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CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024
Finance Budget
CA. Kavit Vijay

CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024

While processing Income Tax returns of FY 2022-23, most of the taxpayers faced issue of delayed refund, refund put on hold on account of outstanding demand, refund adjusted against outstanding demand etc. During FY 2022-23, due to digitalisation of Income tax records of earlier year, the department uploaded various demands of earlier years (much prior to the years when Income tax return was started filing online).

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05/03/2024
Key takeaways from Interim Budget, 2024
Finance Budget
CA. Kavit Vijay

Key takeaways from Interim Budget, 2024

During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.

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13/02/2024
SCHEMES UNDER UNION BUDGET 2023-24
Finance Budget
CA. Shilpi Goyal

SCHEMES UNDER UNION BUDGET 2023-24

The Union Minister of Finance and Corporate presented the first Union budget of “Amrit Kaal” 2023-24 in Parliament 01.02.2022. This budget brought funds for various schemes to achieve the vision of “Atmanirbhar Bharat”. It focused on the empowerment of women, enhancing the skills of artisans, green energy, and various other segments to provide a whole growth to the country.

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06/02/2023
Union Budget-2023-24| Changes for Salaried Assessee
Finance Budget
CA. Vipin Tyagi

Union Budget-2023-24| Changes for Salaried Assessee

This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.

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06/02/2023
Union Budget-2023-24| Income Tax Amendments
Finance Budget
CA. Shilpi Goyal

Union Budget-2023-24| Income Tax Amendments

Union budget 2023-24 has proposed various amendments in the Income tax act such as Change in slab rates, extended benefits to MSME Enterprises, relaxation in tax audits threshold limits, Relaxations for cooperative societies etc.

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06/02/2023
UNION BUDGET ANALYSIS| FINANCE ACT 2022| INCOME TAX & GST
Finance Budget
CA. Kavit Vijay

UNION BUDGET ANALYSIS| FINANCE ACT 2022| INCOME TAX & GST

Union budget was presented by Hon’ble Finance Minister on 1st Feb 2022 in Parliament wherein various amendments are proposed under Income Tax Act and few changes are also proposed under Goods and Service Tax Act.
In this article, you will get a detailed analysis of amendments proposed by the Finance Act, 2022 in Income Tax and Goods and Service tax.

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08/02/2022
Amendment under Income Tax
Finance Budget
CA. Kavit Vijay

Amendment under Income Tax | Finance Bill, 2021-Union Budget

Following are the amendments proposals  in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following condition: senior citizens must have only Interest Income apart from pension Income. Tax has been deducted under section 194P on such interest Income by the bank. The bank where interest income credited should be the same where pension is credited into the senior citizen’s Account.

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25/02/2021
TDS by E-Commerce
Finance Budget
CA. Kapil Mittal

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS

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01/04/2020
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