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Every year nearly 6 cr Indians would furnish the ITR. Some of the assessees file it on their own through the e-filing portal, and various assesses takes support from the experts or CA to furnish their returns. A majority of the assessee does not know about the terms like Form 16 or 26AS when they came across it. You must learn about income tax return filing would be statutory essential under the income tax act 1961. An income tax return would provide you with a legal document at the time of loan applications, overseas education, and visa applications. When you plan to furnish the income tax return for the first time then you must gather all the needed documents which consist of a salary certificate/form 16, interest certificates issued by your banks for the deposits/education loans and housing loans, life insurance premium receipts, health insurance premium receipts, bank account statement, Form 26AS, bank account number and IFSC code, quarter-wise information on dividends that have

In order to ensure consistency with the Central Goods and Services Tax Act (CGST), the Assembly session of the Gujarat Legislature amended the Gujarat Goods and Services Tax Act (SGST) on 21st September 2022. GST Council's 43rd and 45th meetings resulted in a variety of decisions. At the council meeting, Gujarat's Finance Minister Kanubhai Desai presented amendments to the SGST bill. There Are a Few Important Amendments to This Here: GST Registration Cancellation Amendment: In the event that a taxpayer's registration under Section 10 is not valid for more than three months after the end of the tax year, their GST registration cancellation will be revoked. GST Amendment Related to Non-resident Taxable Person: Within 13 days of the month's end or within seven days after the registration date, the non-resident taxable person must provide the monthly return. GST Amendment for Retrospective Tax: A retroactive interest charge has been imposed on input tax credits mistakenly

Pursuing higher education, particularly in professional courses like MBA, Medicine, Engineering, and others would be expensive. A rise in inflation in the sector makes it much more expensive year after year. Thus it becomes harder for parents in the middle or lower-earning groups, to give the fees for abroad education loans for their children until they get a scholarship. When there is no scholarship or enough investments incurred for the goal, there is only one choice left for the parents to borrow money from others and fund the education of their children. With respect to other loans, the loan for the purpose of education is cheaper indeed the borrowers might get discounts and gives subsidiary on the interest rates, and furnishes greater tax advantages on the repayments u/s 80E of the Income Tax Act . Defining the provisions u/s 80E and the way that an individual could get the benefit of the same, tax expert mentioned that “Section 80E of the Income Tax Act Act allows educa

The income tax department issues the notices beneath distinct provisions of the income tax act to the taxpayers with the intention to ensure effective tax complaints. Under section 142 of the income tax act , the notices would be covered. At What Type the Notice is Being Sent to the Taxpayer: Below mentioned are the cases when Section 142(1) tax notice is normally served. In which the return gets furnished within the mentioned time. If needed call for details and documents from the assessee if required. When various essential data is missing from the assesses return. How to Deal Notice Under Section 142(1) Post obtaining the notice the assessee from the income tax department should file the needed documents beneath the inquiry. The assessee has been provided with an opportunity to be heard regarding any material which would be required as per the same inquiry. For the case of non-filing of the return in the mentioned time duration, reasonable evidence for the late should be submitted a

The CBIC and GSTN department have recently changed the format of the GSTR-3B to align it to the Input Tax Credit (ITC) as defined in GSTR-2B in alignment with GST Circular No: 170/02/2022. According to the new changes, the recipient must claim an input tax credit based on the GSTR2B data and reverse it for supplies not received by him or in transit. The recipient can reclaim the GST input tax credit already reversed in GSTR3B once the supplies are received. GSTR3B Table 4A should reflect the GSTR2B ITC alone, while GSTR3B Table 4D should reflect any reversals and reclaims declared. Changes in the Eligible ITC Section of Form GSTR-3B GSTN may soon disable editing of auto-populated values in Table 4A of GSTR3B since we need to display reductions and all additions only in Table 4D. As of July 31st, the CBIC and Finance Ministry missed a lot of issues related to pending GST ITC due to the alignment of form GSTR-3B with the GSTR-2B form. Read Also: All GSTR-3B Changes for Accurate Eligible

There are some people who already have received the refunds of the income tax, while other people are still in the queue. Numerous explanations are there for the same such as a mistake from your side or the process would take much more time at the IT department. Just learn to find out more regarding the reasons and what you need to do for that. If your refund has not been initiated yet then you need to cross-check the status of the tax refund online by going to the income tax e-filing website incometaxindiaefiling.gov.in or through the e-governance website of the National Securities Depository Limited (NSDL) tin.tin.nsdl.com. Post filing the ITR, most tax refunds would get credited to the assessment bank account in a few weeks. Late refunds can be due to certain situations. The reason for the late refund can be due to: Wrong Bank Account Information There are probabilities that the assessee did not provide the correct bank account number or additional bank information during ITR filin