Author Archives: plusoasis

PAN Card Lost or Damaged? Get a New One in Just a Few Steps!

Losing your PAN card can be frustrating, but getting a new one is easier than you think! Follow this simple guide to renew or reprint your PAN card without any stress. Simple Steps to Reprint/Renew Your PAN Card 1. Access the Official Website Visit the Income Tax Department’s website or NSDL/UTIITSL portals for PAN-related services.… Read More »

Income Tax Crackdown! Fake Refund Claims Could Land You in Trouble

The Income Tax Department is taking strict action against fraudulent refund claims. If you’re filing an ITR, beware of false deductions! How AI is Detecting Fraudulent Refunds Detection Method Action Taken AI-based scrutiny Refund delay or rejection Retrospective audits Investigation for 9 years Tracking unverified agents Refund blocking, penalties Steps to Secure Your Refund How… Read More »

Cash Transaction Guidelines for Savings Accounts: What Every Indian Should Know

Are Your Savings Account Transactions Compliant? The government has implemented specific rules to monitor cash transactions. Staying compliant helps avoid penalties and ensures hassle-free banking. Deposit Limits in Savings Accounts The Income Tax Department monitors cash deposits exceeding specific limits: Account Type Annual Deposit Limit Action Required Savings Account Over ₹10 lakh Reported to Income… Read More »

Tax Offense Compounding Made Simpler: What You Need to Know

Breaking Down the New Tax Rules The Income Tax Department’s updated compounding guidelines bring clarity and relief for taxpayers in India. Announced in 2024, these reforms simplify processes and reduce financial burdens. Highlights of the Revised Rules Changes Before Reform After Reform Number of applications Restricted to one Unlimited if corrected Co-accused fee structure Separate… Read More »

Tax Rules for Spousal Transactions Demystified

Cash to Wife? Know the Tax Rules! Cash transactions between spouses are common, but improper handling can invite tax complications. Let’s simplify the rules for your peace of mind. Rules for Household Expenses and Investments Purpose Tax Implication Household Expenses Not taxable Investment Income Clubbed with the husband’s taxable income. Sections 269SS and 269T: Explained… Read More »

Unlock Tax Benefits: Filing ITR During Financial Losses

Filing ITR: A Must for Taxpayers with Losses In India, over 77 million taxpayers filed ITR in FY 2022-23. Surprisingly, many were loss-makers. Filing ITR during financial losses is crucial for compliance and long-term benefits. Here’s why it matters. Benefits of Filing ITR with Losses 1. Faster Tax RefundsAccurate ITR filings speed up tax refund… Read More »

Blue Aadhaar: Your Child’s First Step Into Digital India

Why is the Blue Aadhaar Important? The Blue Aadhaar, or Bal Aadhaar, is a unique identification document for children below 5. Issued by UIDAI, it includes a photograph but skips biometric details, making it simple and effective for young children. Feature Blue Aadhaar Age Group Below 5 years Requires Biometric Details? No Validity Period Until… Read More »

Late Fee Waiver for GSTR-9C Filing: What You Need to Know

A Big Announcement for Taxpayers The Indian government has waived late fees for GSTR-9C filings. This relief is aimed at businesses that faced delays in filing their reconciliation statements. The waiver applies to financial years from 2017-18 to 2022-23. The deadline for filing without extra fees is March 31, 2025. Key Benefits of the Waiver… Read More »

Simplified EPFO Joint Declaration for All Members

EPFO: A New Era of Easy Profile Updates Updating your EPF profile is now hassle-free! The EPFO has introduced a streamlined process, including Digilocker integration. Whether you’re an active member or a claimant, here’s what you need to know. EPFO’s New Joint Declaration Process The updated Joint Declaration process helps members modify basic details like… Read More »