Ayansh FINsights

Your Tax and Accounting Professionals

[Income Tax India @IncomeTaxIndia]

The Hon’ble FM in Budget 2024-25 announced a comprehensive review of the Income-tax Act, 1961 to simplify it for taxpayers, reduce disputes, and ensure greater tax certainty.

CBDT has formed a committee to oversee this review and invites public inputs in following areas:
1️⃣ Simplification of Language
2️⃣ Litigation Reduction
3️⃣ Compliance Reduction
4️⃣ Redundant/Obsolete Provisions

Please submit suggestions at: https://t.co/vfIU84RXmC

Details in the Press release at: https://t.co/S7KQwci6ig

[CA Vivek Narsinghani @CAVivek_N]

A new client approached us for #incometaxfiling . As per our computation old regime was beneficial with a refund of approx 17K.

He got it filed from the 5-10% fees batch of tax professionals and self assessed a refund of about 2.95L.

Now back to us for solving the notice he received for explaining this "Other Allowances" exemption and others.

This is how taxpayers lose their money...

@snagachandra @NarenReddyE @TaxationUpdates

[CA. (Dr). ROHIT RUWATIA AGARWAL 🇮🇳 @ruwatiaofficial]

ICAI launches CA GPT BETA version for students for Foundation, inter and finals & building Capacity of CA students with the effective use of AI in studies.

Every student can go to https://t.co/njlS3Hl0cn & register

This innovative tool will provide with valuable support and resources and it covers new scheme syllabus and study material.

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ICAI CA GPT Beta Disclaimer: This is Beta version and may require fine tuning. This platform provides informational and educational content only, not professional advice. Users should verify information independently and seek qualified guidance. ICAI CA GPT is provided "as is," and ICAI is not liable for any errors or damages. Use responsibly and ethically. Data entered may be used for model training. By using, you agree to these terms. For full details, refer to the complete disclaimer. Insitute has taken due care while uploading the data but still students may find certain observations while accessing the Beta version.

#ICAI #castudents #GPT #Education

[CA Chirag Chauhan @CAChirag]

Taxpayers don't seek someone who can get you a Refund when filing ITR—it's a Trap.

In this digital world, the Income Tax Dep has every financial information, wrong benefits, and claims may end up paying penalties. You may receive notices a few years later!!

Seek only a professional who can correctly plan your Taxes as per the Law if you are keen to save Taxes and also file ITRs according to the facts!

[Abhas Halakhandi @AbhasHalakhandi]

Representation from Direct Tax Committee, ICAI to @IncomeTaxIndia for allowing S.87A rebate against STCG us 111A and LTCG u/s 112

Thank you @theicai for supporting the correct interpretation of Law & requesting required change in utility👍

[Abhas Halakhandi @AbhasHalakhandi]

7) The concept which is being thought of by Dept. (and everyone justifying the utility behavior) for not giving 87A rebate against S.111A STCG income and other special rate income is that they say that such income is not chargeable u/s 115BAC(1A) (as the same is chargeable u/s 111A, hence no rebate).

This interpretation is GROSSLY incorrect as it ask us to separate the Total income into various parts and apply the respective sections. Total Income is inseparable, it might have some parts which may be taxed at special rate and not slab rate but as such Total Income is inseparable and if assessee is not opting out of the default New regime entire Total Income (the inseparable concept) first falls under 115BAC (1A), then some part of it may be taxable at special rate i.e. 111A etc.

Also the clause (a) and (b) of proviso to 87A provides rebate on Total Income itself and not only on that part of Total Income which is taxable with slab rate

Thank you @hirenbhandari_ @CAHimankSingla for the discussion and help 👍

[CA. (Dr). ROHIT RUWATIA AGARWAL 🇮🇳 @ruwatiaofficial]

Concerns in relation to Form 26AS/TIS/AIS and in e-filing the ITR Forms raised to @IncomeTaxIndia department by the direct tax committee of @theicai

[Jaymin Vyas @Jaymin_Vyas]

Be scared of what he is saying.

Be very scared of the people clapping - they will surely vote for these thugs.

If you have any doubts whether your vote will make any difference or not - then think of this possibility. Vote. And push others to vote as well.

[CA Chirag Chauhan @CAChirag]

Right time to reduce personal Income Tax Maximum Marginal Rate to 25% @nsitharaman

RT if agree

Net Direct Tax collections for the FY 2023-24 ₹19.58 lakh crore marking a growth of 17.70% exceed Budget Estimates by Rs. 1.35 lakh crore

Net Personal Income Tax collection in FY 2023-24 is at Rs. 10.44 lakh crore growth of 25.23%

Thanks to Honest Taxpayers & CAs at @theicai and team at @IncomeTaxIndia

On a lighter note Thanks to AIS & TIS

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia Hi Team, is it expected that for SFT reported in ITR 2 for AY 2023-24, we can still receive emails to confirm the same on AIS / Compliance portal view, for the same Assessment Year?

[Varinder Bansal 🇮🇳 @vbomkara]

Retweet if you support @narendramodi ji. 🇮🇳

[Ayansh FINsights @AFinsights]

@ZeeBusiness Guess, something more needs to be done around demerged shares, especially of index stocks. There needs to be a mechanism to create demand or ease down the immediate rush to sell out of compulsion, from institutions. Else these events will erode wealth. @AnilSinghvi_

[ISRO @isro]

Chandrayaan-3 Mission:
'India🇮🇳,
I reached my destination
and you too!'
: Chandrayaan-3

Chandrayaan-3 has successfully
soft-landed on the moon 🌖!.

Congratulations, India🇮🇳!

#Chandrayaan_3
#Ch3

[Ayansh FINsights @AFinsights]

Hearty congratulations to all! 🇮🇳🇮🇳

[ISRO @isro]

Chandrayaan-3 Mission:
'India🇮🇳,
I reached my destination
and you too!'
: Chandrayaan-3

Chandrayaan-3 has successfully
soft-landed on the moon 🌖!.

Congratulations, India🇮🇳!

#Chandrayaan_3
#Ch3

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia @nsitharaman @narendramodi Just to reiterate, our only ask is - client has paid the demand in full, responded on the demand notice, and hence, the demand has to be closed and the harassment needs to stop.

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia - if an assessee has got demand notice, he pays the demand + interest applicable and responds to the outstanding demand by uploading the challans, does that close the compliance for him? Or anything else needs to be done to close?

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia @nsitharaman @narendramodi PMOPG/E/2023/0015878

@nsitharaman @narendramodi @IncomeTaxIndia @FinMinIndia

Raised this grievance, to stop the harassment of our client.

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia @nsitharaman @narendramodi @IncomeTaxIndia - we are escalating this with PMO now. Sounds weird to raise grievance with PMO for petty issues, but seems we have no choice now, to stop this harassment of our client.

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia Ok, what exactly needs to be discussed?

A demand notice was raised.
Client paid it off, including outstanding interest on demand.
Response was filed, with all the supporting documents.

What exactly needs to be 'discussed', to close such a simple issue?

[Ayansh FINsights @AFinsights]

@IncomeTaxIndia Please respond on this -

https://t.co/FQ4ZX2yaiI

[Income Tax India @IncomeTaxIndia]

@AFinsights Dear @AFinsights,

We have shared your details with the team concerned. They are looking into this and will get in touch with you.