Income Tax & Gst Returns 🇮🇳

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The CBDT has notified a new form (ITR-U) For filing updated Income Tax returns A taxpayer would be permitted to file only one updated return per assessment year. The return has to be filed Under Section 139(8A) relating to the Assessment Year (AY) commencing from 01.04.2020 and subsequent assessment years. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns from the FY 2019-20. 👀Eligibility of filing ITR-U 👉Return previously not filed,or 👉Income not reported correctly 👉wrong heads of income chosen, or 👉reduction of carried forward loss, or 👉reduction of unabsorbed depreciation, or reduction of tax credit u/s 115JB/115JC, or 👉wrong rate of tax, or any other reasons given by the taxpayers. ITR-U New Form Cannot be allowed to file :👎 @incometaxsolution 👉Resulting in a refund, or increases the refund. 👉If a prosecution proceeding is initiated by issuing notice for a particular Assessment Year, or 👉If it has the effect of showing a loss, or 👉Reducing the total tax liability determined previously, or ⏱Time limit of filing ITR-U⏱ within 24 months from the end of the relevant assessment year. #incometaxsolution For any Query Or Suggestions @incometaxs #IncomeTaxReturn, #TdsReturn #TdsRefund , #Gst etc. : @incometaxsolution

CBDT has notified a new Rule 12AB which prescribes additional conditions For filing of Income-tax returns ( This will be applicable for the ITR filing of FY 2021-22 ( AY 2022-23 ) Total sales/turnover/gross receipts in the business exceed Rs 60 lakh during the previous year. @incometaxsolution Gross receipts in profession exceed Rs 10 lakh during the previous year Aggregate TDS/TCS during the year is Rs 25000 or more (In the case of senior citizens increased limit of Rs 50,000 shall be applicable) Deposits in saving bank account is Rs 50 lakh or more during the previous year. #incometaxsolution For any Query Or Suggestions @incometaxs #IncomeTaxReturn, #TdsReturn #TdsRefund , #Gst etc. : @incometaxsolution

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CBDT has notified a new Rule 12AB which prescribes additional conditions For filing of Income-tax returns ( This will be applicable for the ITR filing of FY 2021-22 ( AY 2022-23 ) Total sales/turnover/gross receipts in the business exceed Rs 60 lakh during the previous year. @incometaxsolution Gross receipts in profession exceed Rs 10 lakh during the previous year Aggregate TDS/TCS during the year is Rs 25000 or more (In the case of senior citizens increased limit of Rs 50,000 shall be applicable) Deposits in saving bank account is Rs 50 lakh or more during the previous year. #incometaxsolution For any Query Or Suggestions @incometaxs #IncomeTaxReturn, #TdsReturn #TdsRefund , #Gst etc. : @incometaxsolution

The CBDT has enabled the common offline utility for filing ITR-1 and ITR-4 for the Assessment Year 2022-23.

CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the IT Act,1961. The application for registration or approval in Form No. 10AB can be filed upto 30th September, 2022. Details in the Press Release. https://t.co/SkMap3ciSt @incometaxsolution

Attention GST Taxpayers ! Whose Aggregate Annual Turnover is upto specified limit can opt for GST Composition Scheme for the FY 2022-23 by March 31, 2022.

Hero MotoCorp: Income Tax department raids Hero MotoCorp premises - The Economic Times https://m.economictimes.com/industry/auto/two-wheelers-three-wheelers/income-tax-department-raids-hero-motorcorp-premises/articleshow/90390480.cms

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Things To Do Before 31st March : You are required to pay advance tax on your current year’s income, in case your net tax liability for the year after reducing the TDS from all the sources exceeds Rs. 10,000. Make Eligible Investments U/S 80C , 80D etc so as to Reduce Tax Liability. #incometaxsolution For any Query Or Suggestions @incometaxs #IncomeTaxReturn, #TdsReturn #TdsRefund , #Gst etc. : @incometaxsolution

The SEBI increased the public debt investment limit for payments through the UPI mechanism ₹ 5 lakh from ₹ 2 lakh currently.