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The Guide to taxation

Rundown of the Circular No. 13 of 2021 dated 30th June, 2021

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  Rundown of the Circular No. 13 of 2021 dated 30th June, 2021 -  in regards to Section 194Q   After the presentation of sub segment (IH) of area 206C imposing assortment of TCS on deals above endorsed limits by indicated merchant w.e.f from 01.10.2021 the Central Board of Direct Taxes therefore brings another part for augmenting the extent of TDS "Segment 194Q: Deduction of expense at source on installment of certain entirety for acquisition of merchandise"   With the presentation of new area came number of difficulties and disarrays. And afterward came CBDT with new arrangement of rules and explanations to save partners. Likewise, area 194Q alongside the concentrates of the rules has been created beneath for early reference.   Area 194Q: Deduction of assessment at source on installment of certain entirety for acquisition of products   (1) Any individual, being a purchaser who is answerable for paying any total to any occupant (in the futur...
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Key Highlights of Union Budget - 2022 - Read what our Finance Minister said on Budget

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Budget 2022: PAPERLESS BUDGET ✓ Union Budget 2022-23 is presented in paperless form.  ✓ It is available on the mobile app after it is presented in Parliament What were  your expectations from Budget 2022? In every budget, expectations are very high. But this time, our policymakers are trying to find a way to put the economy back on track. Some Points of  BUDGET 2022: ✓ Public issue of LIC is expected shortly. Others are also expected shortly.  This budget will continue to provide impetus for growth- futuristic & inclusive. ✓ Budget2022 to focus on 4 pillars - productivity, climate action, financing investments & PM Gati Shakti plan. ✓ Budget has steps to boost transport & logistics.  ✓ To introduce 400 new-gen Vande Bharat trains to be mfd in next 3 years.  ✓ 2,000 kms will be brought under new scheme called 'Kavach', says FM. Important  Key Highlights of Budget 20222: > India FIN MIN says 480B rupees to be set aside for affordable Housi...
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THINGS TO BE KEEP IN MIND WHILE FILLING ITR:

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Most taxpayers include their own ITR. As tax on complicated law, the average taxpayer will inevitably make some mistakes while filling outITR forms. In this article I try   to discuss some of the most common mistakes  made by individual taxpayers while completing the ITR and can be avoided. (A) Completing the CG schedule of gain ·        The Capital Gain part  is the most complex part of the entire ITR form.   ·        There are various hosting time requirements for different classes of eligible assets as long-term financial assets. Or there are different tax rates for short term and Long term.   ·        There are different categories of long-term and short-term profits.   ·        And included diversity exemptions obtained in respect of the long-term financial gain completing the Capital gain schedule is a complex job for even a very e...
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