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As we know that the time of e-filing ITR is running so every taxpayer must remember income tax return filing due dates to avoid penalties under the Income Tax Act, of 1961. In this post, you can check out all due dates compulsory for FY 2023-24 (AY 2024-25). The practising CA, CS and tax professionals […]
An education loan is considered not only a fund for higher studies but also plays a vital role in saving tax. As you all know, saving tax is like saving money. By this deduction, the amount of your earnings, which is subject to tax, gets reduced, ergo, reduces the amount of tax that you are […]
An initiative ‘name and shame’ was introduced by the Income Tax department, last year, which now witnessed a reform for this financial year. Under which from now the taxpayers of all category, who are defaulters of Rs one crore and above, their names will be published in the leading national dailies. Earlier, under this exercise, […]
The Central Board of Direct Taxes (CBDT) has provided clarification in details related to the queries of the Income Declaration Scheme, 2016 which has been incorporated as the Chapter IX to the Finance Act 2016. This Scheme provides an ease and opportunity again to all the persons who have not declared their income correctly in […]
In order to extend the capital gains tax provisions of the recently-concluded tax pact with Mauritius, India needs to hold talks with Singapore on the renegotiation of the tax treaty.
Filing a NIL income tax return is not mandatory if your total income is below the basic exemption limit as per the Income Tax Act. But it is always recommended that you file an ITR if there is any source of income earned by you in a financial year. If you are finding the task […]
In this post, we have discussed the income tax provisions for doctors that should be remembered with the tax presumptive scheme. Doctors, perform noble and busiest professions in the country. They work for approx 9×7 a week and maybe more to help the people in the fight with their sufferings. They really do not have […]
Apart from paying Income Tax, there are several other forms of taxes, which Indian citizens have to pay as per law. When you are doing a job, earning money, you pay income tax. When you buy stuff from the store, you generally pay sales tax. As we can not come up with every such example […]
CBDT has recently made a declaration that August 31 is the last date to settle down the income tax returns for all the taxpayers. These pending ITRs belong to 6 assessment years from 2009-10 to 2014-15, which are due for processing and issue of refunds because of the non-filing of ITR-V acknowledgement form at its collection centre based in Bengaluru.
