Finance Buddy

Having time allows taxpayers to take a considered decision regarding which tax regime to follow-new or old. "only in the old tax regime do you get tax deductions on investments" Says Sujit Bangar . Source Link:  https://www.business-standard.com/finance/personal-finance/align-tax-saving-investments-with-financial-goals-and-asset-allocation-124112801096_1.html Website Link:   https://www.taxbuddy.com/

Multiple experts have voiced their concerns about the Centralised Processing Centre (CPC) of the income tax department making errors in processing income tax returns (ITR). The Karnataka State Chartered Accountants Association (KSCAA) has sent a representation to the CBDT in this regard. KSCAA's representation says that the CPC has erred in considering the due date for filing ITR and has imposed penalties even for those who filed ITR well within the deadline. CPC Processing Errors, according to KSCAA According to the representation by KSCAA (a copy of which was seen by  ET Wealth Online ) the errors in processing of ITRs noticed by them are as follows: Old/ New tax regime:  Numerous taxpayers have received intimations from CPC erroneously calculating their tax liability under the old tax regime, despite these taxpayers having opted for the new tax regime at time of filing their returns. Incorrect due date considered:  Certain taxpayers, specifically partners of firms lia...

Checking the status of Goods and Services Tax ( GST ) refund is crucial for businesses and individuals who are eligible such money due to various reasons. Understanding the eligibility criteria and common delays can streamline this experience. When can a GST refund be claimed? Refunds can be claimed if there is an unused balance in the electronic cash ledger due to overpayment. GST paid on export of goods/services.   That paid on the supply of goods/services to a Special Economic Zone.   Refunds can be claimed on inputs used for the supply of nil-rated or exempt goods and services. Any refund resulting from court orders, decrees, or judgments is eligible.   Diplomats, embassies, and certain international organisations (e.g., the United Nations) can claim refunds on the GST paid.   Refunds can be claimed if GST was paid in excess due to errors during the filing of returns.   "Once your application is submitted, the tax authorities will review your claim. If ever...

Navigating the complexities of the Goods and Services Tax (GST) system in India is essential for every taxpayer, especially when it comes to managing refunds. Designed to simplify tax compliance and enhance ease of doing business, the GST framework offers a lifeline to businesses by enabling refund claims in specific scenarios. These refunds can play a pivotal role in maintaining healthy cash flow and operational efficiency. Whether you’re an exporter awaiting input tax credits or a business owner addressing overpayments, understanding the nuances of checking your GST refund status is key. In this article, we break down the eligibility criteria, step-by-step filing process, and common reasons for delays in GST refunds. Sujit Bangar, founder of Tax Buddy , provided detailed insights on checking your GST refund status, including eligibility criteria, the filing process, and common causes of delays. Eligibility for GST Refunds Before filing for a GST refund, it’s crucial to...