CA Chirag Chauhan’s Post

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Direct Tax Collection Surges 20% To ₹ 5.74 Lakh Crore In 2024-25 Thanks to AIS / TIS. Faceless Assessments and other online IT Reco & features that make Tax Evasion difficult and collection robust Going ahead an AI-driven ITR automatically filed should be reality R U ready?

Who should File Schedule AL in ITR? Generally, a taxpayer carrying on business or profession must file details of assets and liabilities through a Balance Sheet in the Income Tax Returns. Separately, in certain specific cases, even for salaried individuals, the ITR has made it mandatory for taxpayers to disclose their assets and liabilities at the end of the year through the AL Schedule in ITR. To monitor assets acquired and income earned, the tax department has mandated that all assets and their corresponding liabilities be disclosed in the income tax return if taxpayers earn more than INR 50 lacs from any source. All individuals and HUFs having annual taxable income exceeding Rs 50 lakhs have to choose ITR-2 What are the assets and liabilities required to be reported under Schedule AL? - Immovable property - Financial assets - Movable property - Interest held in the assets of a firm or an association of persons (AOP) A few guidelines you must comply with while filing Schedule AL: The term ‘assets’ includes land & buildings along with immovable assets Financial assets include shares, securities, and deposits; loans and advances; insurance policies; cash in hand; jewellery; vehicles; movable assets such as yachts, aircraft, and boats; and bullion. You must disclose your assets at cost. Also, you can include any cost of improvement incurred on the asset. Non-residents and not ordinarily resident individuals must provide details of their assets in India. Jewellery includes ornaments made of gold, silver, platinum, any other precious metal, or an alloy made of one or more of such precious metals. It may or may not contain precious or semi-precious stones. Details of precious or semi-precious stones, whether or not set in any utensil, furniture, or other apparel. If the asset is a gift or will, the cost of such an asset must be declared as per the cost provided by the previous owner plus the cost of any improvement incurred by the previous owner. In the case of liabilities, all liabilities incurred in relation to the assets should be reported such as: -Housing loan -Vehicle loan -Personal loan - Other loan Non-disclosure of the AL schedule may lead to defective notices. So, if your income is > 50 Lakhs, AL is mandatory to file in ITRs.

Economic Times: How to file Form 10-IA online on the e-filing ITR portal and Claim Sec 80U & 80DD deductions According to Chartered Accountant Chirag Chauhan, for the purpose of section 80U, disability has been defined..... Read full at

Which ITR Should You File - Types of ITR Forms & Eligibility Individuals can file ITR 1, ITR-2, ITR-3, and ITR-4 based on their source of income. ITR-1 OR SAHAJ - Who can File This Return Form is for a resident individual whose total income for the AY 2024-25 includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); or Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Agricultural income up to Rs 5000 Who cannot use ITR-1 Form? Total income exceeding Rs 50 lakh Agricultural income exceeding Rs 5000 If you have taxable capital gains If you have income from business or profession Having income from more than one house property If you are a Director in a company If you have had investments in unlisted equity shares at any time during the financial year Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India If you are a resident not ordinarily resident (RNOR) and non-resident Having any foreign income If you are assessable with respect to the income of another person with respect to which tax is deducted from the hands of the other person, If tax has been deducted under Section 194N If in case payment or deduction of tax has been deferred on ESOP If you have any brought forward loss or loss needs to be carried forward under any income head ITR-2 Who can File? ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2024-25 includes: Income from Salary/Pension Income from House Property Income from Other Sources (including Winnings from Lottery and Income from Race Horses) If you are an Individual Director in a company If you have had investments in unlisted equity shares at any time during the financial year Being a resident not ordinarily resident (RNOR) and non-resident Income from Capital Gains Having any foreign income Agricultural income more than Rs 5,000 Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India If tax has been deducted under Section 194N If in case payment or deduction of tax has been deferred on ESOP If you have any brought forward loss or loss needs to be carried forward under any income head Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. ITR-3 Who can File? The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who have income from a proprietary business or is carrying on a profession. Read more at https://lnkd.in/dA27EYga

Union Budget 2024: Raise senior citizens' basic exemption limit to Rs 10 lakh, hike health premium deduction “There are many senior citizens who earn interest income of Rs 5-6 lakh from their bank or post office deposits. They have to go through the hassle of filing their returns, and managing the paperwork is a tough task for them. By increasing the basic exemption limit to Rs 10 lakh, the government will boost the ease of living for this section of the population,” says Mumbai-based chartered accountant Chirag Chauhan Founder, CA Chauhan & Co. This will ensure that they do not need to maintain records for the purpose of filing returns. “The government may take a tax revenue hit of Rs 500-1,000 crore, but it will be a big relief for millions of senior citizens who will then be out of tax bracket,” he adds. Again, in line with rising inflation, the Rs 50,000 deduction limit under section 80TTB on savings and fixed deposits needs to go up. “It should be hiked to Rs 1 lakh to provide relief to senior citizens,” says Chauhan. Read Full at https://lnkd.in/dcG44KXa #Budget2024 #SeniorCitizen

11 July 2006 - 18 years completed today, being a difficult time for 200 families who lost their loved ones, & more than 800 injured amongst them few still suffering! In the 21st century, all countries should pledge to end Terrorism! 18 Lessons I have learned in the past 18 years, being in a wheelchair and enjoying life's ups and down 1) There is no single person in the world who does not have problems! Everyone in the world has physical, emotional or monetary difficulties. Embrace it 2) Your parents are your greatest asset. Most of us give them money. However, all they need is time and unconditional love. Spend time with them 3) Being in a wheelchair in India, you won't get all places accessible. But you still can reach all places if you are willing to, in life also you wont get thing easily, you need to work hard and smart for it 4) Live life King size. You don't know if you have tomorrow to live 5) Stop blaming others for your problems. You are only responsible for your present situation, and only you can change it if you really want to 6) Do the right things at the right time In Youth - Study When Adult - take responsibility When it is time to retire do retire 7) The more challenges in your life, the more fruitful the outcome - provided you don't give up 8) While studying study, while playing play, most students do opposite. They get tense for studies while playing and vice versa 9) Love unconditionally without expecting anything - this is pure bliss 10) When you give to someone, the universe ensures it comes back to you. be it anything. so be mindful of your thoughts and intentions. 11) Gratitude: Always say thank you when things go according to your wishes and thank you very much when things go against your wishes. 12) Accepting God's will: Put your best efforts into everything and in the end accept the outcome 13) Focus on one thing at a time 14) Do not wait for someone to change your life. You have to do it by yourself 15) In Business or Profession focus on what is best for your client, not on how much you will earn. Giving the Best advice even if you don't earn out of it, this is true professionalism, and you shall surely grow in the long run 16) Be Puntual and Be Honest first with yourself 17) Belive in Spirituality. There is an unseen realm. There is God. This is a Fact even if you don't believe 18) Keep Smiling : Solves many of your problems and 50% of the issues of people who see you smiling I sincerely thank god for providing me the opportunity to share and live life to the fullest!

How to file income tax return without Form 16? Here’s what experts say “One should ideally insist on receiving the Form 16, but in case you don’t have it, you can rely on salary slips,” says Chirag Chauhan, a Mumbai-based chartered accountant. Read at LiveMint https://lnkd.in/d6_buJ5y

Know how much deduction a taxpayer can claim in section 80D age wise Medical insurance Medical expenses Preventive health checkup #Tax #ITR

Do you know you can pay your income tax with a credit card? How many have used this option?