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Filing your Income Tax Return (ITR)

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Filing your Income Tax Return (ITR) can be straightforward if you follow these tips:

Gather Necessary Documents:

Form 16: Issued by your employer, summarizing your salary and tax deductions.

Form 26AS: Annual tax statement that includes details of tax deducted at source (TDS).

Bank Statements: To account for interest income.

Investment Proofs: For deductions under various sections (e.g., 80C, 80D).

Home Loan Statement: If applicable.

Rental Income Details: If you have any.

Choose the Correct ITR Form:
Select the appropriate ITR form based on your income sources (e.g., salary, business income, capital gains).

Verify TDS Details:
Ensure that TDS details in Form 26AS match the information in your Form 16 and other certificates.

Claim Deductions and Exemptions:
Claim all eligible deductions (e.g., under sections 80C, 80D, 80E).

Include exemptions such as House Rent Allowance (HRA) and Leave Travel Allowance (LTA).

Report All Income:
Include all sources of income, such as salary, interest, rental income, capital gains, and any other sources.

Report exempt income (e.g., agricultural income) for transparency.

Check Bank Account Details:
Ensure your bank account details are accurate for refunds or payments.

Pre-Validate Bank Account:
Pre-validate your bank account on the income tax e-filing portal for faster refund processing.

File Before the Deadline:
Avoid last-minute filing to prevent mistakes and penalties.
The usual deadline is July 31st for individuals, but check for any extensions.

E-Verify Your ITR:
E-verify your return using methods like Aadhaar OTP, Net Banking, or by sending a signed ITR-V to the CPC, Bangalore.

Keep Records:
Maintain copies of your filed returns, acknowledgment, and supporting documents for future reference.

Use Online Tools:
Utilize the income tax department’s e-filing website or reliable third-party software to simplify the process.

Seek Professional Help:
If your return is complex, feel free to get in touch with us for assistance.

How GST Audit Can Benefit Your Business

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Maximizing Business Potential: The Benefits of GST Audit

Introduction 

As a business owner, staying compliant with Goods and Services Tax (GST) regulations is essential. However, did you know that conducting a GST audit can offer more than just compliance? At CA R. S. Shah & Co., we believe that a comprehensive GST audit can significantly benefit your business in several ways.

Conclusion

A comprehensive GST audit conducted by CA R. S. Shah & Co. can go beyond mere compliance, offering valuable insights and benefits for your business. From ensuring compliance and avoiding penalties to optimizing input tax credits and improving operational efficiency, our experienced team is here to help you unlock the full potential of your business.

Most imp GST proposal

Section 73 and 74 proposed to be deleted…applicable only till 2023-2024 New Section 74A added…

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