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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...

As of March 2022, MCA has started from the V2 version to the V3 version in phases. From 23.01.2023, recent 56 forms of the company have been transferred to the new MCA V3 portal . Certain essential FAQs on the subject of the MCA V3 working procedure would be discussed in the same editorial by the author. FAQs on MCA V3 Portal Working Process  Que 1: If there is a choice to revise the Email ID No in User ID? (DG) There would be no facility available under the recent status of the system for the revision of email id. After you specify any email id which could not get revised. (DG) Que 2: Which option DSC must register on the MCA V3 from the mentioned below two choices in my application? (DG) i. DSC Service ii. FO Service- associate DSC (ii) i.e. FO Service- Associate DSC option, an individual would be needed to register his/ her DSC. (DG) Que 3: If we could verify whether DSC is registered or not with our User ID? (DG) We can use the procedure listed below to review the Associatio...

A presentation of the Budget 2023-24 has been made by Nirmala Sitharaman, the Finance Minister. The following are 9 legislative GST changes included in budget 2023-24 : Sections 132 and 138 of the CGST Act According to the CGST Act, sections 132 and 138 will be amended to increase the minimum threshold for launching a tax prosecution from one crore to two crores, except for invoices issued without supplies of goods or services. Compounding the tax amount would be reduced from 50 per cent to 150 per cent to 25 per cent to 100 per cent. There are certain offences specified in clauses (g), (j) and (k) of section 132 of the CGST Act, 2017 that decriminalize obstruction or preventing an officer from fulfilling his duties. These offences include deliberate tampering with evidence; failure to provide information. Supply of Goods Without GST Registration A few changes are being made to sections 10 and 122 of the CGST Act to facilitate intra-state supplies of goods by non-registered suppliers a...