Pay a penalty of Rs 1.5 lakh or 0.5% of total sales if you fail to upload tax audit report within next 3 days

Income Tax Audit: The tax audit deadline for specified taxpayers is September 30, 2024 for FY 2023-24 (AY 2024-25). If you miss this deadline you need to pay Rs 1.5 lakh penalty or 0.5% of total sales, whichever is lower. This can cause a significant loss, hence upload the tax audit report by September 30, 2024.

from Tax-Wealth-Economic Times https://ift.tt/kzOpc02

Got tax notice to pay additional tax? Your TDS claim rejection could be the reason; know when it can happen

Tax Deducted at Source (TDS): Your tax liability will increase if the tax department disallows your TDS credit claim. Now a TDS credit claim can be rejected due to many reason like data mismatch, etc. So if you are in such a situation you can take some additional steps to get the issue rectified. Do note that if Form 26AS does not show a TDS credit, you can't claim it in the ITR.

from Tax-Wealth-Economic Times https://ift.tt/vgOImBA

Have you taken a backup? Old GST data to be archived from GST portal after September 30, 2024

Goods and Services Tax (GST): GSTN in an advisory said that old GST return data relating to 2017 is going to be archived and hence not viewable on the GSTR portal after September 30, 2024. ​Says CA Hardik Kakadiya, President, Chartered Accountants Association Surat, "The government should provide an Archive Portal for such old, archived data, because backing up the data in PDF does not preserve the sanctity of those records..."

from Tax-Wealth-Economic Times https://ift.tt/21d9qob

Revised TDS rates, STT, Aadhaar card rules: 6 income tax Budget 2024 changes applicable from October 1, 2024

Budget 2024 tax changes: The 2024 Union Budget introduced some modifications regarding the Aadhaar card, STT, TDS rate, and the Direct Tax Vivad Se Vishwas Scheme 2024. Let's examine the significant tax adjustments that will be implemented starting from October 1, 2024.

from Tax-Wealth-Economic Times https://ift.tt/igw1jEz

Claimed 87A tax rebate for STCG in your ITR? You may get tax demand notice

Income tax rebate: Income tax rebate under section 87A is not available for Long Term Capital Gains (LTCG). "Earlier the Income Tax Utility Software allowed filing of returns with rebate, but after July 5, 2024 this rebate is no longer given for STCG. Pursuant to those returns which were filed with rebate are now getting intimations for tax demand equivalent to amount to rebate availed," says CA Hardik Kakadiya, President, Chartered Accountants Association Surat (CAAS).

from Tax-Wealth-Economic Times https://ift.tt/Iav10yJ

Who is required to conduct an income tax audit and submit its report on e-filing ITR portal by September 30?

Income tax audit: The deadline to submit income tax audit report is September 30, 2024 for those who are liable to conduct one. Question is who is eligible and who despite being eligible need not conduct an income tax audit. Read the story to know more about income tax audit.

from Tax-Wealth-Economic Times https://ift.tt/jcWf6zd

Use NPS, salary perks to reduce tax by Rs 1 lakh

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

from Tax-Wealth-Economic Times https://ift.tt/jKCJIkb

Can you claim income tax refund for previous years even after revised ITR deadline is over? Difficult but possible

claim income tax refund: An individual can claim income tax refund while filing their income tax return. However, it may happen that the taxpayer received excess income in the previous year and paid taxes accordingly. Now, the taxpayer needs to return the excess income received. Can he also claim income tax refund on it?

from Tax-Wealth-Economic Times https://ift.tt/WsY9trX

Vivad Se Vishwas direct tax Scheme: New window to settle pending tax demands & litigations opens on October 1, 2024

Direct tax Vivad se Vishwas scheme 2024: This scheme will be applicable for appeals filed before Commissioner (Appeals), Dispute Resolution Panel (DRP), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court. This scheme will be operational from October 1, 2024. Read here to know more about how the Vivad se Vishwas scheme 2024 works.

from Tax-Wealth-Economic Times https://ift.tt/PWcTbFl

Will lot of taxpayers miss the tax audit report deadline due to this glitch on the ITR e-filing portal?

Income tax audit: September 30, 2024 is the last date to upload income tax audit report on the e-filing income tax return (ITR) portal. However since September 18, 2024 many taxpayers are unable to upload the audit report on the e-filing ITR portal. "The difficulty in uploading attachments has become a major hurdle for tax professionals, adding to the stress and anxiety of meeting the compliance deadline," says CA Deepak Chopra.

from Tax-Wealth-Economic Times https://ift.tt/9f4mKVn

Eight income tax notices a salaried individual can get before or after ITR processing: Know your options

Income tax notice: A salaried individual may get income tax notice, if their ITR has any error or they have found guilty of tax evasion, etc. There are many income tax notices and it is important for salaried individuals to know about the notices. This will enable them to be prepared for an income tax notice.

from Tax-Wealth-Economic Times https://ift.tt/K7NHJx0

Your income tax payments have boosted govt collections by 53%; how much did companies put in?

Govt income tax collections: The government saw robust tax collections during the first four months of FY 2024-25. This is likely to help government to attain target of lower fiscal deficit. However, the internals of tax collection are worrying at the margin. Barring income tax, all the other components of tax are reporting very muted growth in collection.

from Tax-Wealth-Economic Times https://ift.tt/29umZTd

Reduce your income tax outgo by claiming Section 89 tax relief and filing Form 10E if you received arrears of salary

Tax releif under section 89: If you have received arrears of salary pertaining to last year and this results in higher payment of tax in the present financial year then you can claim tax releif under Section 89. Read below to know more about income tax releif under Section 89.

from Tax-Wealth-Economic Times https://ift.tt/vgLkilK