Around 23,000 taxpayers filed their income tax returns (ITR) in the first three days of Assessment Year (AY) 2024-25 (Financial Year 2023-24) after the Income-tax Department for the first time opened return filing utilities on its portal from the first day of the assessment year, that is, April 1, 2024. Last year, even though the returns had been notified early, they became available for filing on the IT portal only in May (for Assessment Year 2023-24 or Financial Year 2022-23). Filing functionalities were available from May 20, 2023 for salaried individuals (ITR-1) and individuals, HUFs, and partnership firms generating an income from a business or profession (ITR-4). The filing utility for individuals and HUFs having income other than income from profits and gains from business or profession was available from May 30 (ITR-2).
Read More →TDS deduction: Tax Deducted at Source (TDS) plays an important role in the Indian tax system, ensuring that taxes are collected at the source of income itself. It's important to not only deduct TDS at the specified rate but also to ensure the accurate deduction based on one's PAN-Aadhaar linking status. Failing to do so can lead to higher TDS rates if the PAN is inoperative or inactive due to non-linkage with Aadhaar. As per an ET report, the TDS deductor or collector may face legal consequences and tax penalties for failing to check the dedutee's PAN status and deducting a lower TDS amount than required.
Read More →Ahead of the Budget, the government reduced import duties on smartphone components and spare parts to 10 per cent from 15 per cent earlier. The Ministry of Finance (MoF) announced this in an official gazette notification on January 30. As part of the revision, tariffs on components such as battery covers, antennas, sealing gaskets, sim sockets, and others, included under the mechanics category, have been reduced. Similarly, import duties on die-cut components like LCD foam, conductive cloth, and sticker-battery slots, among others, have been slashed to 10 per cent.
Read More →In the backdrop of big corporates like Zee Entertainment Enterprises Ltd (ZEEL) coming under scrutiny for alleged governance lapses, the Centre is likely to review the related party clause of the Companies Act 2013 and may look at further strengthening it, a senior government official said. “The government will focus attention on the related party clause. It will see if there is a need to strengthen it. How do we strengthen the related party clause? This will engage the government's attention. All the big investigations have found the issue of related party transactions. Currently, the regime is lenient and disclosure-based,” the official told Moneycontrol. The official said that the recent investigations of ZEEL are likely to allegedly expose the issue of related party transactions.
Read More →The ministry of corporate affairs (MCA) has begun a comprehensive review of the rules and regulations, including the norms for accounting and auditing practices. According to Manoj Govil, secretary-MCA, extensive public consultations would be carried out for the review, which is aimed at making compliance easier, and making regulation more system-driven and effective.
Read More →As the new financial year begins on April 1, 2024, this is the right time look back at your investments made in the past and make plans for the new fiscal year. April holds much importance as it witnesses the implementation of most Budget 2023 proposals regarding income tax. You, therefore, must prepare for the new tax changes that will take place in the financial year 2024-2025. In her last Union Budget speech, Finance Minister Nirmala Sitharaman had outlined various changes set to take effect from this day onward, impacting our finances. Here’s a breakdown of some key changes to be aware of, including expanded basic exemption limits and more.
Read More →GST on corporate guarantees: Experts await more clarity Indirect tax experts are awaiting clarity on the levy of goods and services tax (GST) on corporate guarantees given by Indian companies on behalf of their subsidiaries following a notification issued by the finance ministry in October. The 26 October notification had clarified how much value to be ascribed to a transaction that provides corporate guarantees when there is no financial consideration involved.
Read More →The GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said.According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal.
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