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Impavid Bulletin

tax

It is tax season, and once you have filed your income tax return (ITR), you can check to see if the Income Tax Department has accepted and processed your ITR. In specific cases where differences are detected, you may be required to react to the ITD notification.

For salaried taxpayers, the deadline to submit an ITR (AY 2022-23) is July 31, 2022. This year's deadline comes on a Sunday, a day off from work. It is advised that you submit your ITR before the deadline of July 31, 2022, for this reason.

For salaried taxpayers, the deadline to submit an ITR (AY 2022-23) is July 31, 2022. According to a tweet from the income tax department, more than 2 crore income tax returns (ITRs) for the AY 2022–23 have already been electronically filed.

To keep things simple, the liability to deposit GST has fallen on the tenant. The landlord is neither required to obtain any registration under GST nor make any payment of GST on such renting service.

The new norms stipulate that from July 18, when an 'unregistered person' (for example, a salaried individual or small businessperson) gives his/her flat on rent to a GST 'registered person' (for example, a company), then GST will apply.

A loss ocurrs when an individual sells his/her asset below the asset price. These losses can help an individual in reducing net taxable income and thereby income tax payable. However, there are certain rules one must follow to set off capital losses against capital gains. Read on to know more about the rules and how it can be claimed while filing income tax return.

In addition to other new data, AIS now contains information on interest, dividends, stock and mutual fund transactions, overseas remittance data, and more.

Budget 2021 announced an exemption from the ITR filing process for senior citizens above a certain age. This exemption is available to senior citizens provide they satisfy certain conditions. If the specified conditions are met, he/she is required to submit a declaration during the previous year (i.e. in which income is earned) to claim ITR filing exemption.

The e-Filing website now offers pre-login and post-login e-Pay Tax services via two additional authorised banks, Kotak Mahindra Bank and Federal Bank. These two banks now accept tax payments in both over-the-counter and online banking formats.