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This year the senior citizens of age over 75 years and above would not need to furnish their ITR as announced in budget 2021. The government inserted section 194P in the Income-tax Act, 1961. As per section 194P, the senior citizens would not be needed to furnish the income tax return when they fulfil the below-mentioned criteria: The senior citizen should be a resident in India and is 75 years old or more in the previous year, FY 2021-22. He secures the pension income and no additional income. Subsequent to that he might pose an interest income via the same bank where he obtains his pension income. The bank where the pension and the interest income would obtain would be mentioned by the government. he would be needed to provide the declaration to the stipulated bank. The declaration would include particulars in the form and be validated in these ways as mentioned. Read Also: Top Tax Benefits on Income of Super Senior Citizens in India These individuals would come beneath the two clas...

After becoming a Chartered Accountant, every student worries about the ca jobs in Jaipur . The main problem is that there is no job for freshers and there is a big hurdle to find a good job because the only few companies consider Freshers when others are only required experience people. Don't worry! Because, we are updating you with the latest CA openings in Jaipur, Rajasthan for newcomers and experienced persons also with good salary scale. As we know about the Jaipur that it is a developing city and the Rajasthan government focusing and increasing the IT sector so it will bring many golden opportunities in the future for the both fresher and experience. Let’s go for the CA jobs in Jaipur and see details. First, we share jobs for CA Fresher and then for the experienced person. Fresher & Experienced CA jobs in Jaipur: Company Name:  Quality HR Services Location: Jaipur Experience: 8 - 10 Years Salary: Not Disclosed Industry: Recruitment / Staffing Funct...

  The last date to submit the ITR for the fiscal year 2021-22 and the assessment year 2022-23 is July 31. The majority of the assessee is in the process of furnishing the income tax returns. The tax returns must be furnished as soon as possible for preventing last-minute hardship. The income tax department used to furnish the pre-filled ITR form for supporting the salaries persons to pay their returns with preventing the hardship the assessee also maintain all the needed documents handy and cross-check every field in the pre-filled forms. Every person who files the income tax returns for the first time must maintain the below-mentioned steps: Select the Correct ITR Form For the precise filing choose the applicable form relying on your residential status and the incurred income via distinct sources. The return would not be processed when furnished via the wrong form and the tax department might provide you with a defective return notice. Latest Tax Regime vs Old Tax Regime For the ...

Every year we used to file our taxes as responsible citizens of the country and thus the same would be mandatory for us to find out the information of the taxes which would be deducted beneath several heads. For this purpose the Form 26AS is useful. Let's see how it is useful What do You Mean by the Term 26AS? Form 26AS is said to be a consolidated yearly tax statement that shows the components of tax deducted at source, tax collected at source, and advance tax paid by the taxpayer with self-assessment tax. The same details are precisely for Permanent Account Number (PAN). The form specified the information of the sale or buy of the immovable property, cash deposits or withdrawal from a savings account, and others. An assessee can claim the tax deducted showing in their Form 26AS during filing of the ITR. What Are the Counting Elements for Form 26AS? Prior to furnishing your ITR, the taxpayer should ensure that the information concerned with the tax deducted at the source shown ben...

Conversation Between Sunil and Tina Tina: Sunil, can we buy a new house for ourselves? Sunil: Yes, however this year I need to invest to claim the tax advantages so we could think the same in the subsequent year. Tina: It seems that you do not know the tax advantages from the loans opted for the house property. Sunil: Is it? Tina: Yes Sunil: Just tell me what would be the tax advantages of the housing loan ? Tina: Let me provide you with an overview then we would go towards each provision after that. Sunil: I am listening Tina: House loan repayment comprises two portions 1. Principle and 2. Interest repayments Principal repayments get deduction u/s 80C up to 1,50,000 Interest repayments get deduction u/s 24(b) up to 2,00,000 in case of self occupied 80EE Maximum – 50,000 80EEA Maximum – 1,50,000 Sunil: This is unimaginable we could save from a housing loan then what is the requirement to invest in the others. Tina: Do not enjoy obtaining these deductions we require to satisfy some of t...

MSME is directed to Micro, small and medium enterprises. The Government in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006 has introduced it. According to the same act, MSMEs are the enterprises that are engaged in the processing, production, and preservation of goods and commodities. In the country's socio-economic development, MSMEs are the essential sector of the economy and have contributed to that. It creates employment opportunities along with that it contributes to the development of the country. MSMEs Are of Two Types Manufacturing enterprises: These are engaged in manufacturing or the production of goods in any industry. Services enterprises: It is involved in furnishing or rendering the services. MSMEs Specifications Issues the credit limit or funding support to several banks in the country. Support packaging, product development, and design intervention MSME works for the welfare of the workers and artisans. They would assist the...

CGST Act, 2017 Section 50 of Legal Language A. Every individual who is responsible to furnish the tax as per the provision of the act or the compliance incurred in it, however, unable to furnish the tax or any portion in it to the government with the duration mentioned, would be for the duration towards which the tax or any portion in it would stay unpaid, pay on itself, interest at that rate, mot more than 18%, as might be reported via government on the council's suggestion. Mentioned that the interest on the levied tax for the supplies incurred a tax duration and mentioned in the return for the particular duration filed post to the last date as per the provisions of section 39, besides where these returns would file post to the start of any proceedings under section 73 or section 74 for the mentioned duration would be subjected to pay on that tax segment which would be paid through debiting the electronic cash ledger. B. The interest under sub-section (1) will be computed in a wa...