In 10 years, taxation in India won’t be about filing returns. It’ll be about confirming returns.

Here’s how AI could reshape compliance 👇 💡 Seamless tax filing

Every financial transaction will talk to each other - salary, GST, UPI, bank interest, stock trades.

The Income Tax portal will auto-generate your ITR in real time.

You won’t “file” returns anymore. You’ll just log in and “confirm”.

Few Important points to keep in mind while reporting clause 44 of Form 3CD i.e. 'Break-up of total expenditure of entities registered or not registered under GST'

(As per the guidance note on Tax Audit under Section 44AB by @theicai )

[A 🧵]

@PratibhaGoyal @TaxationUpdates a. The total expenditure will include purchases as well

b. Depreciation & deduction for bad debts are not required to be reported

c. Expenditure incurred in respect of activities mentioned under Schedule III to the CGST Act are not required to be reported. Eg: Employees Salary

Indian Income Tax has a peculiar category of taxpayers i.e. HUF.

So, Let's understand what is HUF ? [ A 🧵]

@CA_HarshilSHETH @TaxationUpdates @PratibhaGoyal @caanuragwriter #HUF #incometax #taxpayer The Income Tax Act provides several opportunities for taxpayers to reduce their tax liabilities in a legitimate manner.

One such aspect is the creation of the HUF or the Hindu Undivided Family

Do you know, filing of Income Tax return for senior citizen is not compulsory if TDS is deducted u/s 194P.

Let's understand more about section 194P [ A 🧵]

#incometax #IncomeTaxReturns #ITRfiling #seniorcitizens @PratibhaGoyal @TaxationUpdates @AbhasHalakhandi #incometaxportal Finance Act, 2021 inserted a new Section 194P to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income.

It provides that if TDS has been deducted u/s 194P, then such senior citizen shall be exempted from filing Income Tax Return

In the light of several changes in Reverse Charge Mechanism (RCM) like RCM on Residential Flat or RCM on renting of vehicle by corporate.

Lets understand the basic about RCM [ A 🧵]

#RCM #gst #incometax #gstcouncil @PratibhaGoyal @TaxationUpdates @caanuragwriter #company Reverse charge is a mechanism where the recipient (buyer) of the goods or services is liable to pay GST to the government instead of the supplier.

Second One - Series A Funding [ A 🧵]

#Startup #seedcapital #funding #company @PratibhaGoyal @TaxationUpdates #Incometax #zomato #paytm #icai #ca #cs #incometax #taxology #byjus

https://twitter.com/taxologyin/status/1555930835097772032

Series A funding is a level of investment in a start-up that follows seed capital funding.

Essentially, the Series A round is the second stage of startup financing and the first stage of venture capital financing.