GSTPedia

19/12/2025

Alert for Taxpayers Claiming 80G / 80GGC Deductions

The Income Tax Department is issuing notices to taxpayers who claimed deductions under Section 80G or 80GGC. Many such claims are being flagged as bogus or ineligible based on data verification.

👉 If you receive a notice:
✔ Submit valid donation proof (receipt, bank trail, donee details), or
❌ Pay the tax and file ITR-U under Section 139(8A).

Ignoring the notice may lead to penalty, reassessment, and further action.

🔎 Act early. Review your claim. Respond correctly.

A wrong or bogus deduction can lead to withdrawal of deduction, tax demand, interest, and penalty. In serious cases where fraud is established, stricter action may follow. Therefore, it is far safer to self-check and voluntarily correct rather than wait for a tax notice.

25/12/2024

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30/11/2024

📣🔊🔔🕕Attention GST Taxpayers :- November 30, 2024, is the final deadline for GST-registered taxpayers to claim any pending Input Tax Credit (ITC) or rectify errors and omissions for the financial year 2023-24, as per GST regulations. Missing this deadline could lead to the forfeiture of ITC benefits for FY 2023-24, resulting in a financial loss for taxpayers since they won’t be able to offset their output GST liability with the unclaimed ITC.
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29/10/2024

Happy Dhanteras! May this Dhanteras bring you prosperity and joy! इस धनतेरस पर आपको समृद्धि और आनंद मिले! 🙏

08/04/2024

Beware of "Drugs in Courier and Parcel Scam"! Fraudsters may pretend to be police officer, threaten, extort money and ask for your KYC/Account details. Note the details and immediately report such Suspected fraud communications at Chakshu facility on www.sancharsaathi.gov.in and in case you have already lost money then report on 1930 or www.cybercrime.gov.in
Issued in Public Interest by Govt of India

26/11/2023

https://caalokkumar.com/my-writing/what-is-advance-tax-in-india-and-who-needs-to-pay-it/

What is Advance Tax in India and Who Needs to Pay It?

12/07/2023

https://caalokkumar.com/my-writing/key-highlights-of-50th-gst-council-meeting/

A Milestone in GST Journey - The council's recommendations to revise GST tax rates, streamline compliance processes are aimed at promoting economic growth and ensuring a simplified tax regime.

04/07/2023

https://caalokkumar.com/my-writing/growth-of-gst-collection-june-2023-impressive-milestone/

The GST revenue collection for June 2023 has reached a significant milestone, surpassing ₹1.60 lakh crore with a 12% year-on-year growth.

20/05/2023

https://caalokkumar.com/my-writing/delhi-hc-quashes-penalty-order/

Notice under section 41 of the Black Money Act was issued on 30.03.2022 the Dy. Director of Income Tax (Inv.), Unit 4(4), New Delhi.

22/04/2023

World Earth Day!
Team: Wealth4india.com

26/12/2022

The last date for filing belated Income Tax return for assessment year 2022-23 (Financial Year ended 31.3.2022) is 31st December, 2022. So please ensure to file the return of assessment year positively 2022-23 by 31st December,2022, if not already filed.
After 31st December, 2022, it will not be possible to file the return for assessment year 2022-23.
The only alternative option will be to file an updated return under section 139(8A) [subject to certain conditions and restrictions stated therein] with additional liability of 25% of the aggregate amount of tax and interest.
It may be noted that failure to file Income Tax return may lead to prosecution under section 276CC of the Act. With the complete digitisation of all the data of every entity, it has become very easy for tax department to identify non filers of tax returns and to initiate proceedings against such non filers /defaulters.
It is also important to point out that Income Tax Act mandates all partnership firms, LLP’s, and Companies to file Income Tax return, irrespective of the fact whether such firm, LLP or the company is dormant with no activity or no transaction during the year. So, even if there is no income or no transaction during the year , in any partnership firm, LLP or a company, make sure to file return of every partnership firm , LLP and Company showing Nil income before 31st December, 2022, to avoid any penal consequences.

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