Finance & Tax Issues

13/04/2024

Post a review to our profile on Google

10/02/2023

New Income Tax Regime FY 2023-24

19/01/2023

https://ca-anup-kumar-misra-associates.business.site/?utm_source=gmb&utm_medium=referral

Chartered Accountant in Lakhanpur, Vikash Nagar, Kanpur

07/01/2023

GST, PF & ESI Registration, Firm Creation

14/12/2020

*IMPORTANT DSC UPDATE*

1. w.e.f 01.01.2021, Issuance of New DSC of Class 2 will be discontinued by all Certifying Authorities.

2. Existing / Already Issued / Downloaded till 31.12.2020 DSC will be valid till expiry.

3. Class 3 DSC Cost is high in compare to Class 2 DSC, So please renew your Class 2 DSC before 31.12.2020 to save cost.

08/08/2020

All about the new income tax regime.

New Income Tax Regime

1. When can you file your income tax returns?
Individuals need to file Income Tax Returns (ITR) on or before the 31st August* of the current financial year.
*(Date is extended to October / November, 2020 as may applicable to different Individuals)

2. What are the major tax provisions introduced in the budget for Individual taxation?
Budget introduced a new tax regime for Individuals and HUFs for income

07/04/2018

A welcome move for the pensioners = Press Release Clarification -

"The pension received by a taxpayer from his former employer is taxable under the head "Salaries". Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000/- or the amount of pension, whichever is less, under Section 16 of the Act."

07/04/2018

Changes in Income Tax after 1st April, 2018

• Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).

• Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @5%.

• Cess levied on your tax liability has been hiked by 1 percent from the current 3 percent to 4 percent.

• Tax rebate is reduced to Rs. 2500 from Rs. 5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).

• Increase the tax-exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.

• Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.

• There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.

• No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).

• Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.

• Late fee if IT Return not filled on time, Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.

• A simple one-page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income).

• Those filing returns for the first time in this category will generally not be subject to scrutiny.

• It is mandatory to disclose the Aadhaar number while filing IT Return.

13/01/2017

Govt Introdused New PAN Format

12/01/2017