Mohammed S Chokhawala

Content Writer

I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on words, not figures. Writing has always been a passion. Maybe it's the desire to explain complex financial concepts in a clear, understandable way, or perhaps it's the joy of crafting a compelling narrative. Whatever the reason, I've recently started putting pen to paper (or rather, fingers to keyboard) and creating articles and blog posts that make the world of finance less intimidating for everyday people.

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The latest articles by Mohammed S Chokhawala

Economic Survey 2024: Highlights, Summary, PDF Download
Updated on Jul 18th, 2024 | 1 min read

Every year, Indians anticipate the Union Budget, outlining government plans for economic growth. The Economic Survey assesses the prior year's performance, akin to a 'report card.' Let's first understand what economic surveys entail before exploring the highlights of the 2024 survey..

Income Tax Act 1961: Chapters, Objectives, Features, Provisions
Updated on Jul 18th, 2024 | 23 min read

Planning to pay your taxes for the first time? Are you confused between the different sections and provisions of income tax? Then know that you are not alone. Every first-time taxpayer should know the basics of how income tax is levied in India. In this regard, you need to know about certain aspects of the Income Tax Act 1961. The Income Tax Department levies taxes based on this Act passed by the Government of India. Keep reading this article to know more! What is the Income Tax Act 1961?The Income Tax Act 1961 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes. It contains 298 sections, 23 chapters and several important provisions which contain all the aspects of taxation in India. The nature of the Income Tax Act 1961 is direct i.e.

ITR 3 – What is ITR 3 Form & How to File ITR-3?
Updated on Jul 18th, 2024 | 170 min read

The ITR-3 form is specifically designed for individuals and Hindu Undivided Families (HUFs) engaged in business or profession, necessitating the maintenance of comprehensive books of accounts. This category encompasses professionals such as chartered accountants, doctors, lawyers, engineers, etc., whose income is calculated based on actual profits. Moreover, individuals earning from salaried employment and additional sources like freelancing or part-time business activities can also use the ITR-3 form to file their income tax returns.What is the ITR-3 Form?The ITR-3 is applicable for individual and HUF who have income from profits and gains from business or profession. One can call it a master Form, as this is the one form where an individual or HUF can report all the possible incomes.Who can file ITR-3 Form?Carrying on a business or profession (both tax audit and non-audit cases)The return may include income from house property, salary/pension, capital gains and income from other sources.Remuneration received from a partnership firmWho is not eligible to file ITR-3 Form?No persons other than individuals & HUF are eligible to file ITR -3 Form.Individuals & HUFs not having income by way of business or profession or partnership firm are not eligible to file the ITR-3 Form. Due date for filing the ITR-3 formFor non-audit cases, the due date to file ITR-3 is 31st July and for accounts requiring audit, the due date is 31st October.  Major Changes in ITR-3 form for AY 2023-24 and AY 2024-25Below changes are incorporated in the ITR-3 form of the FY 2022-23 and applicable for FY 2023-24 as well:A new schedule VDA has been added to separately report your income from crypto/ other VDAs. If you treat income from VDAs as capital gains, a quarterly breakup will need to be given under the Capital Gains Schedule.

Budget 2024 Expectations: Top 5 Expectations from Union Budget
Updated on Jul 18th, 2024 | 10 min read

After the Lok Sabha Elections 2024 concluded and the National Democratic Alliance (NDA) secured the third consecutive term at the Centre (Modi 3.0), President Droupadi Murmu has  approved for the Budget 2024 to be held on 23rd July 2024. This budget is most likely to prioritise economic growth without heightening the inflation graph and bring equitable development in infrastructure, defence, railways, accelerate renewable energy and others.This article focuses on the 2024 budget expectations that are to be announced.Update on Budget Expectations:Latest update on the Budget expectsTechnological Advancements in Manufacturing sectorCybersecurity measures to be improved as rise in cyber crime.Fintech Sector is targeted to  foster financial inclusion and forecasting fuel innovation Education sector is expected to emphasis digital literacy, research programes, equitable access to quality education.Subsidies to avail home loans easilyEV owners can expect tax incentivesExpected Date of Budget 2024 Budget 2024 UPDATE: Official announcement has been released by the government, Budget 2024 for FY 2024-25 is held on 23rd July.The Budget session of Parliament will begin from July 22, 2024, and continue until August 12, 2024. Several pre-budget consultations are expected to take place on July 20, 2024, with industry leaders and finance ministers of different states. Meanwhile, the 53rd GST Council recommended amendments on June 22, 2024.A. Income Tax:Budget 2024, is expected to make pleasing announcements in favour of salaried individuals. Here are our top expectations,1. 80C Deduction LimitThe deduction limit for Section 80C for any investment made on life insurance premium, contribution to PPF, FD, ELSS etc.

Double Taxation Avoidance Agreement (DTAA) Between India and Italy
Updated on Jul 17th, 2024 | 11 min read

The Indian Government developed the Double Tax Avoidance Agreement convention to help taxpayers avoid double taxation on foreign-sourced income. This agreement mainly benefits the business owner in India, who usually faces the dilemma of which country to start a business in. India has signed DTAA with almost 95 countries. DTAA between India and Italy helps both countries claim tax benefits and enhance economic growth.DTAA between India and ItalyThe DTAA between India and Italy is a bilateral tax treaty to prevent double taxation and mitigate fiscal evasion concerning income taxes. Therefore, this treaty will be necessary for a resident of either country who derives income and is liable to taxation in India and Italy.

Why Income Tax Site is Not Working? Reasons Why Income Tax Filing Portal Not Working
Updated on Jul 17th, 2024 | 9 min read

The due date for filing Income-tax returns (ITR) for taxpayers who are not covered under the provisions of tax audit is fast approaching (The due date for ITR is 31 July for non-tax audit taxpayers). As there are a handful of days before the due date of filing and late filing of ITR attracts penalties/fees/loss of other benefits, hence there is a massive flow of people filing their ITRs on the website of the income-tax department. This sometimes gives rise to situations where the income-tax portal is not working correctly/efficiently throughout the day, leading to unnecessary delays in the filing of ITRs. During this year’s filing, the technical glitches and issues in the portal are also clearly visible. They can be witnessed through the complaints raised by the professionals on the various social media platforms.

Income Tax - Latest Updates, Basics, Tax Slabs, Rules, Income Tax Guide 2024-25
Updated on Jul 17th, 2024 | 68 min read

What’s New in Income TaxIncome tax Returns Forms for AY 2024-25 has been released, and now you can file your tax returns.Interim Budget 2024 -The budget maintained the existing tax rates for both direct and indirect taxes. Taxpayers with income up to Rs 7 lakh have no tax liability.Finance Minister Nirmala Sitharaman also withdraws 'tax dispute' up to Rs 25,000 for the period up to the financial year 2009-10, Rs 10,000 for financial years 2010-11 to 2014-15.Budget 2023 UpdatesFor individuals with income up to Rs 7 lakh, a tax rebate The new tax slabs under the new tax regime will be:Income SlabsTax Ratesup to Rs 3 lakhNilRs 3 lakh- Rs 6 lakh5%Rs 6 lakh-Rs 9 lakh10%Rs 9 lakh-Rs 12 lakh15%Rs 12 lakh- Rs 15 lakh20%Above Rs 15 lakh30%Under the new tax regime, salaried employees and pensioners can claim a standard deduction of Rs 50,000. Under the new tax regime, the highest surcharge has been reduced to 25% from 37% for people earning more than Rs 5 crore. This move brings down their tax rate from 42.74% to 39%.The new IT regime will be the default tax regime. However, taxpayers can opt out of the new regime before the due date for filing the IT returns for the respective assessment year.Leave encashment for non-government employees has been increased to Rs 25 lakh from Rs 3 lakh.TDS rate reduced to 20% from 30% on withdrawal of EPF.Click here to read all highlights on Budget 2024Browse By Topics .hover-scale:hover { transition: 0.5s; transform: scale(1.03); } House Property Business, Professional & Freelance Efiling Income Tax Return Income Tax Refunds Paying Tax Due Salary Income Capital Gains Income Other income sources Advance Tax NRI HUF Income Tax Notices  What is Income Tax?Income tax is a type of tax that the central government charges on the income earned during a financial year by individuals and businesses. Taxes are sources of revenue for the government. The government utilises this revenue for developing infrastructure, providing healthcare, education, subsidies to the farmer/agriculture sector and other government welfare schemes. Taxes are mainly of two types: direct taxes and indirect taxes.

Form 10-IEA: Option to Choose Old Tax Regime | How to Fill & Submit Form 10IEA Online?
Updated on Jul 17th, 2024 | 13 min read

Form 10-IEA is useful for individuals or HUFs to continue utilising the old tax regime in the present financial year. It was presented by the Central Board of Direct Taxes. The Budget 2023 proposes that from FY 2023-24, the new tax regime will be considered the default tax regime. By filling out Form 10-IEA, taxpayers can choose the old tax regime if they wish. They must complete the form before the due date prescribed for filing an income tax return.

Professional Tax - What Is Professional Tax, Rates, Due Date, Compliance
Updated on Jul 17th, 2024 | 20 min read

Many salaried employees might be very well aware of the term ‘professional tax’ as it would have been mentioned in the payslips/Form 16 issued to them. But all of them may or may not understand what it is and why it is appearing in their payslips/Form 16 as a deduction from their salary income. Hence, this article is an attempt to provide a better picture of what and why professional tax is deducted and whether the salaried class people are only bearing it. What is a Professional Tax, and Who Levies it?The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just not the tax levied only on professionals. Professional tax is a tax on all kinds of professions, trades, and employment and is levied based on the income of such profession, trade and employment. It is levied on employees, a person carrying on the business, including freelancers, professionals, etc., subject to income exceeding the monetary threshold if any.As per Article 246 of the Constitution of India, only the Parliament has the exclusive power to make laws with respect to the Union List, which includes taxes on income.

Joint Declaration Form EPF
Updated on Jul 17th, 2024 | 4 min read

A joint declaration form is an Employees’ Provident Fund (EPF) form used to correct Provident Fund (PF) member details. It is a combined form that the employee and employer sign and submit to the regional PF commissioner to update the wrong information entered in the employees’ PF accounts.Rectifying errors in the PF account is necessary since mistakes in the name or incorrect date of birth can create problems during PF withdrawal. The details of an EPF member on the PF portal should be correct since EPF claim, transfer and refund are executed online. Update Details Through Joint Declaration Form EPFAn EPF member should fill out the joint declaration form to correct details like father’s name, joining date, etc., as these details will be verified against the documents submitted for verification. The Joint Declaration Form can be submitted physically to the regional PF office or can be uploaded online on the official EPFO website. The details that can be changed or corrected through a joint declaration form EPF are as follows:NameFather or Husband’s namePF or EPS account numberDate of birthJoining dateDate of leavingEPF Joint Declaration Form PDF DownloadPDF version of the Joint Declaration Form as below can be downloaded here.Physical Submission of Joint Declaration Form EPF The EPF members or employees should physically submit the joint declaration form to the regional PF office with which the company or establishment is registered.

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