# taxpayer
12 posts in `taxpayer` tag
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
TDS Rates Simplified: What You Need to Know from 1st October 2024
This blog article addresses the rationalization of TDS rates, which will take effect on October 1, 2024. It also covers the effects on individual taxpayers, the withdrawal of 20% TDS upon buyback by mutual funds and UTI, and the decreased rates for various sections. An summary of the modifications and how they affect the tax system is given.
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By Krishna
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Tax Dispute Resolution: How Section 245 Can Help
This blog offers a thorough explanation of Section 245 of the Income-tax Act, 1961, which addresses appeals and dispute resolution in relation to income tax. The blog highlights the significance of this section in preserving taxpayer rights and guaranteeing an equitable and transparent process by outlining its contents, methods, and ramifications for taxpayers.
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By Krishna
Getting to Know India's Advance Tax System
This blog covers the fundamentals, advantages, and deadlines of India's advance tax system in great depth. It also provides advice on how to maintain tax law compliance and describes the repercussions of failing to pay advance tax. This tutorial will assist both individuals and businesses in comprehending and navigating India's complex tax structure.
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By Krishna
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Understanding the e-DRS: A Taxpayer's Guide
The tax dispute settlement procedure has been made simpler by a ground-breaking effort launched by the Central Board of Direct Taxes (CBDT). The e-Dispute Resolution Scheme (e-DRS) provides taxpayers with an easy-to-use and effective online platform to submit objections or appeals against tax orders or assessments. This blog post offers a thorough rundown of the main characteristics, advantages, and usage of the e-DRS. Find out how using the e-DRS to resolve tax disputes may save you money, time, and effort.
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By Krishna
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CBDT Launches New e-DRS Scheme: A Game-Changer for Tax Dispute Resolution
To expedite the resolution of tax disputes, the Central Board of Direct Taxes (CBDT) has launched the e-DRS (Electronic Dynamic Response System) program, a digital platform. The purpose, capabilities, and advantages for taxpayers of the e-DRS program are all explained in this blog article.
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By Krishna
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New Rule for Filing GSTR-1: What Taxpayers Need to Know from September 2024
A new GSTR-1 filing rule was introduced by the Indian government and will take effect in September 2024. Taxpayers will receive guidance on the modifications and necessary actions to comply with the new regulation from this blog post.
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By Krishna
Interpreting Section 139(9): A Comprehensive Guide to Managing Inaccurate Return Notifications
This blog post provides a comprehensive guide to the notice for defective return under Section 139(9) of the Income-tax Act, 1961. It covers the reasons for issuing a notice, the process of notice, consequences of receiving a notice, and tips on how to avoid receiving a notice.
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By Krishna
Income Tax Reassessment Under Section 148A: Updated Schedules and Processes
The Finance Act, 2021, has introduced significant changes to the income tax reassessment provisions under Section 148A of the Income-tax Act, 1961. This blog post explains the new timelines and procedures for income tax reassessment, including the show-cause notice, taxpayer's response, and AO's decision.
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By Krishna
Understanding the Section 143(2) Notice Time Limit: An Overview for Taxpayers
The time limit for issue of notice under Section 143(2) of the Income-tax Act, 1961, is six months from the end of the financial year in which the return of income is filed. This time limit can be extended by the Commissioner of Income-tax or the Chief Commissioner of Income-tax, as the case may be, for a period not exceeding six months. Taxpayers must comply with the notice issued by the AO within the prescribed period to avoid adverse consequences.
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By Krishna
Understanding Section 156 of the Income Tax Act
Receiving an income tax notice can be a daunting experience, especially if you're unsure of what it entails. Section 156 of the Income Tax Act is a crucial provision that deals with outstanding tax demands. This blog post provides a comprehensive guide to understanding income tax notices under Section 156, including what it means, how to respond, and the consequences of delay.
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By Krishna
Explaining Income Tax Notice Section 143(2): A Detailed Guide to Section 143(3) Scrutiny
This blog post provides an in-depth explanation of the income tax notice under Section 143(2) and the scrutiny process under Section 143(3). It covers the types of notices, consequences of ignoring, and time limits for issuing notices and final assessment orders, helping taxpayers navigate the complexities of the income tax laws.
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By Krishna