Suresh Surana News

29.08 / 04:55

Booking Software Mercantile Deloitte audit What are the documents required to be maintained for an income tax audit?

income tax audit purposes, an individual with business or professional income is required to maintain several documents. The list of documents includes books of accounts, cash books, ledgers, journals, etc. Further, all these documents have to be maintained in a specific format and as per prescribed principles. “The government mandates income tax audit for high-earning businessmen and professionals to ensure accurate reporting, prevent tax evasion, and maintain fairness in revenue collection. Audits also help scrutinize complex financial transactions and enhance overall tax compliance,” said Naveen Wadhwa, VP, Taxmann, a Delhi-based company that publishes tax books.

29.08 / 04:55

Income tax refund: How long does it take to get it?

income tax return (ITR) filing deadline ended on July 31, 2023, for FY 2022-23 (AY 2023-24). Those who filed ITRs at the last minute and have an income tax refund due must be wondering how long it will take to get the income tax refund to be deposited into your bank accounts. Suresh Surana, Founder of RSM India, an accounting and tax consulting firm, says, «Once the ITR is e-verified by the taxpayer, the tax department would initiate processing of tax return.

24.08 / 07:57

UPS Provident Man Can you save tax by using your wife’s bank account for investing in mutual funds and stocks?

Trying to save tax by investing in mutual funds and stocks in your wife’s name or investing after sending money to her bank account? It will not work, as per the Income Tax rules.

14.08 / 06:31

Provident CEO Sony 7 types of Income Tax Notice ITR filers may receive for AY 2023-24

If you have filed Income Tax Return for AY 2023-24, you may receive an Income Tax intimation or notice for several reasons. However, there is no need to worry if you have provided all the correct information to the Income Tax Department while filing ITR. In case, you didn’t, it is recommended to consult a tax professional to carefully draft responses to the notices sent by the Income Tax Department. Here’s a look at six types of income tax notices that taxpayers may receive this year.

27.07 / 11:31

COST UPS Citizens Discover country What will happen if you fail to rectify ITR errors before the due date?

Filing of Income Tax Return (ITR) before the July 31 deadline is important for taxpayers to avoid penalties. But in case you file an ITR with some mistakes and fail to rectify it before the due date, there is no need to panic. Tax experts say that you will be able to rectify ITR errors by filing a revised return even after the due date.

26.07 / 07:59

Provident Citizens VISA Can Senior Citizens and Super Senior Citizens benefit by filing Nil ITR before July 31 deadline?

NiL ITR Filing AY 2023-24 for Senior Citizens and Super Senior Citizens: There are several benefits of Income Tax Return (ITR) filing even when your income is below the basic exemption limit. Senior citizens can also get these benefits by filing Nil ITR, i.e. the return filed when income is below the exemption threshold.

26.07 / 07:59

Citizens Nil ITR filing: Should you file a Nil Income Tax Return if earning less than Rs 2.5 lakh?

Nil ITR Filing for AY 2023-24: While the Income Tax rules do not mandate individuals to file Income Tax Return (ITR) if their income is less than the basic exemption limit of Rs 2.5 lakh (Rs 3 lakh in the case of senior citizens for AY 2023-24), experts say you should file a Nil ITR even when your income is below the taxable threshold as there are several benefits of doing so.

21.07 / 04:55

COST Provident Software show NOT Is your AIS not showing savings account interest? Here’s what you need to do

It is important to ensure that while filing your income tax return (ITR) form, you have filled in all the vital information from your Annual Information Statement (AIS). However, it may happen that some information is missing from your AIS, or there is a mismatch between AIS and the information available to you. For instance, some taxpayers saw that their AIS is not showing information about interest earned from their savings bank account this year. If you are facing such a situation, here is what you can do.

20.07 / 11:03

UPS Provident CEO Platform Sony show Income Tax Return Due Date Extension AY 2023-24: Why tax filers wait till Last Date? Experts react

Income Tax Return Due Date Extension AY 2023-24 News: More than 3 crore taxpayers have filed their returns till July 19. According to the Income Tax Department, the milestone of 3 crore ITRs has been reached seven days early this year, compared to the preceding year (AY 2022-23).

19.07 / 12:15

Provident CEO Platform Discover Sony penalty Income Tax Return Revision for AY 2023-24: Who should file a revised ITR? Is there a penalty?

Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistakes may be in the form of not disclosing all incomes or forgetting to claim some deductions.

19.07 / 12:15

Provident CEO Discover Sony NOT ITR filing Error: Minute details you should not miss to e-file error-free return for AY 2023-24

Income Tax Return filing Errors AY 2023-24 (how to avoid): Taxpayers have been proactive this year in filing their returns early. According to Income Tax Department’s data, more than 3 crore returns for AY 2022-23 have been filed till July 18 while over 1.5 crore ITRs have been processed by the taxpayers. Tax filers have also verified more than 2.8 crore returns.

06.07 / 08:41

UPS Provident Citizens CEO Action Discover Sony Income Tax Return – Mismatch in AIS and Form 26AS: What should you do before filing ITR?

Mismatch in AIS and Form 26AS: As the tax-filing season is inching closer to the due date for most assessees, several taxpayers on social media have been complaining to the Income Tax Department about the mismatch in their respective Annual Information Statement (AIS) and Form 26AS.

05.07 / 11:15

Citizens CEO Income Tax Return processing AY 2023-24: When will you get refunds?

Income Tax Return (ITR) processing AY 2023-24: More than 1.32 crore taxpayers have filed their Income tax Returns (ITRs) for Assessment Year (AY) 2023-24 till July 2, according to data on the Income Tax website.

03.11 / 16:56

Facebook IPO Telegram Happy Diwali 2021! Know how much cash you can take as gift without paying income tax

Sharing gifts is a part of Diwali celebrations. From goods and gold to sweets and snacks, we like to share all types of gifts with our loved ones.

details regarding Suresh Surana

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Suresh Surana is a public personality featured in various analyses related to current events.

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