Income Tax Return: You need to check the exemption limit on your donation receipt and claim deduction accordingly while filing your return. Are All Donations 100% Exempt From Income Tax? No. It is important to note that not all donations are eligible for tax exemption. The Income Tax Act specifies certain conditions that must be …
Income-tax Donations Know Key Things Before Claiming Deduction Read More »
An E-mail claims that the recipient is entitled to a refund of ₹41, 104, and is seeking his/her personal details in the name of @IncomeTaxIndia ✔️This claim is fake ✔️Report such suspicious emails at ‘webmanager@incometax.gov.in’
The Income Tax Department monitors the financial activities of the people in the country. It keeps the financial information of every person who pays tax. At the same time, let us tell you that it is mandatory for every person who pays tax to fill ITR. In such a situation, many rules have been made …
The last date for filing the Income Tax return for the Financial Year 2022-23 is July 31. The new ITR forms for the assessment year 2023-24 will start on April 1. Citizens who have income above the basic exemption limit of Rs 2.5 lakh per annum are required to file ITR before the due date. …
Under the Liberalised Remittance Scheme (LRS), Indian residents can remit up to $2.5 million in overseas investments every fiscal year. They are permitted to invest abroad, subject to the LRS limit. Foreign investment depends on various criteria, including portfolio diversification, returns, and risk. Depending on the returns, a resident’s overseas investments are also taxable in …
Income Tax Rules On Overseas Investment And Capital Gains Read More »
most of these small errors can be avoided. In this blog, we will discuss 14 common tax filing mistakes you must avoid for a smooth ITR filing experience. Mistake 1: Missing The Due Date For Filing Returns For individuals, generally, the due date for an income tax return (ITR) is falling is 31 July of …
What if you are asked to pay 60% tax on your Income when your effective tax liability is 30%? This may happen if there is a mismatch in the TDS credit claimed in your ITR and 26AS. If you are facing this situation, you need to go through Section 205 of the Income Tax Act, …
Claim your TDS credit even if not reflected in 26AS/AIS/TIS Read More »
As we approach the new financial year, it is important to know beforehand about the changes in income tax rules, as this is also when the proposed finance bill comes into force. It keeps us prepared and ready for the changes needed to fine-tune our portfolio. Based on the proposals made in Budget 2023, Neeraj …
New Income Tax rules from April 1; all you need to know about the changes Read More »
ITR Form: A person whose income is taxable in India is required to file Income Tax Return (ITR). At present, there are different income tax slabs in the country. Apart from this, different forms are also available for filing income tax return. ITR 1 Sahaj form is also included in these forms. In such a …
One of the proposals that has made Union budget 2023 very popular among the middle class is that individuals and Hindu undivided families (HUFs) opting for the new regime in FY 2023-24 and onwards, and having their annual gross total income (GTI) of upto ₹7 lakh, will not be required to pay any income tax, as …
Updated ITR Filing Last Date: If you fall in the category of people who have missed the belated or revised income tax return filing date for FY 2021-22 (AY 2022-23) by December 31, 2022, then worry Don’t You still have a chance to file ITR. Budget 2022 has introduced an option to file an updated …
Kind Attention Taxpayers!Last date to file Updated ITR for AY 2020-21 is 31.03.23. Don’t miss this last chance!Updated ITRs for AY 2021-22 & 2022-23 can also be filed by 31.03.23 to avoid paying higher tax later.Pl refer to S. 139(8A) of IT Act, 1961.Don’t delay, file today!
Income Tax department Launched AIS for Taxpayers app where you can see your TDS handy by installing the same. Link for downloading Click Here
New Cash Transaction Rule: In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Now these investment and lending institutions allow cash transactions only up to a certain limit. If it is violated, the …
Cash Transactions Notice: Big news! cash transactions, new rule implemented Read More »
March 15 is last date for payment of the last instalment of Advance Tax for the financial year 2022-2023. . The Income Tax Department has also recently appealed to taxpayers to pay their last instalment of advance tax by the due date. Advance tax is the amount of income tax that should be paid in …
Advance tax payment deadline ends today, Penalty if you fail to pay Advance tax Read More »
The income tax department has imposed a ₹549 crore demand notice on Amazon Web Services (AWS), an arm of ecommerce major Amazon that offers cloud services, government officials aware of the development told ET. The notice sent to AWS is based on the taxman’s findings that the company was imposing a fee for offering cloud computing services …
Income Tax department issues Rs 549-crore tax demand notice– Check reason Read More »
Here are 10 such transactions that the Income Tax Department keeps an eye on, and what you should know about them. 1.Education fee or donation above 1L p.a. If you pay more than INR 1 lakh as education fees or donations, it will be scrutinised by the Income Tax Department. Educational institutions are required to …
Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …
As a freelancer, it is imperative to understand your tax obligations and properly file your taxes each year. This can be a complex and sometimes daunting process, especially if you are new to self-employment. In this article, we will provide a comprehensive guide to income tax for freelancers. We will discuss the various tax obligations …
March 15, 2023 is the last date for depositing the fourth installment of Advance Tax for the financial year 2022-23. The Income Tax Department is continuously sending messages to taxpayers to deposit advance tax. But the tax department has sent such messages to some taxpayers, whose wording is being expressed as a strong objection. Tax …
CBDT’s e-Verification Scheme harnesses information technology to facilitate voluntary compliance On a pilot basis information of financial transactions pertaining to 68,000 cases from FY 2019-20 taken up for e-Verification e-Verification completed in approximately 35,000 cases out of 68,000 cases in the above pilot studyPosted Date:- Mar 13, 2023 The Income Tax Department has taken several …
Income Tax Department has taken several progressive steps Read More »
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. “Attention DHA——– ENTERPRISES (PAN XXXXX2657X ) Income Tax Department has received information about certain significant financial transactions …
As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and the I-T …
68,000 Cases Flagged For Mismatch underreporting In 2019-20 Income Tax Returns Read More »
Union Budget 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will come into effect from the new financial year starting April 1, 2023. In its “Highlights of Finance Bill, 2023”, the Income Tax Department recently shared the list of such TDS rules that were proposed to change in Budget 2023. 1. …
Investing in mutual funds can be an excellent way to grow your wealth and achieve your financial goals. Mutual funds are professionally managed investment vehicles that pool money from a large number of investors to invest in a diversified portfolio of stocks, bonds, or other securities. In India, mutual funds are regulated by the Securities …
Mutual Funds in India: Types, Taxation, and Expected Returns Read More »
In case you happened to under-report your income in the financial year 2019-20, then you are allowed to file an updated income tax return (ITR) prior to March 31, 2023 to incorporate the changes. The provision of filing an updated return was introduced in the Finance Act, 2022. At the time of introduction of this …
Big Alerting Filing updated income tax return (ITR) before the end of March 31 Read More »
PAN-Aadhaar LINK: After March 31, 2023, your Permanent Account Number (PAN) will become inoperative, if it is not linked to your Aadhaar. The centre has extended the deadline to link PAN with Aadhaar several times, however, this time the centre has sternly advised taxpayers to link their PAN with Aadhaar within the current deadline. “As per …
Income Tax department sends Urgent Notice Taxpayers Alert! Read More »
Here are seven financial tasks that you should complete before March 31, 2023. 1) Link PAN with Aadhar: The last date to link Permanent Account Number (PAN) and Aadhaar cards is March 31, 2023. If you miss the deadline your PAN will become inoperative. In a recent advisory, the government of India clarified that it is mandatory. …
Important seven financial tasks that you should complete before March 31, 2023 Read More »
Receiving a tax department notification may be a nightmare. Learn when you could get an income tax notice, why you might, and how to avoid it. A letter from the Income Tax Department may be distressing, mainly because many of us are unaware of what it means and what must be done in such a …
Top 5 Reasons for Receiving Income Tax Notices and How to Avoid Them! Read More »
There have been 5 major announcements regarding personal income tax in the Union Budget. In this budget, the new tax regime has been made the default tax regime. But taxpayers will have the option to choose the old regime. Know the complete details. Standard deduction limit has been increased for salaried taxpayers and pensioners, but …