Manas Chugh News Today

House rent: A landlord might be inclined to charge an higher rental for his/her furnished flat as tenants prefer to stay hassle free and in an homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc.

Income tax department has not extended the deadline for income tax audit under section 44AB. This means that now individuals with business or professional incomes above a specified turnover must pay the penalty for not submitting audit report and then file the ITR by October 31.

The due date for second quarterly payment of advance tax is September 15 for those individuals who have an estimated net tax liability of Rs 10,000 for the financial year. However not everybody is liable to pay advance tax even if their tax liability is above Rs 10,000 for the financial year.

There are various documents which an individual has to maintain following specific accounting principles and format in order to successfully complete an income tax audit. Further in cases of certain specified professionals like medical, legal, engineering, etc some additional documents are also required to be maintained in addition to the list of documents required for income tax audit.

If an individual is having income from business or profession for FY 2022-23 (AY 2023-24) and want to opt for or opt out of the new tax regime/ old tax regime, they need to file Form 10-IE before the deadline for ITR filing i.e. July 31, 2023 or October 31, 2023 (for audit cases).

Kisan Vikas Patra (KVP) essentially doubles up ones investment after a certain period of time. Currently it offers 7.5% interest per annum and the tenure is 9 years and 7 months i.e. 115 months.

Because of its low risk and tax advantages, Public Provident Fund (PPF), a long-term investment programme backed by the Indian government, is one of the most well-known fixed income schemes.

Making a budget is the most crucial financial duty, but it is useless if it is not realistic and includes matters like saving for a childs education.

All Indian residents have access to the National Pension System (NPS), a voluntary defined contribution pension plan governed by the Pension Fund Regulatory and Development Authority (PFRDA).