Reporting Foreign Stocks in ITR: Clarification Needed   Different Reporting Periods and Tax Collection Discrepancies Taxpayers in India are required to report foreign investments in their income tax return (ITR) according to the calendar year, unlike other disclosures that follow the financial year. However, this has created confusion and discrepancies when it comes to claiming refunds for tax collection at source (TCS) on foreign stocks. Need for Proper Reporting and Refund Claims For the assessment […]

Rectify Mistakes in Your Income Tax Returns in India by Filing a Revised Return   Introduction for Revised Income Tax Return   Filing income tax returns is an important obligation for taxpayers in India. However, errors or omissions can occur while filing the original return. In such cases, it becomes necessary to rectify these mistakes by filing a revised return. This article will provide an in-depth guide on how to revise your income tax returns […]

Common Mistakes that May Result in Receiving a Tax Notice Introduction Filing taxes can be an intimidating process, but it becomes even more daunting when you receive a notice from the tax authorities. One misstep in your tax return can land you in hot water with the taxman. To avoid this unpleasant situation, it is essential to be aware of the common mistakes that may lead to receiving a tax notice. Incorrect Reporting of Income […]

If the 28% GST is implemented, there would be significant changes in the online gaming business   A ‘potential write-off of USD2.5 billion’. This is the staggering sum that venture capital investors in the online gaming business claim they would face if the government passes a 28% GST rate on the industry. Two dozen global and local fund companies, headed by Peak XV Partners, Tiger Global, DST Global, Steadview, and others, wrote to the Centre […]

Salaried people are receiving income tax letters for FY21-22 ITR deductions:  keep an eye out for current ITR According to reports, the income tax department has begun issuing warnings to salaried persons requesting documentation of tax exemptions and deductions claimed on income tax returns (ITRs). Individuals may claim different tax exemptions and deductions under income tax regulations if they choose the previous tax system. For example, a person may claim a tax exemption on house […]