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Income Tax Return Filing- The normal Income tax return filing due date for AY 2024-25 ended on July 31, 2024. On December 31, 2024, the due date to file a belated ITR with a penalty amount of Rs 5000 will end. The Income Tax Department after the July 31 deadline will provide different categories of taxpayers with specific deadlines to furnish income tax return filing (ITR) . For instance, the tax department has extended the ITR filing date for those who require the audit of their accounts from 31st October 2024 to 15th November 2024. Below we talk 5 amendments in the rules of the income tax concerning tax returns filing via the taxpayers. With New Form 26AS Improved Tax Transparency The introduction of the new Form 26AS furnishes the complete data to the taxpayer along with the details of tax deductions or collections at source, demands, payment of taxes, specified financial transactions (SFTs) and refunds. Also, the inclusion of SFT data assures that the taxpayers know about their tra...

Compliance with PF and ESI Regulations Complying with India's payroll tax regulations is a critical responsibility for employers, aimed at fostering a fair work environment. Among these regulations, the rules governing Provident Fund (PF) and Employees' State Insurance (ESI) are particularly vital.  These ensure employee savings and health benefits while holding businesses accountable to safeguard their workforce's interests. However, managing compliance can be challenging due to evolving laws, intricate documentation, and the need for precise record-keeping. Non-compliance not only attracts penalties but can also damage a company’s reputation. Employers must grasp the fundamentals of these rules to effectively navigate their obligations.  PF serves as a retirement savings scheme, requiring contributions from both employers and employees, which grow over time with compounded interest. ESI, on the other hand, provides medical and financial benefits through a shared contr...

This article will furnish a comprehensive understanding of how to apply and get your PAN 2.0. Permanent Account Number (PAN) has been essential for financial activities in India for a long time. Now, with the introduction of PAN 2.0 . It is secure and has been tech-friendly compared to before, and has the feature of a QR code for easy verification and improved encryption. Comply with the below-mentioned steps to get your PAN 2.0 without any hardship: Steps to Apply New PAN 2.0 Online Step 1: See what's New with PAN 2.0 QR Code: Date of Birth, Your name, and Photo for Seamless Authentication Better Security: Advanced Encryption Reduces Fraud Risks Digital Option: The e-PAN, a digital version of your card, is quick and easy to access. Step 2: Check If You're Qualified Indian Citizens are required to use Form 49A Foreign Nationals are required to use Form 49AA What is the need: It's obligatory for tax filing, large deposits, property purchases, and more Step 3: Choose y...

With the passing of the year, December becomes a crucial month for the assessees to satisfy their financial and compliance obligations. With the significant due dates for tax deductions advance tax payments and return filing, proactive planning is significant to avoid penalties and ensure smooth compliance. This December 2024 tax calendar furnishes a roadmap of important dates and obligations if you are an individual, a business, or part of a government office. In India where the Financial year runs from April 1 to March 31 remain informed that such income tax due dates are more than solely a requirement but an opportunity. You can fulfill your dues and optimize your tax planning, maximizing deductions and benefits while turning year-end tax planning into a smart financial move by monitoring the key dates.  Due Dates of the Income Tax in December 2024 07th  December , 2024 ​The due date for the deposit of Tax deducted/collected for November 2024. All the sums deducted/colle...

The GST Council is scheduled to be held on December 21 to discuss an important proposal regarding potential exemptions or reductions in GST rates on health and life insurance. The announcement was made via a post on the social media platform X. The conference is set to take place in Jaisalmer, and will be presided over by Union Finance Minister Nirmala Sitharaman, alongside state finance ministers. Key discussions are expected on rate rationalization, with lowering GST on several essential goods from the current 12% bracket to 5%, based on suggestions from the 55th GST council’s meeting board of state ministers. Currently, the GST system operates under a four-tier tax structure, with rates of 5%, 12%, 18%, and 28%. In its last session on September 9, the council directed a group of ministers (GoM) to prepare their report on GST charges for insurance by the end of October. Following this directive, the GoM for health and life insurance met last month, reaching a consensus to exem...

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...