# taxcompliance
12 posts in `taxcompliance` tag
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
The Most Important Changes to the New TDS Regulations for 2024
The Income Tax Department will implement new TDS (Tax Deducted at Source) laws on October 1, 2024, with the goal of reducing tax evasion and enhancing compliance. Raised TDS thresholds for independent contractors, new real estate sales regulations, cash payments, and rent payments to non-resident landlords are some of these modifications. To ensure that taxpayers stay compliant, this blog offers a thorough summary of all the latest regulations and how they affect different transactions.
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By Krishna
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October 7, 2024, as the new deadline for income tax returns: Major advantages for taxpayers
The deadline for filing income tax returns for the assessment year 2024–25 has been extended by the Central Board of Direct Taxes (CBDT) to October 7, 2024. This blog discusses the rationale for the extension, who stands to gain from it, and how taxpayers should use the additional time to make timely and proper filings in order to avoid fines. It is recommended that people and businesses take early action to prevent last-minute issues.
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By Krishna
Comprehending Income Tax Act Section 25A: Unrealized Rent and Rent Arrears Taxation
The Income Tax Act's Section 25A deals with the taxation of unrealized rent and rent arrears that property owners recoup. This clause permits a 30% reduction prior to taxation and makes it clear that arrears remain taxed even after the property is sold. To assist property owners in understanding their tax responsibilities, this blog offers a thorough explanation of Section 25A's application, as well as an analysis of its main clauses and useful examples.
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By Krishna
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All the Information You Require to Understand the September 30, 2024 Income Tax Audit Deadline
September 30, 2024 is the deadline for submitting income tax audit reports for AY 2023–2024. This article covers who must submit an audit report, what happens if the deadline is missed, and how to make sure the report is submitted accurately and on time. To stay out of trouble and make sure you're following the tax laws, get professional guidance and support from myITRonline.
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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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Knowing the Income-tax Act of 1961's Section 2(22): Deemed Dividends and Their Consequences
The Income-tax Act, 1961's Section 2(22) discusses the idea of presumed dividends and makes sure businesses don't evade taxes by giving shareholders advances or loans in lieu of dividends. This area affects the financial health of a corporation as well as dividend taxes. To ensure financial stability and compliance with tax laws, become aware of the important clauses and their implications.
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By Krishna
Understanding the Income Tax Act's Section 79A: How Ownership Changes Impact Loss Carry-Forwards
One important measure to stop companies from abusing loss carry-forward processes when ownership changes is Section 79A of the Income Tax Act, 1961. This blog explores the main points of Section 79A, when it applies to mergers, acquisitions, and restructuring, and how it affects companies, particularly small and startup ones. We also look at the section's exclusions and how enterprises, venture capitalists, and investors might use this clause to guarantee legal compliance while implementing smart tax planning.
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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
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Understanding Section 39 of the Income Tax Act: Powers of Tax Recovery and Asset Attachment
Tax authorities may seize and sell a taxpayer's assets in order to collect unpaid taxes, according to Section 39 of the Income Tax Act. Additionally, recovery against other parties holding assets on behalf of the taxpayer is permitted under this clause. To make sure taxpayers understand their obligations and the repercussions of tax defaults, the blog examines the essential components, recovery procedure, and consequences for non-compliance.
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By Krishna
Managing Tax Conflicts: An Overview of the Direct Tax Vivad Se Vishwas Plan 2024
The Direct Tax Vivad Se Vishwas Scheme 2024 offers a platform for taxpayers to resolve tax disputes and reduce their financial liabilities. Learn about the key features, benefits, eligibility criteria, and how to participate in this scheme.
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By Krishna
Understanding Section 40A of the Income Tax Act: A Complete Guide
This blog gives a complete explanation of Section 40A of the Income Tax Act of 1961, with an emphasis on the disallowance of certain business costs. It describes the major provisions, the sorts of costs that can be rejected, and the percentage restrictions that apply to different enterprises. The blog also discusses exemptions for costs linked to scientific research, social welfare, and export promotion. It emphasizes the significance of compliance and demonstrates how excellent record-keeping may help businesses reduce tax liability under Section 40A.
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By Krishna