11 Ways to Save Income Tax in 2024: A Comprehensive Guide
11 Ways to Save Income Tax in 2024: A Comprehensive Guide The Income Tax Act of 1961 presents numerous opportunities for taxpayers to effectively manage and reduce their tax obligations. This guide explores several key strategies that can help individuals lower their tax burden by the close of the financial year. 1. Investments and Payments under Section 80C, 80CCC, and 80CCD Maximum Deduction Cap: INR 1,50,000 (Additional 50,000 under 80CCD(1B)) Qualifying Expenditures: Payments made up to 31st March Section [...]
Understanding Professional Tax in Odisha: A Comprehensive Guide
Understanding Professional Tax in Odisha: A Comprehensive Guide Recent Update: Numerous businesses registered under GST in Odisha are receiving show cause notices from the Department in Form XV due to non-payment or non-registration under the professional tax. To gain comprehensive knowledge about the applicable professional tax, please refer to the article provided below. Professional tax is a form of direct taxation imposed by state governments throughout India. As a state-specific tax, the rules pertaining to its collection, payment, and [...]
6 Tips To Keep Your Business Safe from Special All-India Drive against fake GST registrations
Six Ways To Keep Your Business Safe from Special All-India Drive against fake GST registrations Starting on 16th May 2023, the GST Department will initiate a unique nationwide campaign targeting counterfeit GST registrations. As per the official notification from the Central Board of Indirect Taxes & Customs (CBIC), a Special All-India Drive will be launched by both Central and State tax administrations from May 16, 2023, to July 15, 2023. The objective of this drive is to identify suspicious/fake [...]
ITR 1 SAHAJ Income Tax Form Explained
Understanding ITR 1 SAHAJ: The Easy Way to File Income Tax Returns Updated for the Assessment year 2023-24 The income tax department has recently released the ITR Forms for the assessment year 2023-24. We understand that it can be confusing to choose the right ITR form, especially if you're filing your taxes on your own. So, in this article, we'll explain the ITR 1 SAHAJ form in detail and clarify when you should use it. The ITR 1 SAHAJ [...]
10 Ways To Save Income Tax In 2020
10 Ways To Save Income Tax In 2020 Updated for FY 2019-20 The Income Tax Act 1961 has many provisions under which an assessed can save or plan their taxes accordingly. This blog post aims to give you an overview of such common provisions which can help reduce your tax liability at the end of your financial year. 1. Section 80C Series (80C, 80CCC, 80CCD) Maximum Deduction Limit: 1,50,000 INR Eligibility Criteria: Amount spent during the financial [...]
All about the New GST Returns
All about the New GST Returns The very essence of Goods and Service tax regime is to ensure that input utilized is actually paid to the government for which invoice matching was done through GSTR 2A, but however this was failed because tax payers started taking credit on provisional basis in GSTR 3B, thus making it difficult to determine whether tax which is utilized is been actually paid to the government, thus shaking the very purpose of GST regime.To [...]