Introduction: New provisions were incorporated into the Finance Bill of 2021, mandating higher rates of TDS (tax deducted at source) or TCS (tax collected at source) for payments to specified individuals who have not filed their income tax returns. Section 206AB of the Finance Act 2021 was introduced as a new provision aimed at enhancing […]
Introduction: In today’s era of inflation, life insurance provides your loved ones with vital financial security. A life insurance policy enables your family members to pursue various plans such as education, marriage, home loan payments even in their absence In case of unfortunate death of the policyholder, the nominated life insurance policyholder will get guaranteed […]
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Introduction: The income tax department treats tax filings with utmost seriousness, demonstrating its commitment through swift and decisive actions against any misconduct. In July 2023 alone, the department issued over 100,000 notices to taxpayers suspected of underreporting or misreporting their income. These notices, authorized under Section 133 (6) of the Income Tax Act, are dispatched […]
Introduction: A Nil GST return can be filed when there are no outward supplies during the respective month or quarter. This form primarily enables taxpayers to claim input tax credit on their returns. According to GST law, filing a return for the period, even with no transactions, is mandatory for every taxpayer. Under GST regulations, […]
Introduction: All individuals with taxable income are required to file an income tax return each financial year. After filing, the income tax department processes the return to check for errors. If errors are minor, a summary assessment under Section 143(1) can be completed without contacting the assessee. Hence, notices under Section 143(1) are the most […]