Vital Changes in ITR-1 and ITR-2 for FY 2018-19

The ITR forms have undergone some changes when compared to previous year ITR forms as notified by the government. These changes were made keeping in mind the changes made in income tax laws and Budget 2018 for FY 2018-19 and onwards. Here are nine changes in ITR forms 1 and 2 tha[...]

Key Takeaways From the Union Budget 2019

The Government of India presented one of the most awaited budgets in recent times to the parliament on July 5, 2019. The budget, presented by the Finance Minister Nirmala Sitharaman, outlined the government’s plan to boost the economy and spur growth with several incentives for[...]

FORM INC-22A- Active Company Tagging Identities and Verification (ACTIVE)

Ministry of Corporate Affairs Notification dated 22nd February 2019 made it mandatory to fill Form INC-22A by every Indian company. Now, let us have brief discussion about the Form INC-22A. Introduction This form is said to be filed for doing Company KYC. This will help MC[...]

Form 15G and Form 15H

Form 15G and Form 15H are used for avoiding the TDS deductions at source if deductee expects his Income to be lower than the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form[...]

Section 234F

Introduction: A new section has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing o[...]

Recent Changes in GST

Increase in the limit to opt into the scheme has been increased from Rs. 1 Crore to Rs. 1.5 Crore. The effective changes to GST Composition scheme for both suppliers of goods and services will apply from 1st April 2019.[...]

How to Link Aadhaar Number with PAN Card?

Income Tax return filing season is on. You are required to link your Aadhaar number with the PAN card. Users have the flexibility to do it both online and offline. Have you been nudged with a pop-up message from the Income Tax department, asking if you have linked Aadhaar wi[...]

Deadline to Pay Advance Tax Ends Tomorrow

Who should pay it? Advance tax is mandatory for all the person like individual, Corporate & Companies as an when there tax liability increases more than  Rs. 10,000/-, However, salaried employees need not to pay advance tax if your employer deducts tax at source (TD[...]

Key Takeaways from Union Budget-2018

In the Union Budget 2018, there has been a clear effort to empower rural economy by providing support to agriculture and boosting infrastructure and social sectors. Reduced tax burden for senior citizens has been met with great cheer and is a good step. Populist demand of t[...]

What Income Tax Laws NRIs should be aware of?

So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. H[...]