K Shalini & Associates - Chartered Accountant

26/11/2023

The new CA logo will be a symbol that shows that one is part of a professional network of trusted, highly skilled and qualified individuals from India. It will also help create international recognition and brand building for the Indian Chartered Accounting profession at a global platform and ensure that the qualification along with the country stands out in an increasingly competitive global market.

17/07/2022

Due date of filing Income Tax Return is 31st July 2022.

Points to consider by the Assessees/ Individuals while Filing their Income Tax Return:-

1. Many assessees are engaged into Share Trading such as Future and Options etc. Some of them have also dealt in Bitcoins/ crypto-currencies trading during the FY 2021-22.

In case of Future and Options, Tax Audit is required if the Turnover exceeds a specified limit. Most of the times individuals file their return without considering these calculations.

If you have sold Bitcoins/ crypto-currencies during the FY 2021-22, then you need to report the same in your ITR.

2. Further, If you have invested in US stocks and sold those stocks during the year then you are required to consider the Capital Gain income on the same.

3. For Salaried Individuals who also have freelancing Income, need to mention their Freelancing Income as well.

4. Please check your Annual Information Statement/ Taxpayer Information Summary before filing your Income Tax Return.

File your Income Tax Return on or before time to avoid late filing fees.

Please let me know in case of any queries.

Thanks & Regards

08/03/2022

06/02/2022

Proposal
Taxpayer can file # within 2 years

1. ITR should be filed within 2 years of relevant assessment year.

2. Updated return can be filed only once for relevant assessment year.

3. Updated ITR can be filed only if tax liability has increased than the previously filed ITR.

4. Payment of Tax is mandatory in Updated return in case no return has been filed within due date.

5. In case of raid or survey, it is not applicable.

6. Additional income tax @ 25%/50% will also be levied on total amount of income tax and interest payable.

19/01/2022

16/11/2021

Big Question

Who all are required to maintain Books of Accounts under Income Tax Act ??

1. Individual/HUF carrying on business and profession maintain books if Total Income > ₹ 2,50,000 OR Turnover > ₹ 25,00,000

2. Other persons if Total Income > ₹ 1,20,000 OR Turnover > ₹ 10,00,000.

3. Limit would be applicable considering the preceding 3 years.

4. Doctor, Lawyer, CA, Engineer, Architecture etc maintain books mandatory.

5. Documents and books should be preseved for minimum of 7 years.

6. Books includes Cash book, payment vouchers, Original bills etc.

13/11/2021

Buy Electric Vehicle and get Tax benefit.

1. Government provides deduction upto INR 1,50,000 from Gross total Income for purchase of electric vehicle.

2. Deduction is allowed for interest payable on loan taken from financial institution.

3. Loan shall be sanctioned between 01/04/2019 and ending on 31/03/2023.

4. This will help in saving tax upto INR 46,000 every year.

5. The deduction is available in Sec 80EEB under Income Tax Act, 1961.

12/11/2021

Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) introduced by IT Department

1. AIS compiles information for a taxpayer displayed in Form 26AS. TIS is an information category wise in summary.

2. AIS includes info. relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.

3. You need to check AIS and TIS before filing ITR.

4. AIS and TIS helps taxpayer having pre-filled data for various income earned and transactions made In a FY.

5. AIS and TIS can be viewed by logging in Income Tax Portal.

23/09/2021

MCA has extended deadline for holding Annual General Meeting from September 30, 2021 to November 30, 2021.

12/09/2021