Dear Students, Please note these key points for the Final Paper 6: Integrated Business Solutions exam under the New Scheme:
1. Exam Format: It's an open book, case study-based exam.
2. Duration: The exam will last four hours.
3. Assessment Breakdown: 40% of the exam will be Multiple Choice Questions (MCQs), and 60% will be Descriptive Questions.
4. Case Studies: There will be five case studies, each worth 25 marks. You need to attempt any four of these.
CBDT releases the fifth annual Advanced Pricing Agreement (APA) report. APA is one of the foremost initiatives for promoting an investor-friendly and non-adversarial tax regime in India.
Here are some highlights:
👉In FY 2022-23, CBDT recorded the highest-ever APA signings in any FY since the launch of the APA programme, signing a total of 95 APAs.
👉CBDT also signed maximum number of 32 Bilateral Advance Pricing Agreements (BAPAs) in a single FY in FY 2022-23 which is more than double the previous signing record of 13.
👉Largest number of single day signings with a total of 21 APAs signed, recorded on 24th March, 2023.
The report is available at:
https://t.co/5pzISz6VcY
For details, please see the Press Release:
https://t.co/DPpUM7v2ZP
कृपया ध्यान दें: विदेशी बैंक खाते, संपत्ति और आय धारक!
यदि आपके पास विदेशी बैंक खाते, संपत्ति या आय है तो कृपया निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न (आईटीआर) में विदेशी संपत्ति (एफए)/आय के विदेशी स्रोत (एफएसआई) अनुसूची भरें।
निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न दाखिल करने की अंतिम तिथि : 31 जुलाई, 2023
#FileNow
#ITD
10 Mistakes Taxpayer make while filing Income Tax Returns
1. Wrong ITR
Selecting the wrong ITR may lead to notices and later revision. Many Salaried file ITR 1, however, they are liable to file ITR 2
2. Not claiming Interest Deductions
Few Miss to claim 80TTA and 80TTB deductions
3. Two salaries- Disclose only 1
In a few cases when you have received a salary from more than one employee, you need to disclose all your salary income
4. Forget to disclose Shareholding/Directorship Pvt. Ltd
Holding Shares in Private Limited or Directorship needs to be Disclosed
5. Not disclosing foreign a/c shares etc.
Disclosure of foreign assets in ITR is mandatory for resident taxpayers who own specified foreign assets
6. Not checking AIS/TIS Reconciliation
A few times Income as per AIS / TIS income additional details are not checked and updated
7. Not claiming Senior citizen Medical expense
Senior Citizens who do not have Mediclaim Insurance can claim a 50k deduction on expenditure incurred on Medical Treatment
8. Deduction not claimed in Form 16 can be claimed while ITR filing
80C, 80D to 80U can be claimed. HRA can be Claimed but LTA cannot. Be sure of what can be claimed and what cannot
9. Not verifying ITR-30 days
ITR uploaded but not Verified within 30 days makes it Invalid
10. Maintain documents and evidence-10 years
Its good practice to maintain all exemption and deductions claimed documents as evidence for 10 years
#IncomeTax #TaxTwitter #Tax
CBDT extends the time limits for submission of certain TDS/TCS Statements.
Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023.
CBDT Circular No.9/2023 in https://t.co/Io1hru0BFD. 370149/109/2023-TPL dated 28.06.2023 has been issued.
The said Circular is available on https://t.co/93GzSTwqOw
@nsitharamanoffc@officeofPCM@FinMinIndia@PIB_India