CA Aditya Malik

01/02/2023

Decoding the Budget 2023 (Key Direct Tax Updates)

- Revised Tax Slabs for individuals under New Tax Regime
0-3Lakhs - Nil
3-6Lakhs - 5%
6-9Lakhs - 10%
9 - 12 Lakhs - 15%
12 -15 Lakhs - 20%
Above 15 Lakhs - 30%

- Rebate u/s 87A is to be provided upto Total Income of 7 Lacs under New Tax Regime

- Turnover under Presumptive Taxation for MSME enhanced to 3 crores (provided cash receipts do not exceed 5%)

- Turnover under Presumptive Taxation for Specified Professionals enhanced to 75 lakhs (provided cash receipts do not exceed 5%)

- Standard Deduction for Salaried/ Pension individuals having Salary of 15.5 Lakhs or more amounting to Rs. 52,500/- under New Tax Regime

- Highest surcharge rate reduced from 37% to 25% in new tax regime

- New Tax Regime to be Default Tax Regime. However, tax payers still have option to opt for Old Regime

- Deduction u/s 54 & 54F capped at 10 crores to prevent high-net-worth assessees from claiming huge deductions and defeating purpose of law

- TDS on EPF withdrawal reduced to 20%

- Lower Tax Rates for New Cooperatives fixed at 15%

- Limit of TDS on cash withdrawals for cooperatives enhanced to 3 crores

05/07/2022

Time to file your Income Tax Return

Presenting a summarised checklist of documents for filing the Income Tax Return.

https://youtu.be/9NHlX90Lv-k

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-22

01/06/2022

Presenting before you an important case judgement determining "Whether Capital Gain benefit be claimed if property purchased in wife's name?"

https://youtu.be/mgcTZQqPAkg

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Kaushlendra Singh vs. ITO

01/04/2022

24/03/2022

https://youtu.be/xRlEHeOAcRc

Confused about New Tax Regime??? Watch this short video for a better understanding.

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Looking forward to your feedback.

Tax

01/03/2022

https://youtu.be/420P8Vpn91U

Have you completed these compliances? If not, watch this short video to get a better understanding.

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Looking forward to your feedback.

14/02/2022

https://youtu.be/DpzJcfHaPGc

Presenting a short video on "Taxation on Gifts".

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Looking forward to your valuable feedback🙂

09/09/2021

IMPORTANT UPDATE

CBDT again extends due dates for filing ITR for AY 2021-22 as follows:

1. Assessee not covered under Audit: 31st December, 2021
2. Assessee covered under Tax Audit: 15th February, 2022
3. Assessee covered under Transfer Pricing provisions: 28th February, 2022
4. Belated/ Revised returns for AY 2021-22: 31st March, 2022

Due date for filing Tax Audit Report extended to 15th January, 2022

Due date for filing Transfer Pricing Report extended to 31st January, 2022

20/05/2021

Important Updates by CBDT

1. TDS Return date for Q4 (FY 2020-21) extended from 31st May 2021 to 30th June 2021.

2. Form 16 (FY 2020-21) can be furnished by employer to employee by 15th July 2021 instead of 15th June 2021.

3. Due date for filing ITR u/s 139(1) Non-Audit cases (FY 2020-21 i.e. AY 2021-22) extended from 31st July 2021 to 30th Sept 2021.

4. Due date for filing ITR u/s 139(1) Audit cases (FY 2020-21 i.e. AY 2021-22) extended from 31st Oct 2021 to 30th Nov 2021.

5. Due date for filing ITR u/s 139(1) Transfer Pricing cases (FY 2020-21 i.e. AY 2021-22) extended from 30th Nov 2021 to 31st Dec 2021.

6. Due date for filing Tax Audit Report (FY 2020-21 i.e. AY 2021-22) extended from 30th Sept 2021 to 31st Oct 2021.

7. Due date for filing Transfer Pricing Report u/s 92E (FY 2020-21 i.e. AY 2021-22) extended from 31st Oct 2021 to 30th Nov 2021.

8. Due date for filing Belated/Revised ITR (FY 2020-21 i.e. AY 2021-22) extended from 31st Dec 2021 to 31st Jan 2022.

02/05/2021

GST Update by CBIC
(Dated 01st May, 2021)