Category: Taxation

old
30
Aug

Tax Benefits available to Senior Citizen

Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers i.e., a quantum of income up to which they are not liable to pay tax. Senior citizen A resident of the age of 60 years or above but less than 80 year at during the respective years. A senior citizen is granted a higher tax exemption limit compared to non-senior citizens. The exempt....

Information flow
05
Aug

IT Strategy for GST Part 2

Keeping the constitutional autonomy of states in mind, the GST information flows are designed to build intelligence in the system to stop leakages. The common GST portal is simply a pass-through module for taxpayers to files the return with GSTN, which keeps a copy of the return for analysis further forwarding to the respective state and CBEC. The taxpayer pays the actual duty in the bank, where ....

Solution Architecture
04
Aug

Understanding GST IT Infrastructure Part-I

The GST will be a dual tax with both Central and State GST component levied on the same base. The IGST framework will be used for goods and services that are exported across state boundaries. Thus, all goods and services, barring a few exceptions, will be brought into the GST base. For reasons of simplicity for the taxpayer, ease of tax administration, and bringing about a national common market, ....

extended-1030x1030
02
Aug

Date Extended & more on how to Lodge INCOME TAX

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year. The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment y....

ITReturen
30
Jul

Consequences of not filing the IT Return till 5th August

The IT Return date has been extended to 5th August!  Income tax return is something that every Individual Citizen of India needs to file if his annual income exceeds the exemption limit as decided by the Government of India. The Financial Budget of 2016 has decided the basic exemption limit for the Income Tax Return to be 2.5 lakhs per annum. So, every person earning more than 2.5 lakhs annually ....

income-tax-return-due-date
22
Jun

Five things that you should remember while filing your income tax returns

Tax filing season is here again, and many of you are afraid of how things will come along if you are a first-time tax payer. But filing income tax returns is not a horrifying thing. However, without proper guidance and knowledge, you can miss out some things or go in the wrong direction while filling the ITR. If you a freelancer or a small business owner, ITR filling can be confusing as a first ti....