ca_lalit27

04/09/2024

Power of Compounding

8-4-3 Rules

SIP Amount :- 30000
Expected Return :- 12%

It will take
8 Years to reach first 50L
4 Years for Next 50L
3 Years for Next 50L
After 20 Year you will add 50L almost every year

07/07/2024

Here are the benefits of filing Income Tax Returns (ITR):

1. _Avoid Penalties_: Filing ITR on time avoids penalties and interest.
2. _Refund_: Claim refund if excess tax is paid.
3. _Carry Forward Losses_: Offset losses against future gains.
4. _Loan Processing_: ITR is required for loan applications.
5. _Visa Processing_: ITR is required for visa applications.
6. _Government Benefits_: ITR is required for government schemes and benefits.
7. _Improved Credit Score_: Filing ITR improves credit score.
8. _Authenticity_: ITR verifies income and financial stability.
9. _Tax Compliance_: Filing ITR demonstrates tax compliance.
10. _Avoid Notice_: Filing ITR avoids notices from the Income Tax Department.
11. _Easy Audit_: Filing ITR makes audit process easier.
12. _Tax Planning_: Filing ITR helps in tax planning for future.

Remember, filing ITR is a legal requirement and essential for financial planning and compliance.

29/05/2024

Taxpayers must link PAN with Aadhaar by May 31, 2024 to avoid higher tax deductions under Sections 206AA and 206CC of the Income Tax Act, 1961. Reminder issued by the Income Tax Department to enforce compliance and streamline tax administration

24/05/2024

Compulsory ITR Filing Required in Following Cases -

As per Section 139 (1) of Income Tax Act, it is mandatory for Company & Firm to file ITR and in case of any other person if they are having income above Exemption limit (Rs.250000) then they are required to File Income Tax Return.

* some of the instances where an individual has to file his ITR irrespective of their income level:

# If an individual had deposited more than Rs 1 crore or more in one or more current Account .

# If an individual had deposited more than Rs 50 Lakh or more in one or more Saving Account.

# If an individual has incurred an expenditure exceeding Rs 2 lakh for himself or any other person for foreign travel.

# Has incurred an expenditure exceeding Rs 1 lakh toward electricity payment in a year.

# For professionals, if the gross receipts exceed Rs 10 lakh they have to file ITR.
For Businesses, if Turnover exceeds Rs. 60 Lakh .

# If amount of TDS/TCS is deducted more than Rs.25000 (Rs.50000 in case of Senior citizens).

# Is a beneficial owner or beneficiary of any asset outside India.

# Is a signatory to a foreign bank Account.

Note - File your income tax Return ( ITR ) of Financial Year 2023 -2024 / Assessment Year 2024-25 before 31 July 2024 to Avoid last minute Rush and Fine and penalty.

CA Lalit Aggarwal CA Lalit Aggarwal

⁨080767 45515⁩

| Jai Shree Shyam |

23/05/2024

16/05/2024

महाराष्ट्र के नांदेड में आयकर विभाग को बड़ी सफलता मिली है। लगातार 72 घंटे तक चली कार्रवाई में 170 करोड़ की बेहिसाब संपत्ति मिली है। जिसमें 8 KG सोना, 14 करोड़ कैश समेत कुल 170 करोड़ की सपंत्ति जब्त हुई है। छापेमारी में मिले 14 करोड़ रुपये को गिनने के लिए मशीन मंगानी पड़ी जिसके बाद भी 14 घंटे लग गए।

05/04/2024

The Ministry of Corporate Affairs (MCA) recently imposed a penalty of Rs. 2.89 crore on Mayasheel Retail India Limited for alleged violations related to the private placement of shares through advertisement. This order, issued under Section 42 of the Companies Act, 2013, has significant implications for the company and sheds light on regulatory compliance in fundraising activities.

12/11/2023

दिवाली की ज्योति आपके जीवन को रोशन करें.
माता लक्ष्मी का आशीर्वाद आपके ऊपर बरस जाए.
आपके घर में खुशियाँ और समृद्धि का वास हो. और आपका जीवन सफलता से भरा हो.
दीपावली की हार्दिक शुभकामनाएं आपको और आपके परिवार को ।
Regards
CA Lalit Aggarwal
KL & Associates, Chartered Accountants
1/2037, Ram Nagar, Shahdara, Delhi-110032
8076745515

30/03/2023

The Delhi High Court held in case of OYO Hotels that refund of tax cannot be hold merely because a notice has been issued under Section 143(2) of the Act, it is not a sufficient ground to withhold the refund under the provisions of the Income Tax Act. As coordinate bench of this high court held in case of Maple Logistics Pvt Ltd vs PCIT, it would be wholly unjust and inequitable for the AO to withhold a refund by citing the reason that a scrutiny notice has been issued and such an interpretation of the provision would be contrary to the intent of the legislature.