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Have you ever filed tax returns on your own? If yes, you know that, it’s a very tedious, long, and complicated task. To make it more complicated than ever, there is a new regime of taxes announced by the government. And choosing the regime that is more beneficial for you, new or old is a mind cruising task. Because you have to consider a number of factors for that. So for making the tax filing process somewhat easy for taxpayers, the IT department has introduced its new tax calculator . Now the question arises of how this new calculator benefits me to choose the right regime for my taxes. Well, it gives you the liberty to calculate your taxes in both regimes to compare and then decide the most beneficial regime for filing taxes. All you need to do is fill in the information required, such as your salary and deductions. With the previous tax system, you can claim a number of exemptions and deductions when determining your tax burden. On the other hand, the new system, as outlined in the...

Today, in this fast-paced world, most organisations have an app to make everything easy to access for users. The Income Tax department is also trying to provide various tax-related information to taxpayers easily. In response, the I-T Department developed a mobile app for AIS . Now taxpayers are allowed to access their important information on the go. Taxpayers can derive useful data at any time from anywhere, like instalments of advance tax paid, self-assessment tax, income-tax refund, a Statement of Financial Transactions (SFT), and turnover as per the GST return. Moreover, taxpayers can know information about TDS, TCS, dividend income, income tax refunds, and more. Steps to Install the App AIS for Taxpayers on Your Mobile Like any other mobile application, AIS for taxpayer apps is available on both Google Play Store and iOS store. If you are an Android user, you can download the app from the Google Play Store, and if you are an Apple user, you have to get it from iOS. Read also: Du...

After the 48th GST council, it has been decided that the method of handling the discrepancy in liability in the statement of outward supplies (GSTR-1) and that reported in return (GSTR-3B) has been configured rule 88C of the CGST . The taxpayer is expected to be affected by the rule in case of any differences between the data in GSTR-1 and GSTR-3B. The taxpayer will be responsible to ensure compliance. The Rules That Apply Are As Below- The tax liability under GSTR-1 surpasses the tax liability under GSTR-3B. The registered person will be given a system-generated statement in Part A of form DRC-01B and the stated amount and percentage. Within 7 Days, the Registered Person is- Liable to pay this differential tax fully or partially including the interest and grant the same in Part B of Form DRC-01B. Expected to grant a response stating reasons according to unpaid differential liability in Part B of Form DRC-01B. The stated amount shall be redeemed in some cases such as if the differentia...

Why Do We Need to File ITR? A mandatory ITR filing requirement applies to all salaried individuals whose combined income exceeds the baseline exemption level. These are some of the often-asked questions that citizens have regarding basic income tax issues. Income Tax: What Is It? Every person's income is subject to income tax, which is a tax imposed by the Indian government. The Income-tax Act of 1961 contains the rules controlling income tax. ​ Who is Responsible for Paying Taxes? Everyone who is a "person" must pay income tax. The term "person" includes both real and made-up people in its scope. Hindu Undivided Families (HUFs), Associations of People (AOPs), Bodies of Individuals (BOIs), companies, Limited Liability Partnerships (LLPs) , corporations, local heads, and other artificial legal entities not covered by any of the aforementioned are all regarded as individuals. As a result, any artificial entity, in addition to a natural person (an individual), is l...

Advance tax under I-T act 1961 is a tax that needs to be paid upfront on anticipated revenue, as opposed to regular tax, which is paid at the end of the fiscal year. The basics of advance tax, including how to calculate and pay it, will be covered in this essay. What Does the Term Advance Tax Specify? Instead of paying the entire tax bill at the end of the fiscal year, advance tax is a tax on anticipated income that is paid in advance. As it requires taxpayers to estimate their income and pay tax on it as they earn it, it is frequently referred to as the "pay-as-you-earn" tax. If their tax liability for the fiscal year exceeds Rs. 10,000, all individuals, including salaried employees, independent contractors, and business owners, are liable for advance tax. On the other hand, senior citizens who are not employed by a business or profession are exempt from paying advance tax. Why Advance Tax is Important? Advance tax is essential because it enables the government to collect ta...