Tax Prep Solutions

03/02/2023

04/11/2021

On this Auspicious Festival of Lights, May The Glow of Joy, Prosperity, & Happiness Illuminate Your Days In the Year Ahead. Happy Diwali!

15/10/2021

Dussehra is celebrated after Navratri because it is believed that Lord Ram worshipped Goddess Durga before starting his journey to defeat Ravana, on Lord Vishnu's advice. The festival marks the victory of Lord Ram over Lanka king Ravana (the 10-headed demon).
For the uninitiated, each head of Ravana highlights a distinct quality that symbolises K**a (Lust), Bhaye (Fear), Moha (Attachment), Ahankar (Ego), Lobha (Greed), Jaddata (Insensibility), Mada (Pride), Ghrina (Hate), Krodha (Anger), and Irshya (Envy).Also, the term Dussehra is derived from two Sanskrit words – ‘Dasha’ that means ten (representing Ravan) and ‘Hara’ meaning defeat or overthrow.

Meanwhile, Goddess Durga had also killed demon king Mahishasura who had a head like a buffalo on this day. This celebration is also a reminder of the goddess’ victory over evil. The festival is celebrated with much fervour and zeal!!

On the occasion of Dussehra, may you and your family be showered with positivity, wealth and success. Have a happy and warm Dussehra!

07/10/2021

Mark your calendars and save this post now with these Income Tax Compliances that lie in the month of October 2021.

28/09/2021

The due date for filing of Income Tax Return has been extended to 31st December 2021 from 30th September 2021 for the Financial Year 2020-21 i.e., A.Y. 2021-22.

Here are 5 highly important taxable incomes that are often neglected by an individual while filing their Income Tax Return:

─ Interest Income: Interest earned on bank deposits, bonds, and some small savings schemes is fully taxable. Moreover, interest on saving bank balance is also fully taxable and to be reported under the head of “Income from Other Sources” in the ITR.

─ Rental Income: Rent received from commercial or house property is also taxable. After allowing a 30% deduction on rental income, the balance amount is taxable under the head “Income from House Property”.

─ Capital Gain: Income/Loss from sale of equity shares is covered under the head ‘Capital Gains’.

─ Gift Income: As per the Income Tax Act, if the amount of money received without consideration exceeds Rs.50,000, then the same is chargeable to tax.

─ Dividend Income: With the removal of Dividend Distribution Tax, dividends are now fully taxable in the hands of a recipient from Financial Year 2020-21 onwards, under the head “Income from Other Sources”.

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22/09/2021

CBDT issues refunds of over Rs. 74,158 crore to more than 45.25 lakh taxpayers from 1st April,2021 to 20th September,2021.

Income tax refunds of Rs. 18,873 crore have been issued in 43,68,741 cases & corporate tax refunds of Rs. 55,285 crore have been issued in 1,55,920 cases.

This includes 17.45 lakh refunds of AY 2021-22 amounting to Rs. 1350.4 crore.

10/09/2021

While an announcement of due date extension serves as a relief to lakhs of taxpayers, it sure isn’t a sustainable strategy in the long run. So how can we break this loop of due date extension? Suggest in the comments section below!

10/09/2021

ITR Due date extension

Mark the date 31st Dec 2021

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05/09/2021

𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 𝐅𝐢𝐥𝐢𝐧𝐠

Dear all,
Happy Sunday 😀

Not only you can file your taxreturns with the help of experts, but also you can consult our experts to help you plan your taxes better for optimum utilization of benefits under the .

Here are a few tips to save tax with the help of a professional.

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31/08/2021

Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under the GST Act.

31/08/2021

As we are entering into September, certain activities are to be done w.r.t GST returns for the FY 2020-21. This month is the last choice to make corrections in GST returns relating to sales or purchases. Let us uncover 6 such actions that are to be taken before filing the September 2021 GST Returns.