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Preparing income tax returns can be a complex and time-consuming task. It requires careful attention to detail, thorough documentation, and a clear understanding of tax laws. This guide offers expert tips for income tax preparation that will help small to medium-sized businesses, startups, and individuals navigate the process efficiently and accurately. By following these recommendations, taxpayers can minimize errors, maximize deductions, and ensure compliance with regulatio

GSTR-1A is an auto-generated GST return in India that allows taxpayers to view the details of their supplies reported by their suppliers...

Understanding Deductions Under the New Tax Regime Introduction Discuss the increasing popularity of the New Tax Regime among taxpayers,...

TC can be claimed by a person registered under GST only if he fulfils ALL the conditions as prescribed. a. The dealer should be in...

1)Verify the GSTIN The first step to verify the authenticity of a GST bill is to check the GSTIN (Goods and Services Tax Identification...

The Government has notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers in reporting correct information regarding...

New income tax regime to be default regime From 1 April 2023, the new income tax regime comes into effect as the default tax regime....

Income Tax Return filing for the assessment year 2022-23 is now available on the e-filing portal, said the income tax department on...

The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman is here in...

The council in its meeting on June 28-29 is likely to consider the report of the panel of state finance ministers on the feasibility of...

Finance Act 2022 insettled a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from I" July 2022. The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ IO% of the value or aggregate of value of such benefit or perquisite, before provid ing such benefit or perquisite. The benefit or perquisite may or may not be convertible into money but should arise e

It may be noted that 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12. In...

1. Who needs to link Aadhaar and PAN? Section 139AA of the Income Tax Act provides that every person who has been allotted a permanent...