HENCY R SHAH AND ASSOCIATES

  What happens if ITR is not Filed? If the  income tax  is not filed for the annual financial year, you will likely be pulled up by the government. Also, it is an illegal practice not to comply with these orders as it can backfire on you if you need to immigrate or secure a loan. Hence all citizens should be aware that there is a penalty if  ITR (Income Tax Return)  is not filed.     What are the Dates for Filing Income Tax for FY 2022-23 (AY 2023-24)? The important dates for filing income tax for the Financial Year 2022-23 and Assessment Year 2023-24 is as follows: Category of Taxpayer Due Date for Tax Filing - FY 2022-23 Individual/Hindu Undivided Family/AOP/BOI (no auditing required) 31st July 2023 Businesses that require auditing 31st October 2023 Businesses that require Transfer Pricing Report 30th November 2023 Revised ITR ...

  Will 28% GST kill real-money online gaming industry in India? Up until now, only online gambling and betting have attracted such a steep tax The government plans to slap a 28 per cent tax on all forms of online gaming to discourage the youth from getting addicted to such practices. Up until now, only online gambling and betting have attracted such a steep tax. Earlier this week, Finance Minister Nirmala Sitharaman announced a 28 per cent GST levy on the total game value for online gaming, horse racing, and casinos, equating skill-based online games (non-gambling games) with online games of chance (gambling games) under India's tax regime.    Current GST regime differentiates between skill-based games and gambling (based on chance) As of now, the GST regime differentiates online games based on skills versus chance. With the recommendation made at the 50th GST Council meeting, 28 per cent GST will be charged on full face value. A game of skill is one where t...

Facts you must know about Chandrayan-3 Chandrayaan-3 has been launched at 2:35 P.M. on 14th July, 2023 from the Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh carries by ISRO’s largest and most powerful rocket, the Launch Vehicle Mark III. Interesting Facts about the Chandrayaan-3: 1. The Chandrayaan programme was conceived by the Government of India and formally announced by former Prime Minister, the late Atal Bihari Vajpayee on August 15, 2003. 2. Chandrayaan-3 is a follow-on mission to Chandrayaan-2 which aims at soft landing at Moon’s south pole. 3. Chandrayaan-3 is also known as the LVM3-M4 mission because it is the fourth operational mission of LVM3. 4. It consists of a lander and a Rover which has been launched into the space by a rocket called LVM3 from SDSC SHAR, Sriharikota. 5. The spacecraft is expected to touch down on the moon on 23 August after a voyage that will last more than 40 days. The craft is set to land on the Moon’s South Pole, where Chandrayaan-1 disco...

Consequences of an Inoperative PAN: Financial Transactions You Can't Do Without PAN-Aadhaar Linkage  The government introduced the Permanent Account Number (PAN) to make it easier to access taxpayer information and match it with their investments, loans, and business activities. This helps detect and prevent tax evasion and broaden the tax base. According to the Income Tax Act of 1961, it became mandatory to link Aadhaar number with PAN by June 30, 2023. Failing to do so would render PAN inactive from July 1, 2023. If PAN is not linked with Aadhaar, it can create difficulties in certain transactions. For example, routine banking transactions such as depositing more than Rs. 50,000 in a bank account, paying insurance premiums exceeding Rs. 50,000, or applying for credit/debit cards may be affected. Senior citizens (except those aged 80 years or more) who haven't linked PAN with Aadhaar may also face consequences. However, residents of Assam, Jammu and Kashmir, Meghalaya, non-res...