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Filing of Updated/ Income Tax Return for the Financial Years 2021-22 and 2022-23

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      Filing of Updated/ Income Tax Return for the Financial Years 2021-22 and 2022-23     Background:   The Finance Minister, Mrs Nirmala Sitharaman, in her Budget Speech of 2022 has  mentioned:   “India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework of reporting of taxpayers' transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an Updated Return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year.   In this context, it is also equally important to note that some of the Assessees have not filed or failed to or forgot to fil...
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Cost Inflation Index for the Financial Year 2024-25 is 363

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  NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION ( V ) – FINANCIAL YEAR 2024-25 The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26 and it is 363. Sl. No. Financial Year Cost Inflation Index ( 1 ) ( 2 ) ( 3 ) 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-11 167 11 2011-12 184 12 2012-...
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Section 206C(1H) - TCS Compliane - Financial Year 2023-24 and 2024-25

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  TCS COMPLIANCES FINANCIAL YEAR 2023-24 and 2024-25 ASSESSMENT YEAR 2024-25 and 2025-26 Section 206C (1H) Seller to Collect TCS on Sales Threshold Limit Rs.50.00 lacs Rate of TCS: 0.1%   NOTES: I            Applicability of Section, Rates, etc   1.          Every Seller who receives any amount (inclusive of GST) as consideration for sale of goods (Other than Exports) of value or aggregating Rs 50,00,000 in any Financial Year, then at the time of receipt of such amount, has to collect Tax (TCS) from buyer @0.1% on amount exceeding Rs 50,00,000/-.   However, Provisions of this section shall not be applicable if buyer is liable to deduct TDS U/s 194Q (Refer our Circular on TDS Compliances)                    ...
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TDS Compliances in Brief - Financial Year 2023-24 and 2024-25

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  TDS COMPLIANCES FOR THE FINANCIAL YEAR 2023-24 and 2024-25 ASSESSMENT YEARS 2024-25 and 2025-26   Nature of Payment Threshold Limit ( Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No PAN / Invalid PAN (Sec 206AA) Section Description IT Rate (%) IT Rate (%) IT Rate (%) 192   Salaries (Refer Note: 1) - NA 12 Equal Instalments 20 (Also refer Note 11) 194 Payments towards Dividend 5,000 10 10 20 (Also refer Note 11) 194A Interest other than interest on securities (Refer Note: 2) 5,000 10 10 20 (Also refer Note 11) 194C Payment to Contractor - Single Trans action (Refer Note. No.3) ...
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