Anshul Garg

ITR Filing is Mandatory in below 10 Situations. 1. If your Gross total income exceeds the basic exemption limit of Rs.2,50,000/-. 2. If you have Assets outside India. 3 If you deposit more than Rs .1 crore in a bank account. 4. If you incur Rs. 2 lakh on foreign travel. 5. If your electricity Consumption is Rs. 1lakh per annum. 6. If Turnover of your business is more than Rs. 60 lakh in a year. 7. If Gross Receipt from Profession is more than Rs. 10 lakh. 8. If TDS is Rs. 25,000 or more 9. If TCS is Rs. 50,000 or more. 10. If deposit in a saving bank account is Rs.50 lakh or more. Due date for filing your ITR is 31-07-2024. #incometax #itrfiling ##directtax #charteredaccountant #ca #tax

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Business & Finance » Taxes Finance Act 2024: FBR Elaborates CGT Regime on Securities FBR Introduces Progressive Tax Rates for Property Transactions FBR Clamps Down on Full Tax Exemption Certificates FBR to Notify Values of Imported Goods for Advance Income Tax Markets » Cotton & Textile Cotton spot rates Spot rate gains Rs200 per maund Stock & Commodity Gulf stocks mixed on ME tensions Wall Street retreats on slowdown fears European shares slide more than 1pc as bank stocks crumble China stocks fall as manufacturing activity shrinks Wall St gains on September rate-cut hopes; Meta soars Sri Lanka shares end higher as energy, consumer discretionary gain KSE-100 closes 147 points lower after volatile trading Japanese shares tumble as yen gains rattle market Money & Banking BoE cuts rates from 16-year high Bank Alfalah earns Rs20.609bn PAT in first half of 2024 Dollar gains on geopolitical tensions Asian currencies: Malaysian ringgit hits one-year high World Bank offers roadmap to avoid ‘middle-income trap’ Bank of England cuts rates from 16-year high, ‘careful’ on future moves Bank Alfalah’s profit jumps 53% in 2QCY24, clocks in at Rs12bn Trade & Industry UBG welcomes cabinet’s historic visa policy reform PQEPC team meets Aurangzeb President Zardari Seeks Viable Solution to IPPs Capacity Charges Business & Finance » Companies Hascol posts loss of Rs1.74bn in first quarter of 2024 Moderna cuts 2024 sales forecast KE completes another significant milestone PTA Ready to Lift Ban on X PTA to Whitelist Select VPNs in Pakistan Technology IPO very much on the cards, says Jazz CEO Aamir Ibrahim Telecom sector eyeing to generate Rs1000bn: PTA 5G spectrum auction: PTA shortlists 10 global consultants Economic distress July trade deficit surges 19.7pc to $1.95bn YoY Challenging gross financing requirements Cannot defer reform agenda anymore, says Aurangzeb Fuel & Energy Oil slips over $1 as supply intact despite ME conflict fears Oil prices ease as supply intact amid ME conflict fears Asia’s crude oil imports drop in July as China stays weak: Russell OPEC+ likely to stick to output policy at meeting, sources say Oil prices steady as OPEC sticks to oil policy Markets - Rates Stocks shed more weight Activities of Karachi Port Trust, Port Qasim LME official prices Kibor interbank offered rates BRIndex100 and BR Sectoral Indices OPEN MARKET FOREX RATES INTER BANK RATES Gold Rate

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Ever made a mistake and found this after submitting the Income Tax Return (ITR) form? Now you can discard (delete) this ITR and file a fresh ITR, provided you have not already verified the ITR. According to Subham Chatterjee "The discard ITR option helps taxpayers file their ITR afresh if the original ITR filing has not been verified. It enables individuals to junk the previously filed but unverified ITR and file a fresh ITR, instead of filing the revised ITR rectifying mistakes in the original ITR." If you found out the mistake in the ITR after verifying it, then you will have to file a revised ITR. (Read the story to know how to 'discard' a filled up but non-verified ITR). ALMT Legal Sameer Tapia #itr #tax #law #legal #incometax #itrfiling #incometaxreturn https://lnkd.in/gB72yVhg

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Macro Views - 8th Jul A higher-than-expected non-farm payrolls number of 206k (vs exp 190k) still brought cheer to risk assets due to a downward revision by 111k in the previous months, an uptick in unemployment to 4.1% and cooling down in wage growth. The composite picture, coupled with recent inflation and PMI data, dovish speech from Powell, is making a strong case for September rate cut. Markets are now expecting 50bps+ cuts within 2024. This led to a much-needed correction in bond yields with 2yr UST at 4.62% and 10yr at 4.30. The dollar weakened, with dollar index falling below 105 after a month. Gold rallied towards 2400 but is capped by short term profit taking. US equities closed at record highs with expectations of rate cuts building up and the much-coveted goldilocks or a soft-landing materializing. As the economy is still resilient, the rate cut euphoria may be short lived as we may have room only for a couple of cuts only rather than multiple cuts (but that discussion is for next year). USDINR opened a bit lower as USD was weaker elsewhere but is being kept in a tight range (83.40-50). Brent crude inching towards $90 and any potential CNH weakness are main threats to INR. July FPI inflows are positive so far (Equity +0.9bn and Debt 0.8bn). 10yr G-sec at 6.98 and 3yr OIS at 6.44% are well capped on back of continuous inflows, good pick up in monsoon and benign domestic inflation outlook. India's forex reserves fell marginally to $652bn (-$1.7bn) but still very comfortable on back of positive current account. BOJ has started preparing ground for a rate hike end-July as the wage growth in Japan stand at 31yr high and wage hikes are spreading well into smaller companies. The consumption stands 'firm as a whole' as the inbound tourists support the slow consumption by the Japanese. USDJPY is taking a breather at 160.85, after trying to break 162 last week. As the BOJ meeting is far away and there is no sign of intervention, the traders may make a push towards 165 to test the authorities. Euro got a boost with the spectre of far-right coming to power getting defeated with a lesser threat - far-left. Even though the market reforms may get reversed but the threat to European Union's stability is no longer there. Euro jumped 1.0850 but has weakened a bit since then. Euro is getting weighed by weak economic data like the drop in German exports on slow demand from China and US. Germany is the main powerhouse that has to lift the burden of the PIGS and a few more. Expectation of more rate cuts by the ECB will pick up and will keep Euro under pressure. While a general uptick was seen in base metals and crude oil due to dollar weakness, the weaker economic data from China caused Iron Ore to fall 3.5% to $108. Reports from China indicate a persistent decrease in hot metal production, a slight reduction in steel mill operations, and a steady rise in iron ore port stocks. US natural gas (HH) fell to $2.31 on good storage and strong production. 

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https://lnkd.in/dfnCQ7E6 Both domestic and foreign companies enjoy corporate tax exemption on profits and gains earned from electric power plants established after July 1 1988. Since then, both democratic and autocratic regimes have implemented around five power policies, establishing 106 IPPs with a lifetime tax exemption concession.

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Even if you do a single loss-making F&O trade, you need to file ITR for that! Before 31st July deadline. 🤯 That's because F&O falls under business income and should be filed under ITR-3. One big mistake many people make is choosing the right ITR form to begin with. After all, who knew loss-making F&O traders also need to file ITR even if they have no other income? But wrong filing will lead to your ITR getting rejected. And if you don't revise it by December 31st, you might be liable for a heavy penalty. Below are some fictional characters to show what forms different types of income earners should be filing. BOLD DISCLAIMER: You should always consult a CA as tax matters are complex. The examples below are just for illustrative purposes and additional requirements should be checked. Even non-practicing CAs take the help of a practicing CA for ITR filings. Read: https://lnkd.in/dUHwrFhe

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Tax Developments 1. HUL has formally lodged an appeal in response to the Rs 963 crore income tax demand subsequent to a High Court ruling. 2. The Tax Department invites suggestions as it prepares to launch the new ITR e-filing portal 3.0, designed to enhance user-friendliness and speed. 3. CBDT issued Guidance Note on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024; Releases 35 Important FAQs 4. Sharing a mobile number or email on multiple tax returns can signal potential fraud, leading to refund reviews and delays. Discrepancies may result in withheld refunds and adjustments for liabilities. Invalid claims risk penalties and fines for misreporting or fraud. 5. GSTN enabled the option to file GSTR-9 and GSTR-9C for FY 2023-24 FY. Due date for filing is 31st Dec 2024 6. GST Network CEO Manish Kumar Sinha said that the design framework for implementing GST einvoicing for retailers is mostly complete and is currently being reviewed by industry specialists. 7. GSTN Implemented IMS on GST Portal from 14th October 8. Carmakers Face Rs 10,000 Crore GST Compensation Cess Notices for Utility Vehicles 9. In one year, GST evasion of ₹2.37 lakh crore occurred through the creation of fake companies and by not registering for GST. 10. GST GoM likely to discuss food, textile, footwear rates in October 20 meeting 11. GSTN Launches e-Services Mobile App on Play Store for Tracking GST Transactions 12. GST system will automatically transfer eligible ITC for domestic supplies (excluding reverse charge and imported ITC) from Table 3(I) of GSTR-2B to Table 8A of GSTR-9. 13. All states requested to merge the cess with GST rates, GoM will now discuss how higher compensation cess rates can be merged with GST Rates. Once merged it will help states revenues as will be shared equally with centre & state, Compensation Cess window ends in March 2026 14. The CBDT introduced Form 12BAA for 2025, requiring employees to report deductions from non-salary income to their employers.

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🚨 ICAI Launches Stress Management Initiatives for CAs 🚨 ICAI has introduced stress management initiatives in response to the tragic deaths of chartered accountants due to work pressure. Key points: 1. ICAI will set up a counseling help desk and develop strategies for better work-life balance. 2. Collaboration with health institutions and industry partners to promote flexible work models. 3. Enhanced grievance redressal system for empathetic resolutions. ICAI President Ranjeet Kumar Agarwal stresses the importance of balanced work policies. Source: https://lnkd.in/gDe9vCQS What do you think? #ICAI #StressManagement #WorkLifeBalance #MentalHealthMatters #EmployeeWellbeing

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MANDATORY ITR FOR INDIVIDUALS FY_2023-24 Gross total income >2.5L Deposits > 1cr in Current A/c Deposits > 50 L in Savings A/c Expenses > 2L in foreign travel Expenses > 1L in Electricity Sales > 60L in FY 23-24 Gross receipt profession - 10L TDS, TCS > 25K (Senior citizen >50k)

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CAs EXPRESSED "DISMAY" OVER THE ISSUE OF ITR PORTAL. ITR PORTAL is madeand managed by Infosys. From recent days many of the CAs showing their disappointment over ITR PORTAL on platform X .As they feel many glitches during filling ITR return. Glitches like. 1) Mismatch in pre-filled data of salary and interest income. 2) Technical glitches while submitting ITR form. 3) And in accessing AIS,26AS and TIS. One of the biggest problems is the non receipt of OTP on time. As this is a peak time of filling return because the due date is very near i.e. 3q July,2024. Until 14 July approx 27 million return had been filed which is 13% more than the return fillied in the same period in the last AY. #ITR #filling #ca #icai

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#ITR It seems that many people are getting defective ITR notices this year. When is defective ITR notice sent? The submitted ITR has some errors which prevents it from being processed. For example: ​If your name in your PAN card does not match the name given in the ITR filed by you, etc. As per Ankit Jain "If credit for Tax Deducted at Source (TDS) is claimed but the associated income has not been included in the return then also a ITR is termed as defective." MIHIR ASHOK TANNA says that some of his clients got a defective ITR notice because the income shown in AIS/Form 26AS is not matching with the ITR, when in fact the income shown in AIS/Form 26AS indeed matches with the ITR. CA Amit Bansal, FCA, MBF, SAP-FI/CO says, "Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year. ​This rise is primarily attributed to errors such as incorrect selection of ITR forms, difficulties encountered by individuals filing their own returns, etc. The confusion with respect to the deductions in the new regime is also a major factor for these defects." Sujit Bangar says, "​Due to faster processing of ITR, this year tax notices are being sent in a larger volume all at once. Earlier ITR processing used to take a longer time so the notices used to be spread out in many months. One primary reason behind many people receiving defective ITR notices this year is because it is the first year where the new tax regime is the default tax regime. Earlier it was the old tax regime. Some taxpayers still have some confusion over the tax regime chosen." Abhishek Soni says, "Yes, the defective ITR notices have surged this season. Possible reasons could include: New or revised tax rules may be causing confusion, leading to a rise in errors during return filings. It may also happen that Tax authorities are applying stricter scrutiny to returns, resulting in a greater number of notices for errors or discrepancies." Tax2win Ved Jain & Associates TaxBuddy.com CA Sunil Patodia S K Patodia & Associates LLP https://lnkd.in/gmvcFXbj

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