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When an individual's income tax liability increases due to the receipt of arrears or additional payments, it is typically because these amounts are added to their total income for the current financial year. This addition of increased income can push the individual into a higher tax bracket, resulting in a higher tax liability. Arrears can be considered in various forms, such as salary, pension, rent, or any other income that was meant to be received in earlier years but faced delays or withholding. Once these arrears are eventually paid to the individual, they are considered taxable income for the year in which they are received. For instance, if an employee earns salary arrears in 2022 that actually pertains to 2021, the arrears will be liable to a higher tax rate in 2022. In such situations where a taxpayer's tax liability increases due to arrears, they may expect relief under Section 89(1) of the Income Tax Act, 1961. This relief provision can help reduce the taxpayer'...

The demand for web apps would have increased in the current digital world as to make the functioning better, businesses aim to provide seamless user experiences. But complex coding and time were been consumed using the traditional web development methods. Revolutionary low-code platforms present an unprecedented opportunity for developers to develop robust web applications, even without extensive coding expertise. That's where they truly shine. In this captivating piece, we'll delve into the remarkable benefits of using a low-code platform for web app development, unveiling how this approach can supercharge your productivity and pave the way for your business’s success. #1. Understanding Low-Code Platforms A visual development environment known as a low-code platform enables users to create web apps with little to no manual coding. A variety of pre-built components, drag-and-drop interfaces, and user-friendly features are offered, which greatly reduces the need for hand-c...

Filing the ITR shows a final chance to file your due taxes and review your financial situation from the former year and make plans for the subsequent year. For easing the filing procedure, the Income tax department furnishes Form 26AS, Annual Information Statement (AIS), and also pre-fills specific information like tenant information, employer details, etc., through your former year's tax return. But the same would be essential to maintain the following documents handy at the time of preparing the tax return to reconcile and confirm the preciseness of the details furnished. Reporting Salary Details in Form 16 For reporting the salary information in your ITR, Form 16 would be important . The same furnishes the complete breakdown of your salary, exemptions, deductions, and TDS deductions. Statement of House Loan Under section 24 for interest on the house loans and section 80C for the principal component the deductions for the home loans would be available. You may make the proper de...

OIDAR services (Online Information and Database Access or Retrieval services) would have obtained influential importance in the digital age. The complete OIDAR services overview and their importance on the Goods and Services Tax (GST) in India is been furnished in this article. Fetching the importance of services provided via the OIDAR and why the GST registration would be obligatory for the OIDAR service providers. Discover the procedure for the GST registration for both the Indian and foreign-based OIDAR service providers. OIDAR service providers can precisely function in India's digital economy by understanding and complying with the GST regulations. Define OIDAR Services? With lesser human interruption, the services furnished via information technology over the internet or electronic networks would be called OIDAR services. Such services are laid on automation and would be made effective via the utilization of technology. Online advertising, cloud services, e-book distribution...

Over 150 companies have been identified to be involved in Goods and Services Tax (GST) fraud, which has also discovered at least 30 fake firms. They used fake under GST invoices valued at hundreds of crores in about a dozen districts of Madhya Pradesh. The Director General of GST Intelligence (DGGI) , Bhopal zonal office has initiated the move and is running an operation to search in districts to nab the extent and links of the major fraud. Among other operations, the DGGI is tasked with gathering, compiling, and disseminating information about fraud detection and Central Excise Duty, Service Tax, and GST avoidance on an all-India basis. The board are in search of the tax evaders under the radar in districts including Bhopal, Indore, Ujjain, Jabalpur, Rewa, Sindhi, Shahdol, Katni, Sagar, Khandwa, and Khargone district and involves chains of coal suppliers too, sources stated. Under the operation, a similar swoop is also being carried out in other regions of the country by DGGI teams o...

Filing income tax returns is an obligatory task for all taxpayers and holds significant importance for both individuals and businesses in contributing to the development of the nation. It is crucial to understand the reasons behind the significance of filing tax returns on time . This article guides you in understanding why timely filing is essential and beneficial for taxpayers, outlining the potential consequences of missing the deadline as well as the advantages of adhering to the set timelines. Keeping Legal Obligations in Tax Compliance Filing income tax returns within the specified timeframe is not merely a recommendation, but a legal requirement. Tax laws in most countries mandate individuals and businesses to accurately report their income and fulfil their tax obligations by specific dates. Failure to meet these deadlines may result in fines, penalties, and other legal consequences. By filing tax returns on time, taxpayers demonstrate their commitment to upholding their legal r...