Rao and Associates

01/07/2024

🔸Deductions Allowed under the Old Tax Regime

- Following is a list of key tax deductions that can be claimed under the Old Tax Regime but cannot be claimed under the new income tax regime:

1. Investments under Section 80C (PPF, ELSS, EPF, Life Insurance Premium, Home Loan Principal, etc).
2. Home Loan Interest Payment
3. Health Insurance Premiums
4. Expenses on medical treatment, training or rehabilitation of a disabled dependent
5. Treatment of self or dependent for specified disease
6. Contribution to NPS
7. Interest paid on Education Loan
8. Donation to specified institutions
9. Disability of self
10. House Rent Allowance
11. Leave Travel Allowance
12. Leave Encashment
13. Mobile and Internet Reimbursement, Food Coupons or Vouchers, Uniform Allowance, etc.

12/04/2024

Extension of GSTR-1 due date to 12th April 2024

26/03/2022

Income tax department these 46 financial transactions of yours via the Annual Information Statement -

1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from the deposit
6. Interest from other sources
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 115BB
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a) (iia)
13. Interest from specified company by a non-resident u/s 115A(1)(a) (iiaa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1)(a) (iiab)
16. Income and long-term capital gain from foreign currency bonds or shares of Indian companies’ u/s 115A
17. Insurance commission
18. Receipts from life insurance policy
19. Withdrawal of deposits under national savings scheme
20. Receipt of commission etc. on sale of lottery tickets
21. Income from investment in securitization trust
22. Sale of land or building
23. Receipts for transfer of immovable property
24. Sale of vehicle
25. Sale of securities and units of mutual fund
26. Off market debit transactions
27. Off market credit transactions
28. Business receipts
29. Business expenses
30. Rent payment
31. Miscellaneous payment
32. Cash deposits
33. Cash withdrawals
34. Cash payments
35. Outward foreign remittance/purchase of foreign currency
36. Receipt of foreign remittance
37. Payment to non-resident sportsmen or sports association u/s 115BBA
38. Foreign travel
39. Purchase of immovable property
40. Purchase of vehicle
41. Purchase of time deposits
42. Purchase of securities and units of mutual funds
43. Credit/Debit card
44. Balance in account
45. Income distributed by business trust
46. Income distributed by investment fund

25/02/2022

GST update: GST mandatory e-invoicing turnover limit reduced to 20 cr. from existing 50 cr. w.e.f. 1st April 2022 N/N 01/2022-CT dated 24.02.2022

23/02/2022

29/08/2021

GST Amensty Extended till 30th Nov, 2021

33/2021 29th Aug, 2021