Taxation - Angel One

The Central Board of Direct Taxes (CBDT) stated on January 11 that the deadline for filing income tax returns (ITR) in audit cases has been extended to March 15, 2022, while the deadline for submitting tax audit reports has been pushed back to February 15, 2022. The decision came after numerous chartered accountant groups urged …

According to a government official, a taxpayer will be allowed to submit just one revised return every assessment year. CBDT Chairman JB Mohapatra, speaking at a CII event, said that the purpose of this provision is to assist persons who have truly missed submitting their taxes. According to Mohapatra, such taxpayers “may only submit one …

An Overview Several exporters that took use of government plans to reduce tax outlays in exchange for anticipated export volumes have written to the government, requesting concessions due to ongoing pandemic problems. Due to the pandemic, exporters allege they have been unable to meet their responsibilities. They argue that the government should either extend their …

As proposed by Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech, virtual digital assets (VDA) shall be taxed at a flat rate of 30%. This gave confidence to traders in cryptocurrency and other virtual digital assets about its recognition in India. Since the government is considering taxation of these assets, the banning of cryptos …

A tax consultant is an advisor who helps individuals and organisations to pay their taxes. As they are qualified professionals and experts in their field, they will help you with planning your taxes, ensure compliance and provide you insights into the various taxation laws. Here are some benefits from hiring a tax consultant: A tax consultantwill …

Finance Minister, Arun Jaitley, surely had reasons to smile when he announced a growth in direct and indirect tax revenues for the April-December 2016 period. Of course, demonetization was only present in the months of November and December and could also manifest with a lag. However, it is surely gratifying that the government reported 12% …

For income tax assessees, the beginning of the New Year also marks the onset of the tax planning season. That is when most individuals start worrying about how exactly to reduce their tax outflow. The big debate over life insurance versus ELSS crops up at this point of time. While tax planning is a necessary …

The Budget (2020) has brought about changes in tax residency rules for non-resident Indians (NRIs). If you are an NRI, you would need to pay close attention to these changes.  Read on to know more about NRI taxation and what it means. Also, before delving into what income tax for NRI or NRI tax means, …

Under the new tax rules proposed by the government, FPIs (foreign portfolio investors) may be subject to up to 43 percent tax on the dividend earned from listed Indian companies. It will be levied on investors and entities that aren’t taxed in their original country. Currently, a 20 percent flat tax is deducted at the …

Error while filing your tax return can result in either overpayment or underpayment. Whichever is the case, neither of these situations is desirable. If your overall tax return claim exceeds the total amount of tax paid by you, it can invite scrutiny from the IT department. Not a very welcoming situation, right? You can now …