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📌𝗨𝗽𝗱𝗮𝘁𝗲𝘀 𝘁𝗼 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗥𝗲𝘁𝘂𝗿𝗻 (𝗜𝗧𝗥) 𝗙𝗼𝗿𝗺 𝗜𝗧𝗥-𝟲 𝗳𝗼𝗿 𝗔.𝗬. 𝟮𝟬𝟮𝟰-𝟮𝟱: 𝗖𝗕𝗗𝗧 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟭𝟲/𝟮𝟬𝟮𝟰.. 📜𝙆𝙚𝙮 𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝘾𝘽𝘿𝙏 𝙉𝙤𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙉𝙤. 16/2024: 1⃣𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙗𝙞𝙡𝙞𝙩𝙮. The revised ITR-6 form is pertinent for companies not qualifying for exemption under section 11 of the Income Tax Act. 2⃣𝙄𝙣𝙩𝙧𝙤𝙙𝙪𝙘𝙩𝙞𝙤𝙣 𝙤𝙛 𝙍𝙚𝙫𝙞𝙨𝙚𝙙 𝙄𝙏𝙍-6 𝙁𝙤𝙧𝙢: The CBDT, through Notification No. 16/2024, has unveiled the updated ITR-6 form for the forthcoming Assessment Year. 3⃣𝙎𝙞𝙜𝙣𝙞𝙛𝙞𝙘𝙖𝙣𝙩 𝘾𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙣 𝙄𝙏𝙍-6 𝙁𝙤𝙧𝙢: The notification underscores essential revisions or additions embedded within the ITR-6 form. These alterations may pertain to reporting obligations, supplementary disclosures, or modifications to specific sections’ formats.. 4⃣𝘼𝙔 2024-25-: The ITR-6 form has been specifically customized for the Assessment Year 2024-25, indicating that companies must utilize this form for submitting their income tax returns for the financial year ending on March 31, 2024. 5⃣𝙀𝙛𝙛𝙚𝙘𝙩𝙞𝙫𝙚 𝘿𝙖𝙩𝙚 𝙤𝙛 𝘾𝙝𝙖𝙣𝙜𝙚𝙨:- The modifications in the ITR-6 form are slated to come into effect from April 01, 2024. Companies are advised to familiarize themselves with the changes and adjust their filing procedures accordingly. 6⃣ 𝙀𝙢𝙥𝙝𝙖𝙨𝙞𝙨 𝙤𝙣 𝙏𝙖𝙭 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚:- Businesses falling within the purview of ITR-6 are encouraged to meticulously review the revised form to ensure accurate and compliant reporting. ➡️ 𝘐𝘯 𝘤𝘰𝘯𝘤𝘭𝘶𝘴𝘪𝘰𝘯, 𝘵𝘩𝘦 𝘊𝘉𝘋𝘛’𝘴 𝘯𝘰𝘵𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘳𝘦𝘨𝘢𝘳𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘶𝘱𝘥𝘢𝘵𝘦𝘥 𝘐𝘛𝘙-6 𝘧𝘰𝘳𝘮 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘈𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘠𝘦𝘢𝘳 2024-25 𝘳𝘦𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘴 𝘢 𝘴𝘪𝘨𝘯𝘪𝘧𝘪𝘤𝘢𝘯𝘵 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵 𝘪𝘯 𝘵𝘢𝘹 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘧𝘰𝘳 𝘤𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴. 𝘐𝘵 𝘶𝘯𝘥𝘦𝘳𝘴𝘤𝘰𝘳𝘦𝘴 𝘵𝘩𝘦 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘤𝘦 𝘰𝘧 𝘢𝘥𝘢𝘱𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘢𝘯𝘥 𝘱𝘳𝘰𝘢𝘤𝘵𝘪𝘷𝘦 𝘮𝘦𝘢𝘴𝘶𝘳𝘦𝘴 𝘪𝘯 𝘯𝘢𝘷𝘪𝘨𝘢𝘵𝘪𝘯𝘨 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘤𝘩𝘢𝘯𝘨𝘦𝘴 𝘦𝘧𝘧𝘦𝘤𝘵𝘪𝘷𝘦𝘭𝘺. #tax #taxcompliance #incometaxreturn #incometaxindia #returns #itrfiling #linkedinforcreators #linkedinconnections #linkedincontent

Filing your Income Tax Returns (ITR) on time is crucial to avoid the last-minute rush and the associated stress. Timely submission ensures you have ample time to gather necessary documents, rectify errors, and seek professional advice if needed. It also helps in avoiding penalties and interest on late payments, and you can benefit from early refunds. 𝑺𝒕𝒂𝒓𝒕 𝒆𝒂𝒓𝒍𝒚, 𝒔𝒕𝒂𝒚 𝒐𝒓𝒈𝒂𝒏𝒊𝒛𝒆𝒅, 𝒂𝒏𝒅 𝒇𝒊𝒍𝒆 𝒚𝒐𝒖𝒓 𝑰𝑻𝑹 𝒐𝒏 𝒕𝒊𝒎𝒆 𝒕𝒐 𝒆𝒏𝒔𝒖𝒓𝒆 𝒂 𝒔𝒎𝒐𝒐𝒕𝒉 𝒂𝒏𝒅 𝒉𝒂𝒔𝒔𝒍𝒆-𝒇𝒓𝒆𝒆 𝒕𝒂𝒙 𝒇𝒊𝒍𝒊𝒏𝒈 𝒆𝒙𝒑𝒆𝒓𝒊𝒆𝒏𝒄𝒆 At 𝐌𝐲𝐫𝐞𝐭𝐮𝐫𝐧𝐟𝐢𝐥𝐢𝐧𝐠, we simplify the process of filing your Income Tax Returns (ITR) with our expert services. Our team of experienced professionals ensures accuracy, compliance, and maximum deductions, taking the stress out of tax season. We provide personalized assistance, from document preparation to submission, ensuring you meet deadlines and avoid penalties. Trust 𝐌𝐲𝐫𝐞𝐭𝐮𝐫𝐧𝐟𝐢𝐥𝐢𝐧𝐠 to handle your tax needs efficiently, allowing you to focus on what matters most. Partner with us for a seamless and hassle-free tax filing experience. #IncomeTaxReturn #ITR2024 #TaxFiling #Finance #Compliance #TaxSeason #AvoidLastMinuteRush #Efiling #TaxReturns #IncomeTax #ITRDeadline #FinancialPlanning #TaxCompliance #PersonalFinance #TaxPayer #TaxTime #Government #IndiaTax #TaxAlert #ITRFileNow #FilingDeadline #IncomeTaxIndia #Taxation #TaxFilingSeason #TaxUpdate #FileYourITR #MyReturnFiling #FileMyReturn #HowToFileITR

❓Missed the deadline for filing your Income Tax Return (ITR)? Not sure what to do next? Why risk hefty penalties and lose out on tax-saving opportunities when Taxinno can help you file your belated ITR with ease? 💼 💡 "Did you know you could still file and avoid penalties?" 💸 "Refunds delayed? Let’s ensure you don’t miss out on your deductions!" Here’s what happens if you file late: ₹1,000 penalty for incomes under ₹5 lakh. ₹25,000 fine for filing after Dec 31. You may miss out on carrying forward losses and important deductions. At Taxinno, we offer comprehensive tax preparation services covering income tax, GST, startup registration, ROC compliances, and more. We'll help you minimize penalties, apply all available tax exemptions, and keep your financials in order. 🌐 Get expert tax advice at www.taxinno.com or reach out for personalized guidance at 9810876548 / 9315023197 or email [email protected]! Let’s make sure you’re not leaving money on the table! #BelatedITR #TaxFiling #TaxPreparation #GSTCompliance #IncomeTax #BusinessSolutions #TaxDeductions #Taxinno #FileNow

𝐆𝐞𝐭 𝐫𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐍𝐞𝐰 𝐃𝐢𝐫𝐞𝐜𝐭 𝐓𝐚𝐱 𝐂𝐨𝐝𝐞 𝟐𝟎𝟐𝟓: 𝐀 𝐇𝐮𝐠𝐞 𝐒𝐡𝐢𝐟𝐭 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚'𝐬 𝐓𝐚𝐱 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞!🕛⌛ 📝𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧- The New Direct Tax Code (DTC) 2025 is poised to revolutionize India's direct tax regime, supplanting the venerable Income Tax Act, 1961. 📝𝐏𝐮𝐫𝐩𝐨𝐬𝐞 - The NTDC seeks to: - Simplify tax compliance - Promote ease of doing business - Align with global tax standards - Enhance transparency and accountability 📝𝐊𝐞𝐲 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐨𝐟 𝐍𝐓𝐃𝐂 𝟐𝟎𝟐𝟓- 1. 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐢𝐞𝐝 𝐑𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐮𝐬: Resident or Non-Resident 2. 𝐔𝐧𝐢𝐟𝐢𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐘𝐞𝐚𝐫: Concept of assessment year will be removed. 3. 𝐑𝐞𝐝𝐮𝐜𝐞𝐝 𝐓𝐚𝐱 𝐁𝐮𝐫𝐝𝐞𝐧: Significantly lower taxes for salaried employees 4. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞: Capital Gains merged with Normal Income 5. 𝐑𝐞𝐧𝐚𝐦𝐞𝐝 𝐇𝐞𝐚𝐝𝐬: - Income from Salary -> Employment Income (expanded scope) - Income from Other Sources -> Income from Residuary Sources 6. 𝐂𝐥𝐚𝐮𝐬𝐞𝐬 & 𝐒𝐮𝐛 𝐜𝐥𝐚𝐮𝐬𝐞𝐬: The new direct tax code will have 319 sections, 22 schedules, removing clauses & sub-clauses 7. 𝐄𝐱𝐩𝐚𝐧𝐝𝐞𝐝 𝐓𝐃𝐒/𝐓𝐂𝐒 𝐒𝐜𝐨𝐩𝐞 8. 𝐔𝐧𝐢𝐟𝐢𝐞𝐝 𝐓𝐚𝐱 𝐑𝐚𝐭𝐞𝐬: Tax rate for Domestic and foreign companies will be the same. 9. 𝐍𝐨 𝐃𝐢𝐯𝐢𝐝𝐞𝐧𝐝 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐓𝐚𝐱. 📝𝐏𝐫𝐨𝐛𝐚𝐛𝐥𝐞 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 (Subject to Confirmation) 1. Surcharge Abolition 2. Expanded Tax Audit Scope: CS, CMA professionals will also be eligible for Tax Audit. 📝𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞 •The New Direct Tax Code, 2025 is expected to be introduced with a budget of 2025. 📝𝐂𝐀 𝐒𝐭𝐮𝐝𝐞𝐧𝐭𝐬: 𝐓𝐚𝐤𝐞 𝐍𝐨𝐭𝐞! - Direct Tax Code, 2025, applies to exams conducted on or after April 2026 - Income Tax Act, 1961, remains applicable until then. • Share your Insights, How will DTC 2025 impact your organization or personal finances? #TaxReform #IncomeTax #NTDC2025 #CBDT #INCOMETAX1961 #DirectTax #TaxCompliance #Business #Finance

**Consequences of Not Filing Income Tax Return (ITR)** *Interest Charges: *Unpaid taxes will accrue interest at 1% per month under Section 234A if you file your ITR late. **Penalties for Late Filing:* **General Penalty:** A fine of Rs. 5,000 under Section 271F for not filing on time. **Income-Specific Penalties: ** • Incomes up to Rs. 5 lakh: Maximum penalty is Rs. 1,000. • Incomes above Rs. 5 lakh: Penalty of Rs. 5,000 if filed by 31st December. *Loss of Benefits:* **Carry Forward of Losses:** You can't offset future profits with current business or capital losses if you miss the ITR deadline. **Refund Delays:** Tax refunds may be delayed or rejected if you haven't filed your ITR. **Note:** Filing late can lead to notices, fees, and penalties. **31st July is the last date** #Incometax #CAtrainee #industrialtrainee

As the deadline approaches, over 7 million income tax returns have been filed. July 31 is the cutoff date for filing your income tax returns for FY 2023-24 if your accounts do not require an audit. As of 7 p.m. today, over 7 crore ITRs have been filed, with more than 50 lakh submissions on the last day alone! If you haven't filed your ITR yet, don't wait any longer. Filing on time helps you avoid penalties and stay compliant. Our helpdesk is available 24/7 to assist you with any questions or issues you might encounter during the filing process. https://lnkd.in/gZ6wWcee Take advantage of the new simplified tax regime with lower rates. File your ITR today! #IncomeTax #TaxFiling #ITR #Deadline #TaxSeason #StayCompliant #FileOnTime #TaxHelp #growupindia

It's time to talk GST: How well do you really understand its impact on your clients? The GST regime is complex, constantly evolving, and often misunderstood. For financial professionals like us, it's crucial to navigate these intricacies to offer valuable advice. Here's why GST awareness is so important: Impact on pricing: Accurately calculating GST liabilities and input tax credit can significantly impact your client's product or service pricing. Compliance burden: Failure to comply with GST regulations can lead to penalties, fines, and even legal action. Business strategy: Understanding GST implications can help you advise clients on optimal business structures, supply chain management, and tax planning. Tax optimization: Taking advantage of input tax credit, zero-rated supplies, and other GST provisions can help clients minimize tax obligations. Example: Imagine a client who doesn't understand the intricacies of composite supplies. By advising them on proper classification, you can help them avoid potential overpayment of tax. Do you have the tools and resources to confidently guide your clients through the GST landscape? Let's connect to discuss how we can stay ahead of the curve together. GST #Finance #Tax #Business #FinancialProfessional #Compliance

Embarking on a journey through India's tax landscape: Dive deep into the nuances of Input Tax Credit (ITC) under Section 16. Uncover eligibility criteria, key conditions, and the intricate details that businesses need to navigate for optimal financial benefits. Join our comprehensive analysis to stay ahead in the ever-evolving world of taxation. https://lnkd.in/gWSjTBQJ #gst #gstupdates #taxreform #businessfinance #itc #economicanalysis #indianeconomy

🚨 Attention GST payers! 🚨 The clock's ticking, but you've got more time on your side! ⏰ The GST Council has extended the deadline for claiming Input Tax Credit. Here's what you need to know 🔔 This could mean significant savings for your business. Are you taking full advantage? Let's discuss how these changes impact your tax strategy. Share your thoughts! 💬 Don't miss out on these benefits! When was the last time you reviewed your ITC claims? Tag a business owner who needs to see this! 👇 https://lnkd.in/gawSswPu! Visit & follow Bizprout LinkedIn page for many such interesting articles and updates on compliance! Like & Share your insights in the comments below. Let's pool our knowledge to navigate the complexities of tax compliance effectively! #bizprout #GSTUpdate #TaxCompliance #GSTcompliance #GSTreturns #GSTfiling

🔍 Confused about choosing between Sections 44AD and 44ADA for AY 2024-25?🔍 Let's break it down for you! Here's a brief comparison to help you decide: Section 44AD: Applicable to businesses (excluding specified ones) Turnover limit: Up to Rs. 3 crores Presumptive income rate: 8% of turnover (in case of cash turnover) otherwise 6% of turnover Advance tax payable by 15th March of the financial year Books of accounts not required Eligibility: Resident individuals, HUFs, partnership firms (other than LLPs) Objective: Simplifies tax compliance by presuming income based on turnover Section 44ADA: Applicable to professionals (specified under Section 44AA(1)) Gross receipts limit: Up to Rs. 75 lakhs Presumptive income rate: 50% of gross receipts Advance tax payable by 15th March of the financial year Books of accounts not required Eligibility: Professionals (specifically listed under Section 44AA(1)) Objective: Simplifies tax compliance by presuming income based on gross receipts Are you eligible for the simplified tax compliance under Sections 44AD or 44ADA? For personalized tax advice, visit taxinno.com or contact us at 📞 9810876548 / 9315023197 or 📧 [email protected]. Like and share if you found this helpful! Follow us for more tax tips and updates! #IncomeTax #Section44AD #Section44ADA #TaxCompliance #TaxInno #TaxAdvice #BusinessTax #ProfessionalTax #FinancialPlanning #ITR #AY2024_25 #TaxTips #MSMEIndia #taxpreparation