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Introduction to the Income Tax Act, 1961 Welcome to the first post in our series on the Income Tax Act, 1961! Let's kick off with a broad overview of what this crucial piece of legislation entails. 📝Overview: The Income Tax Act, 1961, is the law that governs the taxation of income in India. Enacted on April 1, 1962, it outlines the framework for assessing and collecting taxes on various sources of income. 🔍Key Points: - Purpose: To levy, administer, collect, and recover income tax for the central government. - Scope: Covers all income earned by individuals, companies, firms, and other entities within India. - Structure: Divided into several chapters, each dealing with specific aspects like definitions, exemptions, deductions, and tax computation. 🌟 Why It Matters: Understanding the Income Tax Act is essential for compliance, tax planning, and financial management. Stay tuned as we delve deeper into its various components in upcoming posts! #IncomeTax #TaxLearning #FinanceEducation #TaxSeries #LinkedInLearning

Avoid the last-minute tax scramble: Pay your advance tax on time! 💸 As a business owner or self-employed individual in India, understanding and complying with advance tax regulations is crucial. Advance tax is essentially paying your income tax liability in installments throughout the financial year, rather than a lump sum at the end. Need help calculating your advance tax? Check out the Income Tax Department's website for tools and resources: https://lnkd.in/durvXmGg The final deadline for this financial year is 15th March. What happens if advance tax is not paid? Failure to make advance tax payments results in 1% per month interest on the unpaid amount. This is more relevant to self-employed individuals (eg. external consultants) and business owners since tax is generally not deducted on the revenue generated. In case of salaried employees, a tax is deducted by the company so such a need generally does not arise. Disclaimer: This post is based on secondary research. Consult your tax advisor/CA for the same #income #incometax #tax

ITR filing: Important to track your income tax return status - how long does I-T department take to process returns? - Times of India Income Tax Return Filing FY 2023-24: The deadline for filing Income Tax Returns (ITR), July 31, 2024, for the financial year 2023-24 (assessment year 2024-25) is approaching. One important point to note is that even if the ITR is filed on time, ensuring that the Income Tax Department processes it is crucial. Without successful processing, any due income tax refund will not be credited to the taxpayer's bank account.ITR processing timeAccording to an ET report, typically, the processing of inc... Read more here: https://lnkd.in/dya_ARQh . . Like 💝 Comment below ⏬ Share ✅ For More Such Updates Follow Us @qnewshub @qnewscrunch . . #qnewshub #qnewscrunch #Business

As the deadline approaches, over 7 million income tax returns have been filed. July 31 is the cutoff date for filing your income tax returns for FY 2023-24 if your accounts do not require an audit. As of 7 p.m. today, over 7 crore ITRs have been filed, with more than 50 lakh submissions on the last day alone! If you haven't filed your ITR yet, don't wait any longer. Filing on time helps you avoid penalties and stay compliant. Our helpdesk is available 24/7 to assist you with any questions or issues you might encounter during the filing process. https://lnkd.in/gZ6wWcee Take advantage of the new simplified tax regime with lower rates. File your ITR today! #IncomeTax #TaxFiling #ITR #Deadline #TaxSeason #StayCompliant #FileOnTime #TaxHelp #growupindia

Maximize Your Tax Savings in 2024! It's time to get your income tax filing in India done right! Don't miss out on maximizing your tax benefits and ensuring compliance. With expert assistance, filing your income tax can be a seamless and stress-free process. 💼 Why Choose Us? -Expert Guidance: Our experienced professionals stay updated with the latest tax laws and regulations. Maximize Deductions:Ensure you claim all eligible deductions and exemptions. Hassle-Free Process: We handle all the paperwork and filing procedures for you. Timely Filing:Avoid penalties and late fees with our prompt service. Confidential and Secure Your financial information is safe with us. Act Now! The deadline is approaching. Contact us today to get started and make the most of your tax returns. #IncomeTaxFiling #TaxSeason2024 #IndiaTax #MaximizeYourRefund #TaxSavings #FinancialPlanning #TaxExperts #HassleFreeFiling #SecureFiling #TimelyFiling #ComplianceMatters

Heads Up on Income Tax Advance Tax Payments! The Income Tax Department is reaching out to ensure you pay your fair share. They've identified cases where advance tax payments for FY 2023-24 (AY 2024-25) might not match your financial transactions. What to Do: • Look out for an email (marked "Advance Tax e-Campaign-Significant Transactions") or SMS from the department. • Calculate your advance tax liability accurately and make any due payments by March 15, 2024. • You can view your significant financial transactions on the Income Tax Department's e-filing portal. How to Access the Portal: • If you're already registered, log in to your e-filing account and go to the Compliance Portal > e-Campaign tab. • New users can register on the e-filing website. This initiative promotes voluntary tax compliance and simplifies the process for taxpayers. #JPC #incometax #tax #compliance #india

Countdown to the Income Tax Filing Deadline: Are You Ready? Tax season is around the corner, hence both individuals and businesses should be ready, considering the filing of income tax in India. The responsible period of the filing of tax season comes and also the ways in which to manage our finances effectively presents itself as an opportunity. The following tips will assist you in managing the filing process: Gather Your Documents Early: Retrieve all the required documents i.e. Form 16, Form 26AS and consequential deductions. Review Tax Law Changes: Be on the lookout for any changes in tax legislation that may bear consequences on your tax return filing. Consider Professional Help: Circles of friends are great, but when faced with complicated tax issues, one should rather seek the help of an expert. File on Time: Don’t incur unnecessary penalties due to late filing of returns. If the deadline is approaching, e-filing can save the day. Since the deadline is fast approaching, let us also remind each other of the dos and don’ts and share them too. How do you get ready for tax year? #IncomeTax #TaxFiling #Finance #TaxSeason #PersonalFinance #BusinessFinance

Exciting Updates on the Income Tax Code 2025! 1.Introduction: "The Income Tax Code 2025 is set to bring significant changes to India's tax system, aiming to simplify compliance and modernize tax laws." 2.Key Changes: "Key changes include the elimination of numerous exemptions and deductions, a shift to residence-based taxation, and the introduction of a unified corporate tax rate." 3.Impact. "These changes are expected to make tax compliance easier, reduce litigation, and broaden the tax base, benefiting both taxpayers and the economy." "As a tax professional, I believe these reforms will streamline the tax filing process and encourage more people to comply with tax regulations. "What are your thoughts on these changes? Let's discuss in the comments below! "Looking forward to a more transparent and efficient tax system in 2025!" #incometaxcode2025

A Costly Miss: The Importance of Timely ITR Filing A client of ours, earning around ₹57 lakh per annum, saved his Income Tax Return (ITR) under the old tax regime on July 31st but forgot to complete the process. Today, he reached out to us, asking if he could proceed with the saved return under the old regime. Unfortunately, that option is no longer available. Under the old regime, his tax payable was only ₹17,000. However, with the new regime, he's required to pay ₹1,15,000. This situation underscores the importance of filing your ITR on time! ⏰ Stay ahead of deadlines and avoid unnecessary costs. Contact us today for expert tax advice and assistance. #TaxFiling #IncomeTax #TaxAdvice #itrfiling

🚨 Important Update for Taxpayers! 🚨 The deadline for filing your Income Tax Return (ITR) for the financial year 2023-24 has been extended to November 15, 2024 for those requiring an audit. If you’re among the taxpayers subject to an income tax audit or are part of designated categories, make sure to take advantage of this extension and file your ITR on time! This is already an extended deadline, with the original date being October 31, 2024. Avoid last-minute rushes, secure your compliance, and stay on top of your tax obligations. Filing early can help you avoid penalties, ensure peace of mind, and set you up for a smooth financial year ahead! 💼 Need help with your tax filing? Reach out to Lawgical India for expert guidance and hassle-free filing services. Visit (https://lnkd.in/eBpqdPVz) or call +91 74177 26646 for expert advice. #ITRFiling #TaxReturn #IncomeTax #IncomeTaxIndia #TaxDeadline #TaxExtension #FinancialYear2023 #IncomeTaxAudit #LawgicalIndia #TaxConsulting #FileYourITR #BusinessCompliance #TaxTips #TaxAdvisory #AuditFiling #StayCompliant #FileOnTime #TaxAlert #IncomeTaxFiling #November15Deadline #BusinessTax #TaxObligations #TaxUpdates #TaxProfessionals #TaxPlanning