# income tax
181 posts in `income tax` tag
Easily Obtain PAN Income Tax Department e-Filing Portal
In India, you can easily get an e-PAN through the Income Tax Department's e-filing portal. This quick process only requires your Aadhaar card, which should be linked to your PAN and have a registered mobile number.
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By Krishna
Income Tax Rebate Types Eligibility
What is income tax rebate? When an individual pays beyond their tax liability, they receive a refund on the surplus amount, commonly known as a tax rebate. This extra money is reimbursed after the fiscal year.
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By Krishna
CBDT Exemption Section 10(46) Income Tax Press Council India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
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By Krishna
Agricultural Income Tax Navigating Taxation
Agricultural income tax is a levy imposed by governments on the income generated from agricultural activities. It is essential for ensuring a fair contribution from the agricultural sector to the country's revenue.
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By Krishna
Section 54F Income Tax Exemption Capital Gains
When it comes to taxes and selling property, the words "capital gains" might sound intimidating. But fear not! There's a bright side to this story. It's called Section 54F of the Income Tax Act.
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By Krishna
Important Tax Compliance Dates November 2023 Complete List Income Tax Department
The Income Tax Department in India has a tax calendar that lists important dates for taxes. This includes when to file tax returns, pay taxes in advance, and deduct taxes from income. If you miss these dates, you might have to pay extra fees.
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By Krishna
Generate Rental Receipt For Income Tax HRA Benefits
Employers often require rent receipts as proof when you want to claim House Rent Allowance (HRA). They use these documents to verify and calculate the HRA allowance and deductions.
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By Krishna
Income Tax Dept Alert Assembly Elections
As Madhya Pradesh gears up for assembly elections, the Income Tax Department is closely watching for black money and expenditures aimed at influencing voters.
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By Krishna
E-File Income Tax Returns Online Past 3 Years
ITR-U is a specialized form for fixing or updating your Indian income tax return. It's your chance to correct errors or add missing details from your original filing.
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By Krishna
Income Tax Act 1961 Section 144 Tax Assessments
Section 144 of the Income Tax Act, 1961 holds substantial importance as it grants tax authorities the authority to conduct assessments in specific scenarios, especially when a taxpayer neglects to file their income tax return or furnish essential information.
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By Krishna
Fundamentals Advance Tax Income Tax Act 1961 Basic Particulars
The Income Tax Act of 1961, which forms the cornerstone of India's tax framework, incorporates numerous provisions designed to ensure a consistent source of government revenue. Among these provisions, the concept of advance tax stands out.
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By Krishna
Income Tax Raids Investigate Trident Group Financial Transactions Compliance
The Trident Group, established during the early years of India's economic liberalization, has expanded its presence in various industries.
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By Krishna
Income Tax Department Initiative Facilitate Quick Refunds
As there are currently 3.5 million pending tax refund cases, the Income Tax (IT) department is examining the organization of campaigns to aid taxpayers.
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By Krishna
Comprehensive Guide Section 194n Income Tax Act 1961
Section 194N, part of the Income Tax Act of 1961, was implemented to deter the flow of undisclosed funds and encourage digital transactions within India.
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By Krishna
Causes Delay Verified Income Tax Return Processing
Are you wondering about the reasons for not getting processed your tax returns even after verification? No worry! This blog will answer you why. Read on
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By Krishna
Income Tax E-flyer Cash Transaction Limits Promoting Cashless Transactions
The Income Tax Department has issued an E-Flyer about cash transaction limits and the potential consequences of certain types of cash transactions.
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By Krishna
Causes Delay Income Tax Refund Steps To Take
The deadline to file your income tax return (ITR) for the financial year 2022-2023 was July 31, and it was very crucial to meet this deadline to avoid penalties.
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By Krishna
Income Tax Department Extension ITR Form Due Dates Update
The deadline for filing Forms 10B and 10BB has been pushed to October 31, 2023. Additionally, the due date for ITR-7 has been extended to November 30, 2023.
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By Krishna
Income Tax Department Refund Vedanta 2021-22
The income tax department will refund Rs 190 Crore to Vedanta Ltd for the 2021-22 assessment year, along with applicable interest. This decision came after a hearing in the Delhi High Court.
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By Krishna
Over 3 Million Audit Reports Income Tax Website
The e-filing portal efficiently managed the influx of users, ensuring a smooth experience for taxpayers and tax professionals as they submitted their audit reports.
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By Krishna
Form 16 vs Form 16A Detailed Comparison
For salaried employees, every employer is obligated to provide a Form 16. Put simply, Form 16 is a document that summarizes an employee's salary details and the deductions made for taxes.
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By Krishna
Newly Established Manufacturing Cooperative Societies 15 Percent Reduced Tax Rate CBDT
Starting from the assessment year that begins on April 1, 2024, if you're a cooperative society based in India and you need to choose in line with the requirements of section 115BAE(5), you should use Form No. 10-IFA.
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By Krishna
Form 10A Income Tax Act Maximizing Tax Benefits Guide
Form 10A is a critical document under the Income Tax Act of India, 1961, which organizations, particularly non-profit entities, use to apply to get the tax exemption.
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By Krishna
Understanding Section 80G Income Tax Savings Guide
However, specific limits and conditions must be met to avail of these deductions. In this comprehensive guide, we will delve into the intricacies of Section 80G and explore how it can be a valuable tool for tax savings.
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By Krishna
Form 13 Income Tax Eligibility Documentation
Form 13 income tax is an essential part of the TDS deduction application. If a recipient of payment believes that their income is not fully taxable in India, they can opt for Form 13.
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By Krishna
Income Tax Regulations Startup Investment Angel Tax
This change is a result of the 2023 Finance Act, which amended the Income-tax Act, 1961, to include consideration received from non-residents for the issuance of shares by unlisted companies under section 56(2)(viib).
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By Krishna
CBDT Clarifies NBFC Eligibility Income Tax Deductions Actual Payments
The Central Board of Direct Taxes (CBDT) has issued a notification specifying certain categories of Non-Banking Financial Companies (NBFCs) eligible for income tax deductions to be applicable only upon actual payment.
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By Krishna
Income Tax Audit Report Significance and Submission Deadline Explained
The income tax return for the fiscal year 2022-23 was due on July 31st. However, the Income Tax Department doesn't just require tax returns from some taxpayers; they also need a tax audit report.
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By Krishna
Section 44ADA Income Tax Act Objectives Benefits
Section 44ADA of the income tax laws in India offers a simplified tax regime for professionals and freelancers. It allows them to calculate their taxable income as half of their gross annual earnings, provided their total income falls below a specific threshold.
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By Krishna
Register DSC Income Tax Portal Step by Step Guide
To use e-filing services, taxpayers need to register their DSC (Digital Signature Certificate) on the Income Tax portal. Before attempting DSC registration, it's essential to have:
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By Krishna
CBDT Extends Deadline ITR 7 Filing AY 2023-24
The Central Board of Direct Taxes (CBDT) has given people more time to submit their Income Tax Returns using Form ITR-7 for AY 2023-24.
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By Krishna
Income Tax Dept Online Challan Correction Feature Launched
The Income Tax Department has added a user-friendly tool to the Income Tax Return (ITR) portal. This will be focused on easing the process of paying income tax payments and fixing any mistakes in the payment process.
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By Krishna
AI Notice Mitra Simplifying Income Tax Notices
The platform aims to make things easier for taxpayers by using advanced AI tools to detect possible reasons for income tax department notices.
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By Krishna
Rectify Mistakes Omissions Income Tax Return Updated Return
If you missed the deadline to file your ITR for the financial year 2022-23, which was July 31, 2023, you can file a belated return. However, there are some important points to keep in mind.
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By Krishna
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
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By Krishna
Income Tax Department Carification Incorrect Tax Notices Section 80p Claims
Many people gathered on X (Formerly Twitter), a social media platform, and shared that they got notices related to Section 143(1)(a)(ii) of the Income Tax Act, 1961.
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By Krishna
CBDT Average Income Tax Refund Processing Time Slashed To 10 Days
The Income Tax Department is dedicated to swiftly and efficiently processing Income Tax Returns (ITRs) for taxpayers. For the Assessment Year 2023-24, a total of 6.98 crore ITRs were filed, out of which 6.84 crore ITRs have been verified.
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By Krishna
Finance Minister Sitharaman Urges GSTN Income Tax Portal Enhance System Capabilities
These enhancements include the development of an efficient monitoring environment to detect tax evasion, the integration of robust data analytics capabilities, and the simplification of the return filing process.
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By Krishna
Income Tax Introduces Form 71 TDS Credit Previously Reported Income ITR
If you have reported income in your tax return under Section 139 for a specific assessment year, and TDS has been deducted from that income in a subsequent financial year, you can now apply to amend your assessment order.
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By Krishna
Income Tax 88 Percent Processed ITR Verified 14000 Returns Awaiting Verification
The income tax department is continually enhancing its efforts to provide efficient taxpayer services. As part of these efforts, the time it takes to process ITRs (after verification) has been significantly reduced.
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By Krishna
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
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By Krishna
Causes Income Tax Refund Delays Understanding
To prevent these delays, it is crucial to provide all the necessary supporting documents, like investment proofs, accurately and promptly. Any missing or incomplete documents can slow down the refund process.
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By Krishna
Section 133(6) Income Tax Act Detailed Guide
The tax department is sending notices to the taxpayers under sections 133(6) & 148 of the Income Tax Act, 1961. These notices are only being sent to those taxpayers who have not filed their tax returns.
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By Krishna
Taxpayers Alert SMS Income Tax Department How To Respond
Recently numerous taxpayers have shared that they have received an SMS from the Income Tax Department containing the following message:
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By Krishna
Income Tax Refund Reduction Processing Time 10 Days
From April 1 to August 21, tax refunds amounting to Rs 72,215 crore have already been issued, out of which Rs 37,775 crore went to companies and Rs 34,406 crore to individuals.
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By Krishna
CBDT Introduces New Income Tax Portal Renovated Website
The newly improved website was introduced by Nitin Gupta, the Chairman of the CBDT, during an event called 'Chintan Shivir' in Udaipur. This event was organized by the Directorate of Income Tax (Systems).
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By Krishna
Form 10B Income Tax Return Update
This form pertains to the "Audit Report under clause (b) of the tenth proviso to section 10(23C) and section 12A(1)(b)(ii) of the Income Tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.
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By Krishna
Income Tax Audit Report Submission Deadline
The government's requirement for income tax audits for businessmen and professionals who earn a certain amount shows its commitment to transparency and responsibility in finances. This rule has multiple purposes.
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By Krishna
Income Tax Department Plans Reduce Refund Processing Time 10 Days Fiscal Year
Advancements in technology and a strong system are speeding up the processing of tax returns. Last year, the percentage of processed tax returns increased significantly.
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By Krishna
3.1 Million ITR Filers Miss Income Tax Refunds Ineligibility
Income Tax Return Update (August 24): Many people file their income tax returns on time via the Income Tax Department's e-filing portal, but often skip the crucial step of verifying their tax returns.
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By Krishna
Updated Income tax regulations tax benefits employees accommodation free rent
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
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By Krishna
Tax Authorities 55 Million chose new Income Tax Regime
A senior government official noted that a considerable number of these taxpayers earn up to Rs. 7 lakhs. In the 2023-24 Budget, the government implemented substantial adjustments to the new tax structure to enhance its appeal.
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By Krishna
Understanding Section 269ss-269t Income Tax Act 1961
In this article, We will break down what they mean, why they matter, and when they apply. By the end, you'll have a better understanding of how these rules help make money dealings more honest and accountable.
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By Krishna
Exciting Feature Addition pay later income tax e-filing website
One standout feature is the 'Pay Later' option on the e-filing portal. This allows people to file Income Tax Returns (ITRs) without rushing to pay their taxes upfront. This article explores the details of this feature, covering its how to use it properly.
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By Krishna
Beware income tax scams it department clarification
The messages which are circulated to the taxpayers are being sent by scammers hence be careful before taking any action. This type of fraudulent message is aimed to fetch the sensitive information of the taxpayers.
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By Krishna
Patience Pays: Understanding Income Tax Refund Processing Time
The response hinges on diverse elements, encompassing tax authorities' processing duration, data precision, and the selected refund method.
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By Krishna
Delayed Income Tax Refund: Reasons and Income Tax Department's Response
Income Tax Refund Update 2023: More than 6.8 crore individuals have submitted their income tax returns for the Assessment Year 2023-24. While many have already received their refunds, some are encountering delays.
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By Krishna
Switching Tax Regimes in Belated Income Tax Returns: Is it Possible
Filing income tax returns after the last date has gone is called as belated return. In simple terms, when you file your ITR after the original deadline, it is considered a "belated" tax return. The last date to file your income tax returns was 31st July 2023 for FY 202-23.
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By Krishna
Accelerate Your Income Tax Refund Process with Effective Strategies
Getting your income tax refund might have its own rules, but you can speed things up. Just be proactive and follow these steps. Once your tax return is processed, the refund process will begin.
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By Krishna
Income Tax Processing: Understanding the Process of Income Tax Assessment
This notice confirms the completion of ITR processing and indicates the payable tax amount or the refund owed by the income tax department.
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By Krishna
How to Check and Respond to Income Tax Notices Online: A Comprehensive Guide
The Income Tax Department delivers notices for various reasons such as not filing the income tax returns, any fault, documents missing while filing the returns, or other instances where the tax department demands any other documents or information.
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By Krishna
Government Issues Scam Alert: New Income Tax Refund Scam Targets Taxpayers
In recent times, there is a widespread occurrence of fraudulent messages pretending to be from banks, credit cards, or KYC services, aiming to deceive individuals. The latest scam gaining popularity is targeting taxpayers and bears a striking resemblance to the hoax PAN update scam.
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By Krishna
Income Tax Returns Surge: Over 53.67 Lakh First-Time Filers for Assessment Year 2023-24
A significant update has been announced regarding Income Tax Returns. As of July 31, a remarkable 6.77 crore ITRs were filed for the assessment year 2023-24. Among these, 53.67 lakh individuals filed returns for the first time, according to the Income Tax Department.
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By Krishna
Income Tax Return Govt plans increase section 80c deduction limit details
Section 80C of the Income Tax Act, of 1961, is widely utilized for claiming tax deductions. It allows individuals to avail deductions for specific investments and expenses, such as pension schemes, PPF, and life insurance, among others.
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By Krishna
Key Changes in August 2023: Credit Cards, Income Tax, and More - Stay Informed
Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.
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By Krishna
Key Changes in August 2023: Credit Cards, Income Tax, and More - Stay Informed
Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.
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By Krishna
Income Tax Return E-verification Time Limit Reduced to 30 Days: What Taxpayers Need to Know
The Income Tax department claimed that over 6.7 crore income tax returns were filed for the FY 2022-23 (AY 2023-24). However, filing the ITR is only one part of the process; taxpayers must also verify their income tax return (ITR) to complete the filing.
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By Krishna
Consequences of belated income tax returns what is belated return and due date
As per the reports, a major part of the taxpayers have already filed their tax returns but still, there are some who failed to do it. They are now required to file belated tax returns.
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By Krishna
Alert for PAN Card Holders: Income Tax Department May Impose Rs 10,000 Fine - Check Details
The permanent account number (PAN Card) is an important identity card for all financial transactions. While PAN is necessary for most tasks, carrying it around can be risky.
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By Krishna
Itr Filing 2023 income tax department 5 crores itrs filed 27th july
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs. Hence, if you yet have not filed your ITR, do it as soon as you can.
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By Krishna
Record Breaking Itr Filings Fast processing income tax refunds within 12 hours
ITR Filing 2023: The processing time for Income Tax Refunds has been fastened significantly. Previously, taxpayers filing their returns for AY 2023-24 had to endure a wait of several weeks for refund processing.
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By Krishna
Itr Filing Income Tax Department penalties up to 200 percent
Salaried individuals have been under scrutiny for submitting false or incorrect ITRs. The tax department is actively identifying and flagging such returns that involve fake rent receipts or false donation claims.
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By Krishna
Income Tax Department Sends 1 Lakh Notices for Non-Filing and Misrepresentation of Income
Union Finance Minister Nirmala Sitharaman: Some people received notices from the tax department because their income was close to Rs. 50 lakhs. These notices are expected to be resolved by the end of this financial year.
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By Krishna
Income Tax Department Clarifies Inoperability of PAN Cards for Certain NRIs: Read the Details
Despite this, certain NRIs and OCIs, who were exempted from linking their PAN with Aadhaar, expressed concerns over their PANs becoming inoperative.
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By Krishna
How to Check Your Income Tax Refund For FY 2022-23 (AY 2023-24): A Step-by-Step Guide
If any request is distinguished from any earlier years with the income tax department, then the department may acclimate the due request with the current year’s refund.
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By Krishna
164th Income Tax Day: FM Nirmala Sitharaman to Celebrate the Occasion on 24th July
Income Tax Day is celebrated every year on the 24th of July to tell the importance of Income tax filing. This day aims to encourage more and more people to pay taxes on time for the nation's development.
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By Krishna
The Importance of Timely ITR Filing: Benefits and Drawbacks Explained
In the next step, the taxpayer is required to summarize his TDS amount from the TDS certificates (Form 26AS) received by him all 4 quarters of the assessment year.
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By Krishna
AI-Powered I-T Department Targets Tax Fraud by Salaried Employees: Income Tax Department's New Approach
The IT department has identified various methods used to evade tax, including submitting fake rent receipts in the name of relatives, false donations, exaggerated claims against loans, and more.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
ITR Filing 2023 Update: Income Tax Department Processes 1.5 Crores ITRs Out of 3 Crores Filed Returns
As of Wednesday, the income tax department has received and processed over 3 crore income tax returns (ITRs) for the fiscal year 2022-23. Among these, an impressive 91% have been electronically verified.
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By Krishna
Income Tax Milestone: Over 300 Million ITRs Filed by July 18, 7 Days Ahead of Last Year's Pace
In a tweet, Income Tax India expressed gratitude to taxpayers and tax professionals for helping them achieve this milestone of reaching 300 million ITRs, seven days earlier than the previous year.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
Demystifying Section 54F of Income Tax Act: Capital Gains Tax, Indexation, and Benefits Explained
Indexation is a method that accounts for inflation from the time of asset purchase to its sale. It adjusts the purchase price of the investment, thereby reducing the overall taxable capital gain amount.
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By Krishna
Income Tax Raids on UP Youtuber Earning Rs. 1 Crore Through Videos: Insights and Updates
The income tax department conducted a raid on the home of YouTuber Taslim in Uttar Pradesh. Taslim is accused of earning nearly Rs 1 crore through illicit YouTube videos on share market trading.
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By Krishna
ITR Due Date Extension Update: Will the Government Extend the Last Date of Income Tax Return for AY 2023-24
According to Revenue Secretary Sanjay Malhotra, as reported by news agency PTI, income taxpayers are advised to file their returns as soon as possible, as the finance ministry is not considering any extension of the July 31 deadline.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
FM Nirmala Sitharaman's Major Announcement: New Tax Regime Exempts Individuals Earning Up to [Specific Amount] Per Year from Income Tax
In a tweet, the Finance Minister stated that "Under the new tax regime, individuals with an annual income up to Rs 7 lakh are exempt from paying income tax. Additionally, with the inclusion of marginal relief provisions, this threshold effectively increases to Rs 7.27 lakh.
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By Krishna
ITR Refund Process Accelerated: Technology Drives Efficiency in Income Tax Return Refunds
However, it is taking less time to receive the refund as compared to the previous years. Just make that you have validated the returns after filing it. If you have done both steps, you will get the refund very soon.
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By Krishna
Income Tax Rules: Update on Maximum Allowable Amount for Gold Jewelry Storage Limit
However, the tax law says that If you have received gold as a gift or inheritance, it is necessary to provide supporting documentation and include this information in your income tax return.
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By Krishna
CBDT Direct Tax Collection Update: Income Tax Department Provides Information for ITR Filers
As of now, Net Direct Tax Collection has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis during the financial year 2023-24. As per the notification released by the Ministry of Finance, the gross collection is Rs 5.17 lakh crore.
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By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
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By Krishna
First-Time Income Tax Filing: A Comprehensive Guide to Getting Started
If you are filing your income tax return for the first time, then these instructions will help you avoid the usual mistakes that beginners do. Read on for more…
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By Krishna
Section 234F: Penalty for Late Filing of Income Tax Return - Overview and Implications
However, taxpayers who filed their returns after the due date were liable to pay interest under Sections 234A, 234B, and 234C of the Income Tax Act. These sections imposed interest charges for the delay in filing the return and/or the delay in payment of taxes.
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By Krishna
Income Tax Compliance Calendar: July 2023 Deadlines and Important Dates
Here is the comprehensive income tax compliance schedule for July 2023. It is crucial to keep track of the deadlines to prevent incurring avoidable penalties. The deadline for filing Income Tax Returns (ITR) without any fines is July 31st, 2023.
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By Krishna
Key Updates: Changes in Income Tax Return Forms for FY 2022-23 (AY 2023-24) Affecting ITR Filing
Additionally, in unique scenarios, the taxpayer may be eligible to claim TCS credit pertaining to another individual to offset their own tax obligation. To cater to these exceptional scenarios, the ITR form now offers an option for taxpayers to claim credit for TCS related to another person.
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By Krishna
Income Tax Department Cracks Down on Tax-Evading Social Media Influencers: Learn More about the Action Taken
In a recent development, the Income Tax Department has taken a step further by utilizing data analytics to examine the social media accounts of influencers. They aim to identify any disparities between their social status and the income declared in their Income Tax Returns (ITRs).
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By Krishna
Computation of Income Tax
Deductions are provisions that reduce your taxable income, thereby reducing your overall tax liability. Common deductions include investments in instruments like the Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension Scheme (NPS), and payment of Life Insurance Premiums.
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By Krishna
Income Tax Rules: Setting Off Long-Term Capital Loss from Debt Mutual Funds
For investments made after March 31st, 2023, in mutual fund schemes with a domestic equity investment that does not exceed 35% of the total investment, the profits will be considered as short-term capital gains along with the holding period.
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By Krishna
ITAT Rules: Short Deduction of TDS Excludes Application of Section 40(a)(ia) of Income Tax Act
The case of the assessee underwent limited scrutiny to verify if the payments were made while deducting the TDS (Tax Deducted at Source) under section 194C of the Act.
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By Krishna
CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act
The Central Board of Direct Taxes (CBDT) notified on June 16, 2023, the scope of the e-Appeals Scheme, 2023, under Section 246(6) of the Income Tax Act, 1961.
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By Krishna
Steps To Pay Income Tax: ITR Filing For Individuals
Filing income tax can seem troublesome, but online platforms have made it easier and more convenient. Filing income Tax has been now more accessible than before.
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By Krishna
Extension of ITR due date not applicable to assessees subject to audit under other acts
The Income Tax Appellate Tribunal (ITAT) has ruled that the extension of the income tax return (ITR) due date for cases requiring tax audit cannot be applied to assesses who are liable for audit under any other Act.
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By Krishna
Claim Tax benefits health insurance premiums ITR
Section 80D provides tax benefits for health insurance premiums paid for yourself, your spouse, children, and parents. You can claim these tax breaks when filing your tax returns, even if you forgot to claim them while submitting proofs of tax-saving investments to your employer.
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By Krishna
Deposit 2000 notes without attracting income tax notice
Notice
RBI: There has been a decrease in the overall worth of Rs. 2000 notes in circulation, accounting for approximately 10.8% of the total as of March 31, 2023, which is around Rs 3.62 lakh crore.
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By Krishna
Form 10a Filing Online guide
The Income Tax Department implemented changes to the registration, verification, and approval process for trusts and charities under the Income Tax Act of 1961.
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By Krishna
New Tax Regime reduce 30 percent tax bracket
As the deadline for filing your income tax return (ITR) draws near, it's critical to remember that, if you pick the new tax system, people with incomes between Rs. 10 lakh and Rs. 15 lakh are exempt from paying taxes at the maximum rate of 30%.
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By Krishna
Income tax department update form 10a
The filing of Form 10A for regular registration/approval for the assessment year 2022-23 is now possible through the income tax portal, as per the recent announcement made by the Income Tax Department.
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By Krishna
Advance Tax payment due dates applicability procedure installment details
Advance Tax Payment is a crucial aspect of income tax compliance in many countries, including India. It requires taxpayers to pay their tax liability in installments throughout the financial year, rather than in a lump sum at the end. This ensures timely revenue collection for the government and helps taxpayers manage their tax obligations effectively. This article will take you through the due dates, applicability, procedure, etc. So, Read on to know more…
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By Krishna
Big news! Changes In Income tax exemption rule
In order to claim tax exemption under Section 80G of the Income Tax Act, uploading the donation receipt certificate issued by the relevant organization when filing your income tax return is necessary. Please do so to avoid the unavailability of the tax exemption.
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By Krishna
How To Check Your Income Tax Liability
The amount of income tax an individual is required to pay is determined by their earnings during a fiscal year and the applicable income tax slab. The income tax slabs can vary for different types of taxpayers, including individuals, Hindu undivided families (HUF), Associations of Persons (AOP), Bodies of Individuals (BOI), Foreign Companies, Domestic Companies, Firms, Limited Liability Partnerships (LLP), and Co-operative Societies.
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By Krishna
Department Facilitates Electronic Filing For Trust Registration & Deregistration
Income Tax Portal Update: Department Facilitates Electronic Filing For Trust Registration & Deregistration
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By Krishna
ITR 2 Form - What is ITR-2 Form? Eligibility & How To File ITR-2 Online
The Indian Income Tax Department has classified taxpayers into different categories based on their annual income, source of income, and other relevant factors. Each category has a specific form that must be used for filing income tax returns.
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By Krishna
June 2023 Tracker For Income Tax and GST Compliance
The June 2023 Tracker for Income Tax and GST Compliance provides a comprehensive overview of important deadlines and requirements for tax compliance in June 2023. It serves as a valuable resource for individuals and businesses, ensuring they stay on top of their income tax and Goods and Services Tax (GST) obligations.
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By Krishna
File Your Income Tax Return With MYITRONLINE & Get Maximum Refunds
Filing ITR is a good convention and practice for any earning individual (with taxable/non-taxable income) to avail of these benefits under diverse sections.
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By Krishna
Ignoring Income Tax Notices
The department has explicitly stated that individuals who disregard income tax notices will be subject to thorough scrutiny regarding their Income Tax Returns (ITR).
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By Krishna
ITR Filing Due Date, Benefit, & Documents For AY: 2023-24
The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.
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By Krishna
I-T returns: Norms notified for compulsory scrutiny
The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.
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By Krishna
Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act
The Income Tax Act of India provides certain exemptions and benefits for various entities, including educational institutions. According to section 10(23C)(iiiab) of the Income Tax Act, educational institutions meeting specific criteria are eligible for exemption from income tax.
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By Krishna
income Tax Dept enables online filing of Income Tax Returns
The income tax department has enabled the income tax returns form (ITR1) and (ITR2) for the fiscal year 2022-23. Individuals, small business owners, and professionals are required to file these income tax return forms.
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By Krishna
Understanding Sections 90, 90A, and 91 of the Income Tax Act
The Income Tax Act is a vital legislation that governs the taxation system in many countries, providing the framework for determining tax liabilities and obligations. For individuals or entities involved in international transactions or earning income from foreign sources, it becomes crucial to comprehend the provisions related to cross-border taxation. Sections 90, 90A, and 91 of the Income Tax Act play a significant role in addressing international taxation's complexities and providing relief measures to prevent double taxation.
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By Krishna
BE AWARE! The income tax department can Deliver Notice even on your friend’s transaction
Receiving notices from the Income Tax Department is a common occurrence, and sometimes these notices are issued for transactions that you haven't actually made. This can happen to anyone, causing a sense of anxiety. However, there's no need to panic excessively. In a special program called CNBC Awaaz Tax Guru, tax expert Sharad Kohli shared valuable insights on how to address this issue. Let's find out what steps you need to take to resolve the situation.
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By Krishna
Company Directors Get 3 Months Jail For Income Tax & Liability Delay
Yash Patnaik, Mamta Patnaik, and their television production company have been convicted by a metropolitan magistrate court for failing to submit income tax amounting to Rs. 8.37 crore. The court has sentenced the directors to three months imprisonment in three separate cases filed by the Income Tax department. Additionally, a fine of Rs. 5,000 has been imposed in each of the three cases.
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By Krishna
How to Check Outstanding Tax Demand Status
The process of filing an Income Tax Return (ITR) is mandatory for individuals and businesses as it involves reporting income and fulfilling tax obligations to the government. This procedure necessitates submitting essential financial details and relevant documents to the Income Tax Department.
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By Krishna
Big Update! RELEASED INCOME TAX RETURN FILING EXCEL BASED UTILITY FOR FILING ITR 2 FOR FY 2022-23 AY 2023-24
An Excel-based utility for filing Income Tax Return (ITR) 2 for the financial year 2022-23 and assessment year 2023-24 has been released. Using an Excel-based utility can make the process of filing your income tax return more convenient and efficient.
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By Krishna
Income Tax Rules on Income From House Property You Must Know
Income from house property is one of the major sources of income for many taxpayers in India. However, most taxpayers are not aware of the income tax rules related to income from house property, and as a result, they end up paying more tax than they should.
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By Krishna
Supreme Court Ruling On Income Tax Searches To Provide Relief To Taxpayers
The Supreme Court made this ruling in response to several appeals filed by the revenue department, all of which were ultimately dismissed by the apex court...
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By Krishna
Income Tax Notice: How do I know if I have an Income Tax Notice, Relevant Documents & Types
Once a taxpayer submits their Income Tax Return (ITR) to the department, it undergoes processing. Subsequently, the taxpayer may receive a notice from the department, which could either be an Intimation or scrutiny.
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By Krishna
FILE YOUR ITR FREE FOR LIFETIME with Myitronline
Pay the joining membership fee @999 and FILE YOUR ITR FREE FOR LIFETIME with Myitronline.
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By Krishna
The Updated Look of INCOME TAX RETURN ACKNOWLEDGEMENT
The Income Tax Department has made available an offline Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam for the FY 2022-23 (AY 2023-24).
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By Krishna
How To File Returns Using the Income Department’s Excel Utilities
Excel utilities have been made available by the I-T department for taxpayers who are required to file their returns using ITR 1 and ITR 4 forms.
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By Krishna
ITR Document Checklist For Financial Year: 2022-23 Assessment Year: 2023-24
Whether you're a salaried individual or a self-employed professional, using this checklist will enable you to compile all the necessary paperwork for timely and accurate ITR filing.
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By Krishna
Hire Expert eCA For Your ITR Filing Needs & Maximize Your Tax Refunds
Pre-book your eCA Now to avail Flat 25% Off on ITR Filing!
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By Krishna
ITR Filing Due Date For AY 2023 24
The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers.
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By Krishna
Section 115BAC of The Income Tax Act
Individuals are able to pay income tax at a reduced rate thanks to Section 115BAC. However, anyone who choose the new tax system under Section 115BAC must forgo almost 70 tax exemptions and deductions.
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By Krishna
Benefit in Old And New Tax Regime Rates For F.Y. 2023-2024 AY 2024-2025
Under the new tax system, the standard deduction benefit is now available to salaried individuals and retirees (including family pensioners).
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By Krishna
CBDT NOTIFIES COST INFLATION INDEX OF FY 2023-24
Central Board of Direct Taxes (CBDT) in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation index of Financial Year (FY) 2023-24.
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By Krishna
Tax benefits On Health Insurance Importance & Required Documents
Tax benefits on health insurance provide two benefits in one investment medical expenses and tax benefits.
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By Krishna
How To File ITR of Past Years - Benefits & Consequences
People are able to submit returns for prior years. Only the two years prior to the current financial year for which the returns have been filed may be used in this manner.
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By Krishna
CBDT Notifies ITR Forms For AY (2023-24) In Advance
Central Board of Direct Taxes CBDT has announced income tax returns forms (ITR-1 to ITR-6) for AY 2023-24 (FY 2023-23). The CBDT has notified ITR-1 to ITR-6 on 10 February 2023 and ITR-7 on 14th February 2023. However, No big amendments are made to ITR forms by the government.
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By Krishna
Things To Do After Filing Your Income Tax Returns
You have filed your Income tax return and you think that it’s done and now it's time to sit back and chill. Right! But wait, there are still certain things to do even after filing ITR. These things are very important for taxpayers to stay organized and out of trouble.
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By Krishna
Budget 2023 - Impact On Market Infra, Tech & Others
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
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By Krishna
Budget 2023: A glimpse of old vs current income tax slabs
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
6 Robust Reasons to not to miss NPS in your tax planning
Income tax planning is the most important step when fulfilling your financial goals and knowing about the NPS can be greatly important for you.
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By Krishna
Statutory and Compliance Calendar For The Month of December 2022
As we all know that complying with the compliance deadline is very important and mandates the appropriate planning. Therefore to keep updated on the various statutory and compliance deadlines we have put together a consolidated compliance calendar that shows all the important due dates.
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By Krishna
Filing ITR - Things to Keep In Mind While Filing ITR
Filing ITR - Things to Keep In Mind While Filing ITR.
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By Krishna
NRI Tax Return In India
If an Indian Citizen/Person of Indian Origin stays in India for a temporary period or never stays at all, yet earns money from this country, the income is considered to be NRI income.
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By Krishna
Common ITR Form - 5 Ways In Which Common ITR Will Benefit Taxpayers
The Central board of direct tax has floated the idea of a Common ITR form which will be taken place of the existing 7 seven ITR forms. Ease the process However, the current ITR-1 and ITR-4 will be there. This provides an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common income tax return.
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By Krishna
5 Things Taxpayers must follow while filing ITR
Most taxpayers can make mistakes while submitting their ITR for a variety of reasons, including negligence, a lack of time, or incorrect information.
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By Krishna
Everything About Property Tax You Must Know
Property tax is a type of amount that must be paid by the landowner to the municipal corporation of your area or the local government for yours. The tax must be paid every year.
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By Krishna
Filed the income tax returns but have not received the refund yet
It’s been almost 40 days since the Income Tax Returns due date have passed and if you still have not received your tax refund then it advised you to check your status on the e-filing IT portal or tin-nsdl website.
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By Krishna
5 Best Tax-Saving Investments That Everyone Must Know
Tax saving is an integral part of being a salaried individual or self-employed as it can provide deductions under section 80C. These deductions play a vital role while planning your tax-saving. People are generally found perplexed when it comes to investing in these securities due to less knowledge about the returns, and risks pertinent to the various investments.
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By Krishna
Section 24 of the Income Tax Act - Things You Must Know
Section 24 of the Income Tax Act of 1961 takes into account the amount of interest paid on house loans. This is frequently referred to as...
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By Krishna
Solvency Certificate - Meaning, Issuance & Format
A solvency certificate is a document showing the financial stability and credibility of an organization/individual/entity.
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By Krishna
New Annual Information System form 26AS
Finance Act, 2020 (Budget 2020-2021) and amendment, inserts new Rule 114-I, had introduced a New section 285 BB in THE INCOME TAX ACT 1961 TO IMPLEMENT REVISED FORM 26 AS (Annual Information System).
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By Krishna
Comparison Of Old And New Tax Regime Rates For AY 2021-22
New Income Tax Slab Rates introduced in the Budget 2020 for AY 2021-22 onwards is kept optional for the taxpayers, where, they are open to choose the tax slabs of old regime (FY 2019-20).
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By Krishna
Income Tax Return Filing Due Dates FY 2019-20, AY 2020-21
As part of the COVID-19 relief Deadline for Income Tax Return Filing is extended to 30th November 2020 for FY 2019-20 (AY 2020-21).
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By Krishna
Provisions Of Online Correction In Form 26QB
Till FY 2013-14, form 26QB could not be revised to rectify any kind of errors in information.
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By Krishna
Income from House Property and Taxes
Income tax is payable on the 'Net Annual Value (NAV)' of these properties under 'Income from House Property'. If a house is self-occupied,...
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By Krishna
Deduction 80EEA in respect of Interest paid on Loan for Residential House Property
Deduction 80EEA In Respect Of Interest Paid On Loan Taken For Acquisition Of Residential House Property (Affordable Housing).
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By Krishna
ITR-2 Available On Its E-Filing Portal
Registered users of the e-Filing portal can use the ITR-2 pre-filling and filing service. Individual taxpayers can use this service to file ITR-2 electronically via the e-Filing site.
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By Krishna
7 Self assessment tax liability for FY19-20 over Rs 1 lakh
The interest under Section 234A will be charged from August 1, 2022 until their taxes are paid.
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By Krishna
CBDT Notification No. 35/2020
CBDT Notification No. 35/2020 Revised Income Tax Due Dates, Interest on Delayed Payment
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By Krishna
Newly inserted 7th Proviso to Section 139
Who all are required to file return of income under newly inserted 7th Proviso to Section 139(1) of IT Act, 1961.
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By Krishna
Due Date is Extended of Income Tax Return A.Y. 2019-20
Filing of Income Tax Return A.Y. 2019-20, Due Date Is Extended Again Till 30 September, 2020
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By Krishna
New guidelines regarding TDS and TCS
The Income Tax Department has issued new guidelines regarding tax collection at source TCS.
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By Krishna
Statutory Compliance Calendar for October 2020
Calendar for Corporate Compliance in October 2020... This page lists several statutory law compliance requirements for the month of October 2020.
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By Krishna
Extension Of Due Date Of Furnishing Of Income Tax Returns
According to a CBDT announcement, the deadline for submitting income tax returns (ITR) for the AY 2021–22 has been further extended to December 31, 2021.
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By Krishna
Last Date Of Filing ITR | Details On New Forms And Complete Checklist
Date by which a declaration in Form No. 61 incorporating information from Form No. 60 received between October 1, 2022, and March 31, 2023, must be electronically filed.
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By Krishna
Extension of Time Limits of Certain Compliance to Provide Relief to Taxpayers
It has been determined to offer income-tax exemption to ex-gratia payments in order to alleviate the burden on the taxpayer's family members.
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By Krishna
Launch of new e-filing Portal of the Income Tax Department
On June 7, 2021, the Income Tax Department will unveil its new e-filing platform in an effort to streamline and simplify the process of filing normal ITRs.
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By Krishna
Union Budget 2022-23 Income Tax Updates
The income tax slabs were left unchanged by the Union Budget 2022.
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By Krishna
Filing Updated Income Tax Returns Proposed In Budget 2022
On the government's e-filing website, the last day to file an income tax return for Assessment Year 2022–23 is currently visible. The Income Tax Act states...
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By Krishna
Income Tax Rules Change - Income Tax Has Made 3 Major Changes
After the union budget in the second quarter of 2022, three changes are proposed to the income tax rules that have been a reality. After directing in Q2FY23, three main modifications in the income tax rules proposed in the union budget 2022 have become a reality.
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By Krishna
All Statutory Compliance Calendar for September 2020
The taxpayers are now required to report their input tax credit input tax credit (ITC) availment, inverted of input tax credit (ITC) and ineligible/blocked (ITC) carefully according to the new format of table 4 mentioned in the GSTR-3B at the GST portal.
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By Krishna
New Record For Income Tax Department
ITR (Income Tax Return) is a form that taxpayers are believed to submit to the Income Tax Department of India. The Department of income tax has announced seven types of forms to date. The Relevancy of these ITR forms differs on the basis of earned income, source of the income of tax-payer, and category of income.
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By Krishna
Compliance Calendar for the Month of October, 2022
Observance requirements under the 1961 Income Tax Act. Statement for the period ending September 30, 2022, of TCS deposits.
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By Krishna
After the death of the taxpayer, his heir has to submit his ITR
For the income earned up until the date of death, his legal heir or representative must file an income tax return (ITR) on his behalf.
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By Krishna
CBDT has notified new Income Tax Return
ITR Forms for the Assessment Year 2023–24 have been announced by the CBDT in Notifications Nos. 04 and 05 of 2023, dated February 10 and February 14, respectively.
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By Krishna
Income Tax New Rate AY 2021-22 FY 2020-2021
For AY 2023–24 (FY 2023-23), the Central Board of Direct Taxes CBDT has released income tax return forms (ITR-1–ITR-6). The CBDT informed...
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By Krishna
One-Time Relaxation For Verification Of Tax-Returns
One-Time Relaxation For Verification Of Tax-Returns For The Assessment Years 2015-16 To 2019-20 Which Are Pending Due To Non-Filing Of ITRV Form And Processing Of Such Returns
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By Krishna