complete. Project Report/Projections should be sound. Bank transactions should be frequent with constant inflows. Cheque should not be bounced in past 3 months period. ITR should be filed in timely manner with a minimum gap of six months between years. 10 POSSIBLE WAYS OF REFINANCING YOUR BUSINESS 1. SELF FUNDING & REBOOTING YOUR BUSINESS:- Using own savin..

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