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Income Tax new circular dated 18 September 2023

**Title: CBDT Extends ITR Filing Deadline for Charitable Trusts and Institutions** **Introduction** In a significant development for charitable trusts, institutions, universities, and other entities governed by the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has announced an extension of the deadline for filing Income Tax Returns (ITR) in Form ITR-7 for the Assessment Year 2023-24. The decision comes in response to the unique challenges faced by taxpayers, primarily arising from the COVID-19 pandemic and adverse weather conditions in various parts of the country. **Key Updates** 1. **ITR-7 Filing Deadline Extended:** The CBDT circular, issued on September 19, 2023, grants an additional month for filing ITR-7. The new deadline is now set for November 30, 2023, as opposed to the previous date of October 31, 2023. This extension specifically applies to charitable trusts, institutions, universities, hospitals, and other e...

Why need a Consultant or Accountant

Title: "The Importance of Hiring a Tax Consultant: A Comprehensive Guide" Introduction: Tax season can be a stressful time for individuals and businesses alike. The ever-changing tax laws, complex regulations, and the fear of making costly mistakes can make the process daunting. This is where tax consultants come into play. In this blog, we'll explore the crucial reasons why hiring a tax consultant is a smart decision. 1. Expertise in Tax Laws: Tax laws are not only complex but can also change frequently. Tax consultants stay updated with these changes, ensuring that you are in compliance with the latest regulations and can take advantage of available deductions and credits. 2. Minimizing Errors: One of the most significant advantages of hiring a tax consultant is the reduction of errors on your tax return. Errors can lead to penalties or audits, and consultants are trained to minimize these risks. Click here for more 3. Time and Stress Savings: Preparing taxes can be ti...

📊 Daily market report

📊 Daily market report 24 Nov 2023 --------------------- Sensex 65,970.04 ▼ 0.07% Nifty 19,794.70 ▼ 0.04% --------------------- IT stocks fell the most today. Pharma and metal stocks rose the most. Other Asian markets: China and Hong Kong closed in the red. Japan and Taiwan closed in the green. Stock markets will be closed on Monday on account of Gurunanak Jayanti. --------------------- More... India’s crude oil imports rose 5.9% month-on-month to 18.53 million metric tons in October. Plastic exports from India grew 9.4% year-on-year to $933 million: Plexconcil. India's foreign exchange reserves increased by $5.077 billion to $595.397 billion for the week that ended on 17 Nov. Volvo India is aiming to have 50% of its vehicles to be powered with non-fossil fuels by 2030. Coca-Cola has joined India’s Open Network for Digital Commerce (ONDC). --------------------- Stocks in the news L&T: signed a financing agreement with the Asian Developm...

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