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There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
The Tax Department, or the Central Board of Direct Taxes, said that the drive to issue notices and reopen a “small number” of cases with mismatches between the rent paid via a salaried employee and the rent received via the recipient in FY21 was not counted under a special drive for it, as media notified […]
PAN cards will now be issued online and instantly in India by the Income Tax Department. This is a good move towards digitalization of services by the Income Tax Department. Applicants will not need to fill out an application form and submit the required documents manually as now the income tax department would procure the […]
All the unaccounted income and not paying up the taxes will not be fruitful from now onwards as the tax department has made it clear that it will be important to pay the income tax. Also, the income tax department has the database of all the citizens which would further help him to get the […]
With the ITR filing dates coming close, everyone must be busy in collecting the relevant documents and information for filing an ITR. While filing an ITR one should not forget that the cashback offers served via, UPI, e-wallets, credit/debit cards under certain conditions may be taxable. A person can get cashback immediately or after the […]
The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department has enabled the offline utility for MAC and Windows […]
In the wake of counter-terrorism steps against all the doubtful organizations, the income tax department too made some affirmative actions towards a financial supporter of terrorism namely Naeem Khan in the Kashmir region.
The Income Tax department has highlighted the fact that people are showing bogus documents to claim ITR falsely and also there is an increment in cases where people are displaying less income then what they actually earned to evade tax.
In a move to provide relief to the middle-class homebuyers, the Central Government is all set to make the home loan process easier and more profitable by increasing the subsidy limit for the beneficiaries of PMAY scheme.
