# ret
12 posts in `ret` tag
Understanding Section 139(5) of the Income Tax Act: A Comprehensive Guide
A thorough explanation of Section 139(5) of the Income Tax Act can be found in this blog post. It describes what a defective return is, how to fix a defective return, and the possible repercussions of filing a defective return. Taxpayers can guarantee compliance with income tax legislation and prevent penalties by being aware of Section 139(5).
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By Krishna
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Latest GST Updates in India: What You Need to Know
This blog post provides a comprehensive overview of the latest GST updates in India, including changes to e-invoicing, GST rates, ITC, annual return filing deadlines, and more.
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By Krishna
Restoring Archived GST Return Data: An All-Inclusive Guide for Taxpayers
This blog explores the importance of providing Indian taxpayers with access to their historical GST return data. It gives taxpayers a step-by-step tutorial on how to obtain and analyze their prior returns and describes the goals and extent of the restoration procedure. It highlights the advantages, like improving compliance, maximizing taxes, and fixing mistakes. In order to reduce penalties, the essay also emphasizes the significance of prompt action and expert counsel.
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By Krishna
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PPF Rules: Significant Modifications Take Effect October 1, 2024
The Public Provident Fund (PPF) regulations have undergone substantial modifications for investors with the implementation of the 2024 revisions on October 1st. A greater deposit cap, more freedom for early withdrawals, online nomination, longer loan terms, and quarterly interest rate adjustments are a few of them. PPF account holders now have more flexibility, investment possibilities, and convenience thanks to these changes.
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By Krishna
Update on GST Data Retention until 2024: Important Information for Indian Taxpayers
Beginning in September 2024, the GST Portal will begin deleting return data older than seven years, which is a significant change for Indian GST filers. Cost reasons, issues related to data security, and regulatory compliance have all motivated this adjustment. Taxpayers need to move quickly to protect their data by printing or downloading copies, utilizing external hard drives or cloud storage, and strengthening record-keeping procedures. Businesses will remain audit-ready and compliant even when past data is archived or removed from the GST Portal thanks to these proactive measures.
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By Krishna
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The Income Tax Act's Section 168A: Guaranteeing Relief in Unprecedented Times
Section 168A of the Income Tax Act provides relief to taxpayers during emergencies like pandemics or natural disasters by allowing the government to extend tax-related deadlines. This section helps avoid penalties and reduces the compliance burden when normal operations are disrupted. It was widely used during the COVID-19 pandemic to extend deadlines for filing returns and completing assessments. While it offers temporary relief, the extensions are time-bound and rely on government notifications. This provision ensures flexibility for taxpayers during challenging times.
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By Krishna
NPS Vatsalya Scheme: A Detailed Overview
Parents and guardians can contribute to a pension account for their children's future through the NPS Vatsalya Scheme, a pension plan specifically for minors. The features, advantages, and investment alternatives of the program are all covered in detail in this thorough book, which makes it a must-read for anybody hoping to protect their child's finances.
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By Krishna
Re-opening of ITC Reversal Opening Balance: A Simplified Guide
A concise overview of the new guidelines, due dates, and procedures for adhering to the amended requirements is given in this blog article about the resumption of ITC reversal opening balance reporting. It aids companies in comprehending the ramifications of the updated reporting and in acting promptly to avert fines and uphold GST compliance.
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By Krishna
Recognizing and Addressing Income Tax Department Unpaid TDS Notices
This blog article offers a thorough explanation of how to reply to TDS notices that are outstanding and are delivered by India's income tax department. It goes over the justifications for these notifications, how to verify them, and a methodical process for properly replying to them. The article also describes the various letters that the income tax agency may send you as well as how to stay out of trouble with the law.
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By Krishna
Section 234A - Interest on Late Filing of Income Tax Returns
The Income Tax Act's Section 234A, which charges interest to taxpayers for late filing of their income tax returns, is explained in this blog entry. It offers a thorough description of the interest calculation process, the repercussions of nonpayment, and an example of how to compute interest using Python code. The purpose of this post is to inform taxpayers about the significance of timely return filing in order to prevent having to pay interest under Section 234A.
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By Krishna
An Extensive Study of Income-tax Act of 1961 Section 139(8A)
The Income-tax Act, 1961's Section 139(8A), which addresses the filing of late income tax returns in India, is thoroughly examined in this blog. The blog is a thorough resource for taxpayers and tax experts, covering the background, salient points, ramifications, and commonly asked issues around this rule.
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By Krishna
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GST Composition Scheme: A Simplified Tax Payment Option for Small Businesses
Instead of paying tax on each transaction, small firms can opt for the GST Composition Scheme, which is a tax payment scheme that allows them to pay a predetermined proportion of their sales as tax. The purpose of this program is to facilitate small business operations and lessen the burden of compliance for them.
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By Krishna