ITR-U means updated Incomе Tax Rеturn. This is introducеd in India’s Union Budgеt 2022 to allow the taxpayеrs to rеctify еrrors or omissions in their previous filеd incomе tax rеturns. It offеrs a chancе to voluntarily disclosе any additional incomе that might have been missеd іn thе original rеturn. Income tax department under section 139(8A)…
Do you have a pile of invoices from your smaller vendors? Beware, my friend, because a recent tax regulation has made delays in payments even more costly. Delays in settling bills for MSMEs can now have a detrimental impact on your profits due to the recent changes in Section 43B(h) of the Income Tax Act,…
In the dynamic landscape of business, where innovation and disruption are the driving forces of success, start-ups in India emerge as the trailblazers of change. These small but mighty enterprises represent the beating heart of the global economy, injecting fresh ideas, creativity and resilience into business ecosystem. These entrepreneurial ventures embody the spirit of risk-taking,…
Got a stack of bills from your smaller suppliers? Hold on to your wallet, friend, because a new tax rule just made late payments sting a whole lot more. Section 43B(h) of the Income Tax Act is shaking things up, meaning delays in settling those MSME bills can now hurt your own bottom line. No…
The Indian jewelry industry has been greatly influenced by the Goods and Services Tax (GST). The rates are now dependent on the kind of jewelry and material used post the Union Budget. Different prices apply, depending on the type of jewelry be it gold, silver, diamond, or gemstone. Let us have a brief understanding of…
It is essential for parents, guardians, or those who care about minors’ well-being to understand the complexities of determining the amount of income tax that minors are responsible for paying. This knowledge will greatly assist in managing their financial situation effectively. Tax considerations become a factor when individuals under the age of 18 generate income,…
Within the complex field of taxation, the Income Tax Appeal to CIT (A)Commissioner of Income Tax Appeals plays a vital role as a means for taxpayers to seek resolution and justice. This pathway offers individuals and businesses a chance to address and correct decisions made by lower authorities, when dealing with the intricate aspects of tax…
Madurai, with its rich cultural heritage, provides an environment that supports the growth of businesses. The process of Company Registration in Madurai is simple and aims to encourage entrepreneurial mindsets. The municipal authorities of this city extend their assistance throughout the registration procedure. With its flourishing economy and supportive infrastructure, Madurai stands as an optimal destination…
For many, the dream of owning a home is a significant financial endeavour. But being a homebuyer makes you a financial creditor? In this blog, we’ll understand the connection between homebuyers and financial creditor status, exploring the implications and roles they might play in the realm of financial dealings that is we will get to…
The concеpt of TDS payment was introducеd to collеct the tax from thе vеry sourcе of incomе. As pеr this concеpt, a pеrson (dеductor) who is liablе to makе paymеnt of spеcifiеd naturе to any othеr pеrson (dеductеe) shall dеduct tax at sourcе and rеmit thе same into thе account of thе Cеntral Govеrnmеnt. Thе…