Rectify Mistakes in Your Income Tax Returns in India by Filing a Revised Return   Introduction for Revised Income Tax Return   Filing income tax returns is an important obligation for taxpayers in India. However, errors or omissions can occur while filing the original return. In such cases, it becomes necessary to rectify these mistakes by filing a revised return. This article will provide an in-depth guide on how to revise your income tax returns […]

Common Mistakes that May Result in Receiving a Tax Notice Introduction Filing taxes can be an intimidating process, but it becomes even more daunting when you receive a notice from the tax authorities. One misstep in your tax return can land you in hot water with the taxman. To avoid this unpleasant situation, it is essential to be aware of the common mistakes that may lead to receiving a tax notice. Incorrect Reporting of Income […]

If the 28% GST is implemented, there would be significant changes in the online gaming business   A ‘potential write-off of USD2.5 billion’. This is the staggering sum that venture capital investors in the online gaming business claim they would face if the government passes a 28% GST rate on the industry. Two dozen global and local fund companies, headed by Peak XV Partners, Tiger Global, DST Global, Steadview, and others, wrote to the Centre […]

Salaried people are receiving income tax letters for FY21-22 ITR deductions:  keep an eye out for current ITR According to reports, the income tax department has begun issuing warnings to salaried persons requesting documentation of tax exemptions and deductions claimed on income tax returns (ITRs). Individuals may claim different tax exemptions and deductions under income tax regulations if they choose the previous tax system. For example, a person may claim a tax exemption on house […]

Online gaming companies await clarity as recurrence taxation worries rise. As they await full notice from the GST Council’s legislation committee, which has imposed a 28% goods and services tax on the business, online gaming firms are concerned that possible recurrent taxation might be a death blow. According to industry experts, this may result in a 50-60% indirect tax burden on gamers since most of them utilize their winnings to play another game, which would […]