TDS on cash withdrawal: Experts say that file Income Return (ITR). This also has an effect on cash withdrawals. Annual cash withdrawal limit Under section (194N section 194N of TDS Act) of the TDS Act, if a person withdraws a total amount of more than 20 lakh rupees in cash during a financial year, then …
Salaried employees are the largest group of taxpayers in the country; thereby, being the highest contributors to the overall economy. According to the 2022 data on the total income tax returns, 50 per cent of the tax returns were filed through ITR 1 by salaried individuals. Ahead of the declaration of the Union Budget 2023 …
Income Tax slab to HRA rule changes: Salaried employees’ Read More »
1) Public provident fund (PPF) After the latest revision, the interest rate on the PPF is 7.1%. PPF, which has a maturity period of 15 years, enjoys EEE (exempt, exempt, and exempt) status. The minimum amount that must be deposited in a PPF account in a financial year is ₹500 and the maximum limit is ₹1.5 lakh. …
5 post office savings schemes that offer income tax benefits Read More »
The Central Bureau of Investigation (CBI) has registered a case against 31 employees working in the Indian Navy, Kerala Police, and private companies for making bogus income tax refund claims in the year 2016-17 while working in Kannur. The CBI Special Crime Branch (SCB) unit in Thiruvananthapuram filed the case based on the recommendation of …
CBI registers case against 31 personnel in Kerala for bogus I-T refund Read More »
Timely return filings by tax payers and the smooth functioning of tax portal have helped the Income Tax department in issuing higher refunds in the 2022-23 assessment year when compared with previous year, said a tax official. As per official data, the tax department issued ₹2.40 trillion in tax refunds between 1 April 2022 and 10 …
Timely tax return filings helped in higher tax refunds this year Read More »
The Income Tax Department has tweeted a warning for those who haven’t linked their Aadhaar cards with their Permanent Account Number (PAN). The department has tweeted that those who won’t link their Aadhaar cards with PAN cards will have to deal with a defunct PAN. Their PAN cards will be deactivated if they fail to …
Income Tax Department’s FINAL WARNING; defaulters will face these problems Read More »
Sources say the Government is likely to sweeten new direct tax regime. More below GOVT MAY SWEETEN NEW DIRECT TAX REGIME: SOURCES Source– CNBC-TV18
Income Tax department records various types of cash transactions. Making a large cash transaction can thus be complicated. The Income Tax Department has increased its scrutiny of cash transactions. Various financial institutions, such as mutual fund houses and banks, as well as the Income Tax department, have tightened the rules on cash transactions. They permit …
Income Tax- High-Value Cash Transactions That Can Attract Income Tax Notice Read More »
Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22). ********* Your kind attention is drawn where CPC, Bangalore had raised Income Tax demand under section 143(1) for the Financial Year 2020-21 (Assessment Year 2021-22) against some of the Army Officers. In this regard …
Union Budget 2023-2024- Finance Minister Nirmala Sitharaman should hike the tax exemption limit under Section 80C of the Income Tax Act, says Poorva Prakash, Partner at Deloitte India. In an interview with TOI, Poorva Prakash said that the increased cost of living calls for a hike in exemption limit under Section 80C. According to Poorva Prakash, …
Hike the tax exemption limit under Section 80C of the Income Tax Act Read More »
ITR Verification Last Date: Taxpayers who have filed their ITR by 31 December 2022. Now the Income Tax Department has given those taxpayers time till January 30, 2023 for ITR Verification . This deadline has been given to those taxpayers who have filed belated or revised ITR till 31 December 2022. Informing the taxpayers, the …
Income Tax Budget 2023 Standard Deduction: The year 2023 has started. Now everyone’s hopes are pinned on the coming budget this year. The Finance Minister can make 6 announcements this year for tax payers. We are going to tell you about this. The government is likely to increase the annual basic exemption limit from the …
Union Budget 2023– The last few years have been extremely challenging for individuals due to Covid scenario, global war related crisis, soaring inflation, pay cuts, layoffs, along with higher medical expenditure. To add to these, there is fear of a global recession already looming large on the minds of the common man. Hence, boosting demand …
First of all, let us tell you about capital gains tax. If you bought a share or invested money in a mutual fund and sold it within a year. Then you will have to pay tax on the income earned from it. You will have to pay 15% tax. No matter what your tax slab …
1. House Rent Allowance House Rent Allowance (HRA), provided under Section 10(13A) & Rule 2A of the Income Tax Act, is the amount the employer pays to the employees to compensate for rent paid by them. This allowance is fully taxable if you don’t live in a rented accommodation. “The deduction for house rent allowance …
5 Major Tax-Free Allowances Provided By Govt To Salaried Individuals Read More »
Government has issued income tax refunds of Rs 2.40 lakh crore between April 1, 2022, and January 10, 2023, which is 58.74 per cent more than what was done during the same period the year before, according to a statement by the Press Information Bureau (PIB) on January 11, 2023. But what would you do …
Fixed Deposits have been considered the safest type of investment for long. It comes at a fixed interest rate that ensures assured returns and power of compounding. Additionally, this investment option also features a flexible tenure, which adds to the benefits of investors. Interest earned on an FD shall attract TDS (Tax Deducted at Source) …
How Can Senior Citizens Avoid TDS on Fixed Deposit? Read More »
The Office of the Principal Chief Commissioner of Income-Tax Puducherry & Tamil Nadu region has published the recruitment notification for various posts on its official website @www.tnicometax.gov.in. As per the notification PDF, Income Tax Office has announced a total number of 72 vacancies for the post of income tax inspector, tax assistant, and multi-tasking staff. …
The Income Tax department raided and seized huge quantities of currency notes from properties of TMC MLA Jakir Hossain in Murshidabad and Kolkata Once again the mountain of notes has knocked in the politics of West Bengal. TMC is once again in controversy after Partha Chatterjee and the education scam related to him. Rs 10.90 …
Income Tax Raid: Huge quantities of currency notes were seized from properties Read More »
Income Tax Department sends notice to an individual under section 143 (1)(a) if there is any discrepancy while filing income tax returns, like less or excess tax is deposited, etc. But regardless of the case, you can respond to it online after reviewing the records and carefully tallying them with the filled IT return details. …
“Investments in Public Provident Fund (PPF) and other tax savings schemes should be allowed as deductions and the threshold for 30% tax should be raised to ₹20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers,” experts said. The government in Budget 2020-21 brought an optional income …
Gross collections at Rs. 14.71 lakh crore 24.58% higher than the corresponding period of last year Collection 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23Posted Date:- Jan 11, 2023 The provisional figures of Direct Tax collections up to 10th January, 2023 continue to register steady growth. Direct Tax collections up to 10th January, …
Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023 Read More »
Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live RECTIFICATION OF MISTAKE UNDER SECTION 154– Sometimes there may be a mistake in any order passed by the Assessing Officer. In such a situation, mistake which is apparent from the record can be rectified under section 154. The provisions relating …
Welcome to a new era where the tax system is becoming seamless, faceless and paperless This calendar is a tribute to India’s values of “Vasudhaiva Kutumbakam” which has inspired the theme for India’s G20 Presidency:‘ONE EARTH, ONE FAMILY, ONE FUTURE’ The photographs in this calendar are all inspired by these elements and are taken by …
Digital Calendar 2023 From Income Tax Department Read More »
The Indian income tax regulation permit people to file their return for the previous year, three months later than the end of the relevant AY or before the conclusion of the assessment, whichever comes first. So, someone who hadn’t submitted their income tax return by July 31, 2022, for the fiscal year 2021–2022 (AY 2022-23) …
Missed The December 31 Income Tax Return Deadline? Income Tax Planing TIPS Read More »
If you are a mutual fund investor or someone planning to invest, staying aware of how your returns from mutual funds will be taxed is essential. Profits or gains from mutual funds are taxable, just like most of the other asset classes you invest in. As taxes are difficult to avoid, it will be good …
Calculate income tax liability on your mutual fund investments Read More »
What is Section 194H- Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident.Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. From FY 2020-21, individual and HUF whose turnover from business …
Section 194H of Income Tax Act; TDS on Commission & Brokerage Read More »
Supreme Court recently set aside an order of the Punjab and Haryana High Court which dismissed a writ petition filed by an assessee against a notice issued under Section 148A of the Income Tax Act 1961 for reopening assessment. The High Court had dismissed the writ petition on the ground of availability of alternative remedy. Taking …
Compliance requirements for the Month of January, 2023 To March 2023. 07-Jan- 23 Securities Transaction Tax / Securities Transaction Tax – Due date Commodities Transaction Tax for deposit of tax collected for the month of December, 2022 [ Note: Year represent (Selected Year)] 07-Jan- 23 Securities Transaction Tax / Commodities Transaction Tax – Due Commodities Transaction Tax date for …
Banks available at e-Filing Portal- The list of banks available for e-Pay Tax service at e-Filing portal is provided in the Latest Updates dated 07-Jan-2023. e-Pay Tax service is now enabled for IndusInd Bank with Over the Counter and Net Banking options.