1. Changes in ITR 3 Form for FY 2023-24 ITR-3 Form Revisions FPI/FII: Should reveal the SEBI registration number in their respective schedule. Reporting of income from Virtual Digital Assets (VDA)/crypto added under Capital Gains schedule. Likewise, the quarterly breakdown is also required to be provided in the Capital Gain Schedule. Advances received from specified… Continue reading Change in ITR Forms in F.Y. 2023-24
Capital Gain Provisions as per Income Tax Basis of Charge Any profits or gains arising due to the sale of a capital asset in the previous year shall be chargeable to income tax under ‘Capital Gains’ and shall be the income of the previous year in which the transfer took place unless such capital gain… Continue reading Understanding the Basis of Charge: Capital Gains in Income Tax
NET WORTH CERTIFICATE A Net Worth Certificate is a document prepared and certified by a Chartered Accountant in practice. It includes all the assets and liabilities of an individual partnership firm or a company. The main aspect of the net worth certificate lies in ascertaining the financial health of the person whose net worth is… Continue reading Demystifying Net Worth Certificate: A Comprehensive Guide and Requirements
In the dynamic realm of Goods and Services Tax (GST), the GSTR-3B form serves as a compass, guiding businesses through the complexities of tax compliance. This article endeavours to unravel the intricacies of GSTR-3B, offering a detailed guide while also reflecting on the growth of GST and its overarching aim from a taxpayer’s perspective. Evolution… Continue reading A Holistic Journey Through GSTR-3B: From GST Introduction to Empowering Taxpayers
One such crucial deduction is under Section 80D, specifically designed for medical insurance premiums. In this blog post, we unravel the details of Section 80D, exploring who is eligible, the purposes for which deductions are allowed, and the quantum of deductions permitted. Eligibility and Purpose of Deduction: Section 80D provides deductions to individuals, Hindu Undivided… Continue reading A Guide to Tax Benefits of Deductions for Medical Insurance Premium under Section 80D
In an income tax filing, missing the initial deadline can be stressful, but all is not lost. Section 139(4) of the Income Tax Act, 1961, provides a lifeline known as the Belated Return, allowing individuals to file their income tax returns after the original deadline but before the extended one, which is December 31st of… Continue reading Understanding Belated Returns in Income Tax Filing
GST return filing is a requisite process for businesses operating under the GST framework. Whether on a monthly, quarterly, or annual basis, businesses with GST registration are obligated to submit detailed records of their sales, purchases, and corresponding tax transactions. The implementation of a comprehensive Income Tax System, exemplified by GST in India, has not… Continue reading GST Return Services Delhi: Your Guide to Effective Tax Compliance
GST registration can be obtained voluntarily by any person or entity irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover. It is mandatory for businesses with turnovers exceeding specified thresholds (Rs. 40 lakhs, Rs. 20 lakhs, or Rs. 10 lakhs, as applicable) to register… Continue reading A Comprehensive Guide to GST Registration Delhi, Compliance, and Benefits
The ITR-4 (Sugam) is an Income Tax Return form in India designed for individuals and Hindu Undivided Families (HUFs) earning income from a proprietary business or profession. It serves as the designated Income Tax Return form for taxpayers who choose the presumptive income scheme outlined in Section 44D, Section 44DA, and Section 44AE of the… Continue reading Understanding the Basics ITR-4 Filing: Essential Documents and Pro Tips
Income Tax Return (ITR) is a form taxpayers use to disclose their income earned and tax payable before the income tax department for every financial year. The income Tax department has notified 7 ITR forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer needs to file their ITR on or… Continue reading Taxcellent’s Guide to ITR-1: Filing with Confidence and Accuracy
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