Income Tax Portal Turmoil: Unraveling Glitches and Seeking Solutions

Table of Contents Introduction Case 1: Limitations on Opting for New Scheme and Deductions in Belated Returns Case 2: Unintended Consequences of 10IE Defaults Call for Awareness and Solutions Conclusion Introduction The recent revamp of the income tax portal was anticipated to streamline processes and provide a more user-friendly experience for taxpayers. However, amidst the […]

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Section 194P: Deduction of Tax in Case of Specified Senior Citizens

Table of Contents Introduction Meaning of Certain Terms Specified Senior Citizen Specified Bank Overview of section 194P of the Income Tax Act Benefits for senior citizens under section 194P Declaration in Form 12BBA. Summary FAQs Introduction Inserted by Finance Act,2021 in Income Tax Act, 1961, section 194P provisions w.e.f 1st April 2021 provide relaxations to

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GSTR-9 & GSTR-9C Prep: Checkpoints For Exceptional Transactions

Overview: Embark on a simplified journey to grasp exceptional transactions in GSTR-9 & GSTR-9C through our essential checkpoints. These straightforward points act as your guide, helping you breeze through last-minute details and streamline your filing process effortlessly. Tailored to simplify the complexities associated with exceptional transactions, providing easy-to-follow insights for effective handling. Dive into our

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GSTR-9 & GSTR-9C Prep: The Pre-requisites

Overview: Prepare to conquer the complexities of GSTR-9 & GSTR-9C by mastering the essential pre-requisites. This bite-sized video overview offers a concise roadmap for effective preparation. Start by organizing your invoices and supporting documents, laying the groundwork for a seamless filing experience. Ensure your transactions align with GST regulations to sidestep compliance challenges. Streamline your

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Navigating International Taxes: Understanding The Foreign Tax Credit

Table of Contents Introduction Concept of Double Taxation Jurisdictional Double Taxation Economic Double Taxation Need of elimination of Double Taxation Methods for Eliminating Double Taxation Methods of Claiming Foreign Tax Credit. Exemption Method Credit Method Indian Tax Laws on Foreign Tax Credit Conclusion Introduction Foreign Tax Credit is a tax credit for foreign government’s income

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India’s 50th GST Council Meeting: Key Outcomes Shaping Business Landscape

Table of Contents Introduction Changes in Tax Rates Exemptions in Healthcare Sector Streamlining ITC Distribution Strengthening GST Implementation Implications for Gaming and Gambling Industry Trade Facilitation Measures Conclusion Introduction India’s 50th GST Council Meeting, held in July 2023, witnessed significant developments and key decisions that have far-reaching implications for various sectors. The outcomes of this

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