#incometaxupdate

Tax Update - @lawyer2ca®️ Notification No. 05/2022 Government of India Ministry of Finance Central Board of Direct Taxes Dated: 29.07.2022 Reduction of time limit for verification of #IncomeTaxReturn (#ITR) from within 120 days to 30 days of transmitting the data of ITR electronically. It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of #income, electronically. It is clarified that where the return data is electronically transmitted before the date on which this Notification comes into effect, the earlier time limit of 120 days would continue to apply in respect of such returns. #incometaxindia #incometaxupdate #Lawyer2CA (at Neeti Bagh) https://www.instagram.com/p/CgwNoz_PmaV/?igshid=NGJjMDIxMWI=

VidyaSunil and Associates Web: www.vidyasunilassociates.com #vidyasunilassociates #vidyasunil #incometaxupdate #incometaxindia https://www.instagram.com/p/CMyrSb8lPQa/?igshid=h6kf14t06h7p

In exercise of the powers conferred by the Micro, Small and Medium Enterprises Development Act, 2006, the Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, hereby notifies certain criteria for classifying the enterprises as micro, small and medium enterprises and specifies the form and procedure for filing the memorandum (hereafter in this notification to be known as “Udyam Registration”), with effect from the 1st day of July, 2020 namely: Micro Enterprise: Investment upto ₹ 1 Cr AND Turnover upto ₹ 5 Cr Small Enterprise: Investment upto ₹ 10 Cr AND Turnover upto ₹ 50 Cr Medium Enterprise: Investment upto ₹ 50 Cr AND Turnover upto ₹ 250 Cr . . . #IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr #udyamregistration #msme https://www.instagram.com/p/CCY9TZTjc0N/?igshid=1k947ja3zs1x

Only those enterprises are considered eligible for Udyam Registration which are either in manufacturing or production or processing or preservation of Goods OR in the providing or rendering of services. In other words, the enterprises which are engaging only in trading i.e. buying, selling importing, exporting of Goods are not even eligible for applying for Udyam Registration. #IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr #udyamregistration #msme https://www.instagram.com/p/CCY9G-UDA1X/?igshid=g8p3tzvb9pgb

The Union Ministry of Micro, Small and Medium Enterprises (MSME) had made the announcement regarding the new process of classification and registration of MSME Enterprises which was launched on July 1, 2020 under the name of ‘Udyam registration’ through a notification on June 26. The MSME Ministry launched a new portal for Udyam Registration www.udyamregistration.gov.in. The portal will help guide the entrepreneurs step by step as to what they should know, what they should do. The Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, hereby notifies certain criteria for classifying the enterprises as micro, small and medium enterprises . . . .#IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr #udyamregistration #msme https://www.instagram.com/p/CCY9B1sj9tt/?igshid=m99pbba0wbqm

BENEFITS ON GETTING REGISTERED AS UDYAM: 1.Udyam registration helps in getting government tenders 2.Due to the Udyam, the bank loans become cheaper as the interest rate is very low (Upto 1.5% lower than interest on regular loans 3.There are various tax rebates available for Udyam 4.Becomes easy to get licenses, approvals and registrations, irrespective of field of business as business registered under Udyam are given higher preference for government license and certification. 5.They get easy access to credit in lower interest rates 6.Registered Udyams gets tariff subsidies and tax and capital subsidies 7.Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available. #IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr #udyamregistration #msme https://www.instagram.com/p/CCY8zx_j81-/?igshid=d15zlyz9a35d

In exercise of the powers conferred by the Micro, Small and Medium Enterprises Development Act, 2006, the Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, hereby notifies certain criteria for classifying the enterprises as micro, small and medium enterprises and specifies the form and procedure for filing the memorandum (hereafter in this notification to be known as “Udyam Registration”), with effect from the 1st day of July, 2020 . . . BENEFITS ON GETTING REGISTERED AS UDYAM: 1.Udyam registration helps in getting government tenders 2.Due to the Udyam, the bank loans become cheaper as the interest rate is very low (Upto 1.5% lower than interest on regular loans 3.There are various tax rebates available for Udyam 4.Becomes easy to get licenses, approvals and registrations, irrespective of field of business as business registered under Udyam are given higher preference for government license and certification. 5.They get easy access to credit in lower interest rates 6.Registered Udyams gets tariff subsidies and tax and capital subsidies 7.Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available. #IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr #udyamregistration #msme https://www.instagram.com/p/CCY8rSoDcCH/?igshid=x9lpr19qbvg7

This form is for individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakhs and having income from business and profession which is computed under Section 44AD, 44ADA or 44AE of the Income Tax Act, 1961. This form is not for an individual who: a) has assets (including financial interest in an entity) located outside India; or b) has signing authority in any account located outside India; or c) has income from any source outside India; or d) is a Director in any company; or e) has held any unlisted equity share at any time during the previous year; or f) owns more than one house property, the income of which is chargeable under the head “Income from House Property”; or g) has income under the head “Income from Other Sources” in the nature of: (i) winnings from lottery; (ii) activity of owning and maintaining race horses; (iii) income taxable at special rates under Section115BBDA or Section 115BBE; or h) has any brought forward loss or loss to be carried forward under any head of income; or i) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee. . . #IncomeTaxUpdate #IncomeTaxReturn #ITR1 #CBDT #IncomeTaxEfiling #TaxReturn #IncomeTaxIndia#ledgerprofinance#incometaxindia#stockanalysis#nationalstockexchange#incometaxes#stockmarketquotes#taxpreparer#dailymarketupdate#sharemarketindia#futuresandoptions#gstr . . Source TaxGuru https://www.instagram.com/p/CCViSzHjuxa/?igshid=hv4ga439057k