Abhinit Singh News Today

The seller of a motor vehicle will collect TCS from the buyer if the value of the motor vehicle is over Rs 10 lakh. However note that TCS is not an additional tax and this amount can be claimed back at the time of income tax return (ITR) filing.

The seller of a motor vehicle will collect TCS from the buyer if the value of the motor vehicle is over Rs 10 lakh. However note that TCS is not an additional tax and this amount can be claimed back at the time of income tax return (ITR) filing.

Kolkata-based Ready Accountant is currently operating in three locations of Kolkata, Howrah, and Bangalore and is targeting the training of nearly 5,000 students from the southern region by 2025.

An individual can take advantage of income tax departments pay later feature to first file his income tax return (ITR) and pay the self-assessment (if any) at a later date. However this option comes with its owk risks like possible consideration of assessee in default, interest, etc.

Annual Information Statement (AIS) is an important document because many tax filers reconcile their own data with AIS. However do note that if one has paid any self-assessment tax while filing ITR for FY 2022-23 then the AIS for FY 2023-24 will show this and not AIS for FY 2022-23.

The Central Board of Direct Taxes, via a notification in July 2022, reduced the time limit for ITR verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. This includes ITR filed on or before July 31, 2023. However, missing the 30-day ITR-filing deadline can cost you Rs 5000.

Do you know that even with an inoperative PAN, you may file your income tax return (ITR) and also pay the tax using the new tax portal. Further for the purpose of ITR filing, you also have the option of Pay Later, wherein you file ITR first and then pay your taxes.

If you are thinking of opting for the new tax regime and have a income from house property, then there was certain things that you need to be aware of before going ahead. Read on to find out what those are.

Now that the deadline for PAN Aadhaar linking is over, your PAN card will be tagged as in-operative. So to make it operative again it takes a maximum of 30 days, during which time you may miss out the deadline for filing of your income tax return. Read on to find out what happens now.

Ready Accountant focuses on equipping students with expertise in accountancy, income tax, GST, and compliance.