# income tax
12 posts in `income tax` tag
6 Digit HSN Code Mandatory GST E-Invoices From Dec 15, 2023
Starting December 15, 2023, a new rule requires businesses with an Annual Aggregate Turnover (AATO) of Rs. 5 crores or more to include a minimum 6-digit Harmonized System of Nomenclature (HSN) code in their electronic invoices for Goods and Services Tax (GST).
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By Krishna
FM Sitharaman Exposes 21791 Fake GST Registrations Tax Evasion
Sitharaman reported that a total of 21,791 entities with GST registration, split between state tax and CBIC jurisdictions, were found to be non-existent.
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By Krishna
GST Department Special Drive Identifies 21791 Falsified Registrations
Finance Minister Nirmala Sitharaman revealed on Tuesday that a special two-month drive by GST officers has deciphered 21,791 instances of fraudulent GST registrations and suspected tax evasion amounting to over 24,000 crore.
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By Krishna
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Income Tax Act Section 139(4) Guide Filing Belated Returns
A belated return is when an individual fails to file their income tax return by the original due date of 31st July each year and submits it afterward but before 31st December of the same year.
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By Krishna
File Belated Income Tax Returns FY23 December 31
Late submission of an income tax return (ITR) incurs penalties. Individuals filing their ITR after the due date will be charged a late fee of Rs 5,000, along with applicable interest.
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By Krishna
Budget 2024 New Income Tax Slabs Vs Old Income Tax Slabs
New Income Tax vs Old Income Tax Slabs: Exploring Changes and Comparisons. As Finance Minister Nirmala Sitharaman prepares to present the interim budget for FY25 on February 1, 2024, we anticipate updates to the income tax structure.
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By Krishna
Income Tax Exemptions Section 10 14 i Closer Look
In the Income Tax Act, Section 10(14)(i) outlines provisions related to allowances and perquisites—benefits provided by employers to employees as part of their salary.
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By Krishna
Income Tax Department Appeals Supreme Court High Court Order Validity
The Income Tax Department is contemplating filing an appeal in the Supreme Court. The process for filing the appeal is in its final stages, and expert opinions are being sought, as per the source.
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By Krishna
Considerations New Discard Option Income Tax Department
Filing your income tax return (ITR) is an annual task for taxpayers, and it's crucial to be aware of the necessary steps. As the number of filed tax returns increases, understanding the process becomes essential.
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By Krishna
Newly Introduced Discard Income Tax Return Feature Advantages
The “Discard” ITR option on the Income Tax Department's website allows taxpayers to permanently delete their filed tax returns. Once discarded, the return can not be retrieved by the taxpayer.
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By Krishna
Income Tax Rules Specified Financial Transactions Cash Deposits Withdrawals
As per the Income Tax Act, specific financial transactions are identified. If, during a financial year, an individual deposits cash amounting to Rs 10 lakh or more in a savings account, the bank is obligated to report such transactions.
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By Krishna
Indian Income Tax Act Modifications Supreme Court Retroactive Application Section 153C
In a recent decision, the Supreme Court highlighted a change in Section 153C of the Income Tax Act, stating that it will now apply retrospectively to cases predating the amendment.
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By Krishna