TAX ADVISOR - YOUR OWN TAX GUIDE

  Income Tax Changes From April 1, 2023   1)     New income tax regime to be default regime- Starting with the upcoming financial year 2023-24 which begins on April 1, 2023, the new income tax regime will act as the default tax regime. But keep in mind that the old regime continues to exist and those wanting to choose the old one instead of the new regime can certainly do so.   2) Tax rebate limit raised from ₹5 lakh to ₹7 lakh Budget 2023 also made an annual income of up to ₹7 lakh tax-free. The enhancement of tax rebate limit to ₹7 lakh from ₹5 lakh from the new financial year 2023-24 means that those having income less than ₹7 lakh would have their entire income tax-free under the new income tax regime.   But before you hop onto the new regime, it'll be wise to compare the new and old one as per your existing as well as expected income for FY2023-24.   3) Standard deduction benefit extended to the new regime The standard ded...

The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year. So far, the Income Tax Department has been issuing Form 26AS to provide information related to taxable income and tax deducted at source (TDS), which will now be replaced with the Annual Information Statement (AIS). The new AIS statement will provide comprehensive information of the taxpayer and will be significantly useful while preparing the tax return. The information will be provided in AIS after removing duplicate information and taxpayers can download such information in PDF, JSON, CSV formats.  A taxpayer can submit online feedback if the information is erroneous or refers to another person/year, or is duplicate Here’s the list of Top 50 Transactions to be reported in the New Annual Information Statement. 1.Salary  Employer submits detailed breakup of salary, p...

 Here are answers to FAQs shared by the  RBI: 1. Why are the Rs 2,000 denomination banknotes being withdrawn?  The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. With fulfilment of that objective and availability of banknotes in other denominations in adequate quantities, printing of Rs 2,000 banknotes was stopped in 2018-19.  A majority of the Rs 2,000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions.  Further, the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.  In view of the above...

 Have you filed your Income Tax Return for FY 2020-21 (AY 2021-22) Yet?  If Yes, then had you checked your AIS (Annual Information Statement) & TIS (Taxpayer Information Summary) before filing your Income Tax Return. If No, then perhaps YOU HAVE MADE A BIG MISTAKE WHILE SUBMITTING YOUR INCOME TAX RETURN. Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback.  The new AIS can be accessed by clicking on the link  “Annual Information Statement (AIS)” under the  “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational.  The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions...

  Statutory and Tax Compliance Calendar for November   2021 & Onwards   Hope you all are safe. Due to COVID 19, many due dates were extended by Government. We have tried to compile updates till 30 th October 2021 and Please note List of Compliance may not be an exhaustive list of Compliances.   Income Tax Act Compliance Calendar :-   ·       07/11/2021 a.     Due date for deposit of Tax deducted/collected (TDS/TCS) for the month of October 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan b.     Due date for deposit of Equalization Levy for the month of October   2021.   •      14/11/2021 a.        Due date for issue of TDS Certi...