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Starting October 1, 2023, significant changes are set to roll out in the relation to tax collection at source (TCS) in India. These modifications will have an impact on various financial transactions, especially those involving overseas expenses. Whether you’re planning international travel, investing in foreign assets, or financing higher education abroad, these new TCS rules … Read more

As per Section 206AA of the Income Tax Act, if you do not furnish your Permanent Account Number (PAN) to the deductor, then the deductor shall deduct TDS at the higher of the rate prescribed in the relevant provisions of the Act or at 20%. Usually, every employer deducts Tax Deducted at Source (TDS) from … Read more

This year, 22,000 taxpayers, including high-net-worth individuals, salaried individuals, and trusts, have received notices from the Income Tax Department because their deductions don’t match the information on their Form 16 or Annual Information Statement (AIS). According to a report in The Economic Times, all these intimation notices were sent for the tax returns filed for … Read more

Personal finance changes from next month: With the beginning of October month, one would be entering into new quarter as well. With the beginning of new quarter, a good number of new rules are getting effective from 1st October 2023 that would directly impact perfonal finance of an investor. These financial changes include mutual fund … Read more

Last date extended to submit an income tax audit report: Certain taxpayers have to mandatorily conduct an income tax audit of their books of accounts as per the Income-tax Act, 1961. An income tax audit is a thorough inspection of the books of accounts of a business entity or professional individual. “The government’s mandate for … Read more

The CBDT has notified new rule and form for new manufacturing Co-Operative Societies to opt for 15% concessional tax rate.  The Income-tax (Twenty-Third Amendment) Rules, 2023 has been notified to amend Income-tax Rules, 1962. The exercise of an option under section 115BAE(5) is covered by the new rule 21AHA. For any prior year relevant to … Read more

The Income Tax Department has issued an Advisory on Digital Signature Certificate(DSC). The Digital Signature Certificate (DSC) has emerged as a globally trusted, secure, and safe digital tool that streamlines all of your e-filing processes. DSC has many such features that provide a cyber-free environment for your confidential information and records for e-filing income tax returns online. According to the revised … Read more

Starting October 1, 2023, the government is set to implement the new Tax Collected at Source (TCS) rules which were introduced earlier this year in the Budget. The new rules are part of the government’s efforts to enhance tax collection and broaden the tax base. Here, let us understand the key provisions of the new … Read more

Last date to file Form 10A/ 10AB for the registration of Charitable or Religious Trusts/Institutions in certain cases is 30th September, 2023. Deadline is approaching soon. Don’t miss the date! Related Tagged: INCOME TAX, INCOME TAX DEPARTMENT Source link